The Wall Street Journal has reported that New York City leads the unprecedented increase in homelessness. An average of more than 50,000 people slept each night in New York City’s homeless shelters last month, which included more than 20,000 children.
New York City has seen a 73% increase in homeless families since 2002, and the surge is directly attributable to the financial crash and mortgage meltdown, which put many lower-middle class families out of their homes.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “Mayor Bloomberg boasts that the City has recovered all of the jobs lost during the recession, but many jobs were replaced with lower paying and part time jobs. The economy in New York City has not recovered and people are living in shelters and in the streets in record numbers” Experts opine that this crisis has been fueled, in part, by the Mayor’s administration’s ending of a long standing policy where the City allocated a share of federal public housing apartment and federal housing vouchers to homeless families. The program that had been successfully working since the 1990s was abruptly ended, without public hearing or comment.
Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com
Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud