No doubt, there are dishonest merchants in N.Y.C. pushing bad mortgages onto unsuspecting consumers — usually those who have low incomes. These lenders pressure borrowers into accepting high cost loans, usually secured by a mortgage on their home, which provide little or no financial benefit.
Now, New York City officials are stepping up their efforts to solve this problem.
Comptroller Scott Stringer and the New York City Pension Funds have put $450 million toward supporting non-predatory mortgages as a way to support affordable housing across the five boroughs. It includes a renewal of $300 million, which had previously been invested, and the addition of $150 million in new funds.