Dozens of Families Facing Foreclosure to Rally in Albany, Demand Action for Subprime Victims before Session Ends

Families from Across the State: Albany Business As Usual Means We’ll Lose Our Homes - We Can’t Wait Any Longer

(NY ACORN) -- More than two dozen families from around the state will come to Albany to demand legislators and the Governor hammer out an agreement to tackle New York’s foreclosure crisis before the legislature adjourns in two weeks. The families will tell their stories and explain how state inaction could result in the loss of their home. On May 7th the New York State Assembly overwhelmingly passed legislation to institute a one year moratorium on home foreclosure and provide additional protections for families with subprime loans. The State Senate has taken no action on the issue. Federal legislation to address the subprime crisis is stalled in Washington.

In 2007, there were over 51,000 foreclosure filings in New York State according to RealtyTrac. During the first quarter of this year, 14,000 homeowners in New York began foreclosure proceedings, nearly 50 percent of which occurred in Queens, Brooklyn and Long Island.