Quinn to Banks: Halt Foreclosures
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City Council Speaker Christine Quinn is asking the New York State Banking Department and federal agencies to urge banks to halt foreclosures in low-income and moderate-income neighborhoods. She is also calling for a review of mortgage lenders’ practices so it is clear when they have many clients foreclosing on loans. Ms. Quinn and other council members said yesterday that they want changes made to the federal Community Reinvestment Act, which was created to encourage lending institutions to operate in both low-income and moderate-income areas.
