BP Backs Mortgage Crisis Aid
 | | Kathryn Kirk
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Brooklyn Borough President Marty Markowitz (at podium) last week joined co-sponsors to announce foreclosure moratorium legislation at a Brooklyn Borough Hall press conference. The bill would place a one-year moratorium on foreclosure and give at-risk homeowners a chance to work with lenders to find fair and equitable ways to restructure their loans and protect their homes. A Federal Reserve Bank of New York report indicates that one in four sub-prime borrowers in a few neighborhoods lost their homes after being lured into mortgages they couldn't afford. Every week, 150 homeowners in Brooklyn are entering the foreclosure process, according to another report, which tracks foreclosures in the five boroughs. Markowitz said, "We must do everything in our power to help our constituents save their homes from foreclosure- and I believe that New York can lead the way." As of March 7, the bill had 71 Assembly sponsors and 19 Senate sponsors.
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