UNIONS CONFRONT BANKS ON FORECLOSURE POLICIES
WEDNESDAY, JULY 14 — Union leaders including Local 100’s John Samuelsen, the UFT’s Michael Mulgrew, Local 1199’s George Gresham, DC 37’s Oliver Gray, and Brooklyn’s Rev. Dr. Herbert Daughtry joined with City Comptroller John Liu today and with Jon Kest, Director of New York Communities for Change, to announce what amounts to a fightback against financial institutions who have profited from the subprime crisis, and now refuse to address its devastating fallout. Foreclosures in New York City are up 16% in the first quarter of 2010 over the same period in 2009 and rising, according to the Furman Center for Real Estate and Urban Policy. Big banks have been repeatedly told by the Obama Administration that they have to make good faith efforts to modify loans of qualified borrowers whose homes are “underwater” because of the subprime mortgage crisis. But when the rubber meets the road – and borrowers with unaffordable mortgages actually try to get better terms, they often face agonizing run-arounds by nameless customer service agents working for the same banks. Read more… <http://laborpress.org/index.php?option=com_content&view=article&id=244:major-unions-to-confront-banks-on-foreclosure-policies&catid=34:municipal-labour&Itemid=77>
