Margert in the News
Renters in Fannie Mae-Owned Foreclosed Properties Eligible to Stay in Their
Homes
The Full Story
January 13, 2009
Fannie Mae Announces National REO
Rental Policy
WASHINGTON, DC -- Fannie Mae (FNM/NYSE) today announced
the establishment of a new National Real Estate Owned (REO) Rental Policy that
will allow qualified renters in Fannie Mae-owned foreclosed properties to stay
in their homes. The company currently has an eviction suspension in place
through the end of January which will allow for the new policy to be fully
operationalized prior to the suspension concluding.
"Renters in foreclosed properties have often been a casualty of the foreclosure
crisis the country is facing," said Michael Williams, chief operating officer of
Fannie Mae. "This policy will allow qualified renters to remain in Fannie
Mae-owned properties should they choose to do so, mitigate the disruption of
personal lives that foreclosures can cause, and help bring a measure of
stability to communities impacted by high foreclosure rates."
The new policy applies to renters occupying foreclosed properties at the time
Fannie Mae acquires the property. Renters occupying any type of single-family
property will be eligible including residents of two- to four-unit properties,
condos, co-ops, single-family detached homes and manufactured housing. Eligible
renters will be offered a new month-to-month lease with Fannie Mae or financial
assistance for their transition to new housing should they choose to vacate the
property. The properties must meet state laws and local code requirements for a
rental property.
View full story
top^
US Foreclosure Filings Up 81
Percent in 2008
The Full Story
By ALAN ZIBEL, AP Real Estate Writer
WASHINGTON – More than 2.3 million American
homeowners faced foreclosure proceedings last year, an 81 percent increase from
2007, with the worst yet to come as consumers grapple with layoffs, shrinking
investment portfolios and falling home prices.
Nationwide, more than 860,000 properties were actually repossessed by lenders,
more than double the 2007 level, according to RealtyTrac, a foreclosure listing
firm based in Irvine, Calif., which compiled the figures.
Moody's Economy.com, a research firm, predicts the number of homes lost to
foreclosure is likely to rise by another 18 percent this year before tapering
off slightly through 2011.
Still, foreclosures — which keep breaking records going back 30 years, according
to the Mortgage Bankers Association — are likely to remain well above normal
levels for years to come, and that will continue to keep home prices from
rebounding.
View full story
top^
Queens Pols Highlight
Infrastructure Needs
The Full Story
By John Lauinger
Daily News Staff Writer
Tuesday, January 20th 2009, 5:32 AM
Hey Barack − Queens needs your help.
As Barack Obama takes the oath of office Tuesday, local governments are hoping
his multibillion-dollar stimulus package will include money for the country’s
aging infrastructure.
In Queens, transportation advocates and elected officials pointed to a wish
list of projects sorely in need of federal funding.
City Councilman John Liu (D-Flushing), chairman of the Council’s Transportation
Committee, said his priority would be expanding the borough’s bus network.
“It’s not the most sexy-sounding, but it’s what we need in Queens,” he said,
pointing to the borough’s scarcity of subway lines. “Residents in Queens rely on
buses more so than in any other borough.”
Paul Graziano, an urban planning consultant and president of the Historic
Districts Council, said two roads that traverse Queens’ marshlands need
extensive work − Linden Place in College Point and Brookville Blvd. in
southeastern Queens.
Brookville Blvd., which connects the South Conduit to the Five Towns shopping
area, is prone to significant flooding.
“The locals call it Snake Blvd. for a reason,” Graziano said. “The road is
sinking into the wetlands.”
Deteriorating roads are costing local businesses millions of dollars in
shipping delays, said Councilman James Sanders Jr. (D-Laurelton).
For example, trucks sit idle on the Van Wyck Expressway for hours, Sanders said.
"Building infrastructure is one of the most effective ways of jump-starting our
economy," he said. "We've allowed our infrastructure to deteriorate so much that
it's affecting our competitive edge."
Sewer upgrades also top the list for some city officials in southeastern Queens,
where development is outpacing infrastructure improvements.
"The water pollution control plant [in Rockaway] needs to be updated," said
Jonathan Gaska, district manager of Community Board 14, which serves the
peninsula. "Our population is growing at a tremendous rate because of all the
development down here."
View full story
top^
Community Centers Saved From Budget Axe
The Full Story
The Wave, January
16, 2009
By Miriam
Rosenberg
New York City Housing Authority community centers -
including four in Rockaway - which have been in danger since last year of
closing or merging, got a reprieve from the chopping block this week when the
agency was allocated more than $12 million in funding from the City Council.
The announcement of an infusion of $12.25 million to ensure that 25 community
centers, 19 of which were slated to close, keep their doors open was made in a
joint statement released on Tuesday by Mayor Michael Bloomberg, Council Speaker
Christine Quinn, Deputy Mayor for Education and Community Development Dennis
Walcott, NYCHA Chairman Ricardo Elías Morales and Department of Youth and
Community Development (DYCD) Commissioner Jeanne Mullgrav.
"Public housing residents are among those most threatened by the economic
challenges we are currently facing, and these centers play a major role by
providing crucial programs and services that teach skills to help students stay
in school and families better their lives," said Bloomberg in the release.
Quinn added, "When we talk about protecting core services, this is exactly
what we mean."
Among those centers that were scheduled to close were Ocean Bay Community Center
on Beach 57 Street, which according to sources was due to shut down on January
20; and Redfern Community Center on Hassock Street in Far Rockaway, which has
been threatened with permanent closure for almost a year after it was shut down
for two months in 2008.
Doris Jacobs, president of the Redfern Tenant's Association, reacted to the news
about her community center remaining open.
"It has been utilized since it reopened. There's been a lot of participation,"
said Jacobs. "It is a good thing that the young people will have something to do
and [something] positive to do."
The new plan takes effect on February 2 when the DYCD will take over the
operation of 25 NYCHA sites as DYCD-funded Beacon community centers through
December 31, 2009. In the meantime, the mayor has allocated baseline funding for
the DYCD to put out a Request for Proposals (RFP) that, according to the press
release, will seek "qualified community based organizations interested in
operating programs at the 25 sites. New contracts will begin on January 1,
2010." The press release goes on to state, "NYCHA residents and other
stakeholders will help to shape the programming model outlined in the RFP."
Two groups are being targeted with this initiative, ages 5-12 and 13-21.
Howard Marder, a spokesman for NYCHA, told The Wave on Tuesday that eight of the
25 sites to be operated by DYCD were among the 19 centers originally scheduled
to close. The 11 others that were to shut down would continue to be operated by
NYCHA through the end of June.
Ocean Bay and Redfern Community Centers will be operated by DYCD with the Police
Athletic League acting as the Beacon provider.
Marder assured that, "All other community centers will remain open," including
Hammels and 41st Street community centers.
"The goal of this initiative is to ensure the healthy development of young
people living in public housing," said DYCD Commissioner Mullgrav. Last March,
The Wave reported that NYCHA had a budget shortfall of $195.3 million in 2008,
due mostly to a "chronic federal under funding" over the last few years. In its
January 13 press release, NYCHA says they have been shortchanged more than $551
million in federal funds since 2002.
NYCHA's new Chairman Ricardo Elías Morales hailed the announcement that youth
programming would continue at NYCHA community centers.
"This allows NYCHA to focus our resources on safeguarding our core mission of
preserving public housing," said Morales.
Currently, NYCHA runs 94 of the 136 community centers in its housing
developments. The other 42 are operated by outside community service partners.
top^ | 