Bush's visit spotlights local housing crisisPosted: Updated:
President Bush spotlighted efforts to save struggling homeowners from foreclosure during his visit to the tri-state area Friday.
Many in Westchester and Hudson Valley believe the government should do more to help homeowners with mortgage troubles and help residents stay in their homes. Currently, there are 228 bank-owned home foreclosures in Westchester, 110 in Rockland and 258 in Orange County. Many say they are struggling to stay in their homes. ?We have a role to play at the federal government to help lenders and borrowers work together to avoid foreclosure,? said Bush during his trip to New Jersey.
However, Bush is stressing the up side, saying despite the subprime mess, most Americans are making their payments. That sentiment was shared by Yonkers homeowner, Margaret Estaba. She plans to do whatever she can to stay in the historic brick townhouse she purchased through a housing program.
Attorney Walter Schorsch specializes in real estate. He blames the banks for creating a financial mess, because they did not watch their lending practices carefully. Schorsch thinks homeowners should try to work with their lender to find a solution, so the American dream of owning a home remains alive.Hope Now