The Observer ran a thoughtful look at the fate of state Senate Minority Leader Malcolm Smith that highlights an interesting fact about the Northwest Bronx: Two of the
State Sen. Jeff Klein, who represents some of Riverdale but more of Westchester County, is forever doling out cash to the campaigns of other Democrats, as the article points out. Mr. Klein's spokeswoman, Alexis Grenell, is currently on loan to the campaign of Joe Addabbo Jr., the City Councilman challenging incumbent Republican legislator Serf Maltese this year. Mr. Klein is also Mr. Smith's deputy, and Mr. Gershman hints that he could be gunning for the current minority leader's job — something oft-rumored but just as often denied.
Mr. Klein's colleague Eric Schneiderman represents more of Riverdale, but the lion's share of his district is Upper Manhattan. For years, he's been banging the drum to end vacancy decontrol, tighten gun regulations and take over the state Senate. His district was changed in 2002 to include Washington Heights and Inwood, a move some say was GOP revenge for early involvement in that particular venture.
Mr. Gershman reports that Mr. Smith wants a moderate line on taxes and housing reform — which runs counter to some more liberal positions Mr. Schneiderman has taken. And if you want a good idea of how many voices are clamoring within the Democratic Senate conference, look no further than the recent debate over property taxes: Mr. Klein and Mr. Schneiderman, in the same conference, backed differently nuanced versions of essentially the same property tax reform bill.
Take the current economic crisis and sprinkle it with the apparent dissonance among the leadership in the Democratic Senate conference, Mr. Gershman writes, and Mr. Smith 's quest to become majority leader is a hunt for the worst job in Albany.
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PREDATORY FORECLOSURE
As the credit crisis worsens, homes are being foreclosed. Areas in NYC are being hit hard.
NOTICE OF SALE
SUPREME COURT -- COUNTY OF BRONX -- LASALLE BANK, N.A. AS TRUSTEE FOR MLMI INVESTMENT SERIES 2006-FM C/O WILSHIRE CREDIT CORPORATION, Plaintiff, AGAINST HERIBERTO ANDREW, ET AL., Defendant(s) -- Pursuant to a judgment of foreclosure and sale duly dated 4/23/2008, I, the undersigned Referee will sell at public auction at the Bronx County Courthouse, Room 600, 851 Grand Concourse, Bronx, NY, New York, on 9/8/2008 at 2:00 PM, premises known as 2680 BAILEY AVENUE, Bronx, NY 10463. All that certain plot piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the New York City, Borough of Bronx, County of Bronx and State of New York, Section, Block and Lot: Block: 3239 Lot: 30. Approximate amount of judgment $407,062.82 plus interest and costs. Premises will be sold subject to provisions of filed Judgment Index #22605/06 Patricia A. Finn, Esq., Referee Steven J. Baum PC, Attorneys for Plaintiff, P.O. Box 1291, Buffalo, NY 14240-1291 Dated: 8/6/2008 1064852 au11-M s2
However, many of the mortgage companies themselves are subject to scrutiny. One particular company is the Wilshire Credit Corporation. Located in Beaverton, Oregon, it is a subsidiary of Merrill Lynch. A consumer website lists several pages of complaints regarding Wilshire.
http://www.debtconsolidationcare.com/forums/about430-2.html
The complaints vary from lost documents to unreturned phone calls. There is also an issue with Wilshire's slow processing of the "Short Sale". A short sale is used when an owner is near foreclosure. The owner seeks a buyer. With an agreed price, a contract is signed with the buyer and it is presented to the agency which holds the owner's mortgage. The sale of the house represents a partial, yet settled payment for the property. The owner avoids bankruptcy and the bank recoups part of the money owed. In the case of Wilshire, buyers have walked away from deals with owners due to the slow process of the Wilshire machine. As a result, since many of these properties are an "all cash" buy, they resort to foreclosure. The houses remain vacant and the neighborhoods deteriorate. Approvals of short sales extend beyond 90 days.
Wilshire is a member of HOPE NOW. This is a newly formed agency which promises to help homeowners in trouble. But Wilshire falls short of it's promise according to the guidelines:
"The new HOPE NOW guidelines state that loan servicers should inform homeowners within 45 days whether their application for a workout -- such as a repayment plan, loan modification or short sale -- has been accepted or denied."
Area residents who are experiencing difficulty with Wilshire should contact the New York State Attorney Generals office and/or their local government representative.
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