A press release issued yesterday by the County Executive of Westchester County addresses foreclosures in Wetchester County. Mr. Spano has send letters out to 23 financial institutions throughout the County asking for a voluntary 90 day freeze of foreclosures. This is to give individuals time to talk to their financial institutions. The statement:
Spano took the action with statistics showing that there were 2,431 foreclosure filings and judgments in Westchester during the last year, an increased of 58.7 percent over a year earlier.
In the letters, Spano said that the national housing crisis, the downturn on Wall Street and a troubled economy is hurting area families.
"I strongly urge your bank to take immediate action to help homeowners stay in their homes in Westchester County," Spano said in his letter. "...Rising mortgage defaults only exacerbate the credit crisis and are in no one's best interests, including the banking system."
Spano said that sevearl banks on the national level, inlcuding Bank of America, J.P. Morgan Chase and Citigroup, have announced programs to try to help modify problem mortgages. Each of those three banks has branches in the region.