Monday, February 11, 2013

Foreclosures double in southeastern Queens

From the NY Post:

A new wave of foreclosures is hammering middle-class homeowners in Queens.

Southeastern Queens neighborhoods such as St. Albans have been reeling since 2008, when the first wave of the foreclosure crisis hit, ensnaring many low-income homeowners with subprime loans.

Filings fell in 2011, but a dramatic spike in the 2012 foreclosure rate is spreading the pain to middle-class residents with higher-quality loans.

These homeowners should be the backbone of a stable middle class in Queens, but they’ve been undone by high unemployment and unyielding bankers.

The new face of foreclosures includes couples of whom one spouse loses a job — and the only replacement is part-time work for lower pay. Many owners of two-family homes are falling behind on mortgage payments after their tenants become unemployed.

Foreclosures jumped 19 percent in New York City and 164 percent in Queens in 2012 versus 2011, as The Post reported last week. Four of the hardest-hit sections of Queens — St. Albans, Rosedale, Cambria Heights and Queens Village — saw foreclosure rates more than double, according to RealtyTrac. More than 2 percent of housing units in those areas are in foreclosure, outstripping the national average of 1.39 percent.


georgetheatheist said...

Andrew Cuomo and Fannie and Freddie
How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis
By Wayne Barrett Tuesday, Aug 5 2008

There are as many starting points for the mortgage meltdown as there are fears about how far it has yet to go, but one decisive point of departure is the final years of the Clinton administration, when a kid from Queens without any real banking or real-estate experience was the only man in Washington with the power to regulate the giants of home finance, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), better known as Fannie Mae and Freddie Mac.

Get an education. Read the whole article here.

Anonymous said...

Think Resorts World Cacino....

Anonymous said...

"They" are not middle class homewoners. "They" are poor people with low incomes who paid too much and borrowed to much their houses. And most of them are not resident owners, but slum lords.

Anonymous said...

NY Community Bank (Queens County Bank) did not enable borrowers (NINJNA) ,no income no job no assets, to get subprime loans .

when obama's T.A.R.P. automatically loaned them $500,000,000.00 .......NYCB returned the $$$$$$$.

Citibank was notorious in giving these loans to those who could not pay the loan back. but then ,was not their officials members of the democrat elite government. eg. Robert Rubin ?

Anonymous said...

Rahm Emanuel made millions in bonuses for the great job he did at Fannie Mae (or was it Freddie Mac), both of which went bust in 2008. We are in a depression that has been masked by Bernanke's trillions of dollars in money printing. In other words, the middle class has paid for the upper 1%'s big gains in their stock portfolios through debasement of our purchasing power. Been in the supermarket lately?

Anonymous said...

jamie gorelick ,Clinton's deputy attorney general,made $26million at Fannie or Freddie when she left the administration.

she also made mucho $$$$$$ defending steven rattner,(doombergs ex-finance advisor,obama's GM car czar),who paid millions to stay out of prison during the Hevesi/Morris NYC/NYS pension fund scandal.

whats in your wallet today ?

William Jefferson Clinton said...

Yuk-yuk-yuk. You kin fool some of the people all of the time and all of the people some of the time.

Yuk-yuk-yuk. Always tell 'em it was Bush's fault. Yuk-yuk.