June 17, 2010

Thursday evening, 200 residents from Brooklyn, Queens and the Bronx, gathered in St. Stephens Lutheran Church to tell the U.S. Treasury department that changes need to be made to the Homeowner Assistance Modification Program. Changes that will help families  stay in their homes. Mark McArdle, Senior Policy Analyst, U.S. Treasury Department listened as the issues, testimonies and research reports were presented.

The Center for New York City Neighborhoods, The Northwest Bronx Community and Clergy Coalition, and Brooklyn Congregations United combined to provide the research  detailing the economic hardships facing the community. The report raised the issue of unemployment and underemployment, an issue that has made it impossible for many  homeowners to pay their mortgages.  The need for assistance to unemployed homeowners is crucial and immediate.  The research continued to tell of individuals that have consistently  provided the needed documentation to the banks and are still not getting the help they deserve. 

BCU and those in attendance asked the U.S. Department of Treasury representative to commit to making changes for more transparency and accountability in the process. Five issues were presented to Mr. McArdle;  more assistance for unemployed homeowners facing foreclosure , stronger penalties for servicers who profit from delaying their customers' modification cases, an accurate system for determining geographical areas which are "hardest hit",  a thorough commitment to full disclosure and transparency throughout the program and an independent appeals process with the power of enforcement.  McArdle agreed to take the five issues and solutions back to Washington D.C. for discussion and report back to BCU in one month on progress in implementing them. He also agreed to communicate the communities' urgent request for a face-to-face meeting with PICO and Treasury Secretary Timothy Geithner.  

BCU and its partners will continue to press for financial reform legislation to include protections for homeowners and renters in foreclosed properties.  See more photos from the event.

Read Related Article:

PICO Kicks Off Series of 10 Hearings with Treasury on Mortgage Modification