foreclosures

Last night, our new president and CEO, Mike Durkin, was interviewed on NBC nightly news as part of a segment called "A New Breed of Need." In the segment, NBC's Janet Shamilan reported on middle class families who, due to foreclosures or unexpected medical costs, are finding themselves in financial crisis. Brian Williams, who introduced the story summed it up in one phrase: "People who used to be donors are now in need of donation."

What's are your thoughts on this "national trend"? Its causes and long-term repurcussions?

Watch the video here then let me know what you think by posting a comment below.  read more »

On March 30, The New York Times, published an article about steps Boston has taken to prevent foreclosures. Last weekend Mayor Menino organized a workshop with five different mortgage companies working to restructure loans for families imminently facing foreclosure. Participants said that the face-to-face
meetings with mortgage companies were helpful in making them feel at ease and sure that they wanted to help.

One organization participating in the session was United Way affiliate, Urban Edge. Check out Kory's post from a few weeks ago where he interviewed Bob Credle from Urban Edge who was also mentioned in the Times article. Organizations like Urban Edge, and the effort from the City are having a meaningful impact on individual families' lives.

On January 16th, I asked Bob Credle, Housing Counselor at Urban Edge Development Corporation, one of United Way of Mass Bay and Merrimack Valley's partner agencies a few questions about home foreclosures. Below is a transcript of that interview.  read more »

You may remember Paola's excellent post back in February that noted tenants of multi-family buildings being foreclosed were being impacted by the crisis in our community. I've just now come across an article in Banker & Tradesman that finds strong evidence of this negative impact. They found there were 306 foreclosed properties in the first quarter of this year, with 131 (or 43%) involving two- and three-family homes. A further cause for concern is that 171 of the 306 foreclosed properties were in Dorchester, and the second highest number (31) occurred in Roxbury. This obviously is alarming considering these are two of Boston's most diverse communities with a history of economic challenges...  read more »

On June 20, 2008 National Public Radio ran a story on the impact of the foreclosure crisis on the Latino community. We've written about foreclosures several times over the last few months, but this story taught me more about how the situation effects both individual homeowners as well as the community (and the economy) as a whole.  read more »