Boston's foreclosure crisis will take national stage today when Mayor Thomas M. Menino testifies about the city’s mortgage mess before Congress.
Menino will travel to Washington, D.C., this morning to appear before a House economic committee headed by U.S. Rep. Barney Frank (D-Mass.) to speak in favor of a proposed $300 billion federal bailout for debt-ridden homeowners and cities.
The proposal would help homeowners out of high-risk, high-interest loans into more affordable, government-backed mortgages. The bill would provide loans and grants to cities to buy back and rehabilitate vacant properties. The Hub foreclosure crisis was recently spotlighted in a Herald series on Dorchester's Hendry Street, a block of blight due to abandoned properties. In recent weeks, the city has stepped up efforts to crack down on banks that abandon foreclosed homes.
Menino will address the Financial Services Commmittee along with Maryland Gov. Martin O’Malley, Washington Mayor Adrian M. Fenty, and Las Vegas Mayor Oscar B. Goodman.
"As strong as Boston is economically, we are seeing every day how the meltdown of our financial system is affecting the lives of people who live in our neighborhoods and call Boston home," Menino said.
The proposal would help homeowners out of high-risk, high-interest loans into more affordable, government-backed mortgages. The bill would provide loans and grants to cities to buy back and rehabilitate vacant properties. The Hub foreclosure crisis was recently spotlighted in a Herald series on Dorchester's Hendry Street, a block of blight due to abandoned properties. In recent weeks, the city has stepped up efforts to crack down on banks that abandon foreclosed homes.
Menino will address the Financial Services Commmittee along with Maryland Gov. Martin O’Malley, Washington Mayor Adrian M. Fenty, and Las Vegas Mayor Oscar B. Goodman.
"As strong as Boston is economically, we are seeing every day how the meltdown of our financial system is affecting the lives of people who live in our neighborhoods and call Boston home," Menino said.
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