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New NYC Nonprofit To Help Those Facing Foreclosure

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Dec 5, 2007 12:57 pm US/Eastern

New NYC Nonprofit To Help Those Facing Foreclosure

NEW YORK (AP) ―

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Residents facing foreclosure because of risky loans will soon have the opportunity to get some help managing their finances and mortgages so that they don't lose their homes.

Mayor Michael Bloomberg and City Council Speaker Christine Quinn announced on Wednesday the formation of a new nonprofit that will provide counseling, legal assistance, education, loan remediation and preventative outreach amid the nation's wave of defaults on subprime mortgages.

The city estimates the group will assist 18,000 New Yorkers a year. It will have a budget of $5.3 million in its first year, a mix of public funding and private money that the city plans to raise.

A federal plan to deal with the crisis is expected by the end of the week.