With foreclosure rates rising through the roof, New York City Comptroller William C. Thompson Jr. launched an initiative, “Save Our Homes,” at a City Hall press conference Oct. 30. “Save Our Homes” helps homeowners hold onto their homes as the subprime mortgage crisis threatens New York City neighborhoods and the nation.

Comptroller William C. Thompson Jr. speaks to the press. He is flanked by President Floyd, on his left, and Roger Toussaint, president of Local 100 of the Transport Workers Union.

“It is estimated that approximately 15,000 families in the city are at risk of losing their homes by the end of this year,” said Thompson. “Experts predict this number to increase significantly in 2008.”

To stem the tide of this growing problem, Thompson enlisted labor leaders, including Local 237 President Gregory Floyd, members of the clergy and activists from neighborhood organizations, to assist in distributing a “Foreclosure Prevention Guide,” providing New York homeowners with information and sources of help.

Floyd, who joined Thompson at City Hall, told the press, “This crisis has a wide-ranging impact on everyone. We need to get involved now while there is still time to do something about it.” Local 237 is encouraging its members to contact the union’s Legal Services Plan if they have foreclosure questions.

Thompson also launched a Foreclosure Prevention Helpline at 212-669-4600. The Helpline links callers with certified counselors from the U.S. Department of Housing and Urban Development in specific neighborhoods.

The Sunday following the launch, Floyd joined Thompson to distribute the “Foreclosure Prevention Guide” at several local churches, where the “Save Our Homes” initiative was announced.

“I have met with many homeowners who are facing pre-payment penalties, rate adjustments and foreclosures because of the inappropriate subprime instruments,” said the Rev. Edwin C. Reed, pastor, Morris Brown AME Church and Chief Executive Officer of the Greater Allen Development Corporation. “These victimized homeowners are in our churches and communities and without aggressive action, whole neighborhoods will be devastated.”