From the Daily News:
A year ago, Mayor Bloomberg announced the city would spend $24 million in federal "emergency" money to buy and fix 115 foreclosed homes to sell right away.
Bloomberg vowed to "act quickly," saying the purchases would target houses "that might otherwise serve as a source of growing blight."
As of Friday, the city has bought a grand total of eight homes - not 115.
Renovations have yet to begin on any of them, and none is in the hands of a new owner. One of the homes became a squatters' nest.
How all this came to be spotlights the difficulty the city faces trying to overcome daunting obstacles created by the collapse of the housing market.
City officials blame a delay in getting a revolving line of credit from JPMorgan Chase, Deutsche Bank, Goldman Sachs and Morgan Stanley to back the home-buying effort. All four banks have been blamed for the nation's mortgage meltdown.
The nonprofits helping administer the buy-back program say banks aren't accepting the city's reasonable offers for the homes.