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| THOMPSON HOLDS FORECLOSURE PREVENTION CONFERENCE TO INFORM, ADVISE COMMUNITY
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New York City Comptroller William C. Thompson, Jr. addresses several hundred New Yorkers at his foreclosure prevention and consumer banking conference in Queens on Monday, February 4, 2008. Photo Credit: Marla S. Maritzer |
Troubled by the nation’s worsening sub-prime mortgage crisis, Comptroller Thompson vowed that “we must take action” to overcome what is forcing thousands of area residents to struggle to hold onto their homes.
Thompson held a free conference at York College in Queens in February, drawing more than 250 people seeking to learn financial skills, advice on banking, and assistance to avoid being evicted from their homes.
“With guidance and support, many homeowners can regain their footing and protect their property,” Thompson said. “Despite the current crisis, we must never lose faith in the perseverance of our communities and the dream of home ownership.”
It was the fourth time Thompson has organized such a conference. Previous ones were held in Brooklyn, Harlem and the Bronx. The next is scheduled for Staten Island.
The conferences have been just one way that the City Comptroller’s Office has reached out to New Yorkers to assist them with financial and homeownership problems. Last April, Thompson announced the creation of a Foreclosure Prevention Helpline—which is at (212) 669-4600—to offer assistance.
To date, the Helpline has received more than 2,600 calls and opened 1,054 cases, with 814 of them originating from the five boroughs. Of those, 42.14 percent are from Queens, 32.31 percent are from Brooklyn, and 11.67 percent are from Staten Island.
“We continue to hear stories of despair, from people who are confronted with the difficult choices of paying bills and affording to put meals on the table for their families,” Thompson said. “We have heard from homeowners who were taken advantage of by brokers and lenders that they had trusted. We have heard from people who have had their credit scores devastated by foreclosures and now worry how their damaged credit will impact their futures. We have also heard about the harsh economic consequences that foreclosures can have on neighboring properties and entire communities. We as a city cannot afford to sit on the sidelines, do nothing, and think that these challenges will solve themselves. We must take action.”
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| THOMPSON REPORT: CITY'S ECONOMY OUTPACED US IN 2007, BUT TROUBLE LOOMS
View Economic Notes
According to a new report by Comptroller Thompson, New York City’s economy grew more rapidly than the nation’s during 2007, but slumping housing prices, the sub-prime mortgage crisis and high oil prices are signaling an economic slowdown this year.
The Comptroller’s Economic Notes, which can be read at www.comptroller.nyc.gov, contains a special focus examining the impact of Wall Street cycles—both past and present —on the City’s economic fortunes.
“Although New York City experienced an overall increase in economic activity in 2007, a number of signs point to trouble ahead,” Thompson said. “Our economy and employment rate rests heavily on the shoulders of Wall Street. The sub-prime crisis has not yet affected unemployment levels in New York as dramatically as it has in other cities and states, but if its reach extends to the stock market this year, our financial future will become increasingly uncertain.”
The report finds that Real Gross City Product (GCP), a measure of the City’s overall economy, grew 1.1 percent in the fourth quarter of 2007 and 3 percent for the full year. In comparison, the US economy expanded by 0.6 percent in the fourth quarter and 2.2 percent in 2007. Although the City’s economy grew in 2007, Thompson cautioned that instability in the credit markets and other factors could lead to an economic slump this year
The Comptroller noted that in 2007, City payroll jobs increased by 54,500, or 1.5 percent over 2006, resulting in a stronger pace of job growth in the City than the nation. The leading job-creating sectors in New York were Professional and Business Services, Health Services, and Finance and Insurance, which together were responsible for creating more than 37,000 jobs in the City.
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THOMPSON HOLDS AFRICAN-AMERICAN HISTORY MONTH CELEBRATION
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New York City Comptroller William C. Thompson, Jr. with award-winning author Walter Mosley at Thompson’s African-American History Month Celebration at SEIU Local 32BJ on Thursday, February 28, 2008. Photo Credit: Archer Hutchinson. |
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Comptroller Thompson held his annual African-American History Month celebration at SEIU Local 32BJ in Manhattan on February 28th. The event was co-sponsored by New York Urban League, NAACP New York State Conference, NY Coalition of One Hundred Black Women, and One Hundred Black Men, Inc. Founding Chapter.
The evening’s honorees were Henry Louis Gates, Jr., Alphonse Fletcher University Professor and Director, W.E.B. DuBois Institute for African and African American Research, Harvard University; Walter Mosley, distinguished author; Debbye Turner, DVM, Correspondent, The Early Show and Miss America 1990; Joyce Burrows Dinkins, former First Lady, City of New York; Andrew P. Jackson, Executive Director, Langston Hughes Community Library and Cultural Center, Queens Library; Derrick D. Cephas, President and CEO, Amalgamated Bank; Antonio D. Martin, Executive Director, Queens Hospital Center; and Cliff Frazier, Executive Director, New York Metropolitan Martin Luther King, Jr. Center for Nonviolence.The celebration featured a performance by New Life Tabernacle Mass Choir.
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