Massachusetts Receives a $50,000 Grant

ForeclosuresMass President and co-founder, Jeremy Shapiro California's Riverside and San Bernardino counties continue to see a rise in foreclosure activity. The activity seem to be fueled by falling home prices as well as the resetting of adjustable mortgages to higher interest rates. The foreclosure rates were expected to be higher than they are currently; experts say that one reason for this might be that programs aimed at stemming foreclosures are helping. Massachusetts has received a $50,000 grant from the state's Division of Housing and Community Development. This grant was used to open one of the state's first foreclosure prevention offices. The office is one of several to be created throughout the state aimed at helping families avoid foreclosure. The center will focus on working with low-income families with "subprime" mortgages. More than 38,000 renters in New York live in building that have been foreclosed, and are now facing eviction. As legislators and policy-makers grapple with ways to stem foreclosures, most of their concern is for owners of single-family houses and not tenants who had no part in choosing the properties mortgage. Tenants living in buildings with six or more units are protected form eviction by state law whereas, renters in smaller buildings are not protected.

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