Homeowners are crumbling under the pressure of Boston foreclosure homes. Boston has been facing foreclosure crisis for a couple of years and this is a critical moment for all homeowners in the state. When it looked as if things were going to go out of hand, the Mayor’s office stepped in to do their best to control the situation. Patricia Canavan who is an advisor in the Boston Mayor’s office is working on a plan and has made an official statement. In the wake of the rise in the number of homes in the Boston foreclosure listings, Canavan believes that the best option is to reclaim neighborhoods that have been left empty due to the ever growing foreclosure crisis. In her speech at the Federal Reserve Bank of Cleveland Community Development Policy Summit in Cleveland, Ohio, She has urged banks, financial institutions and lenders to make efforts for refinancing as many loans as possible so that foreclosures can be stopped.
According to statistical reports taken out by the Boston Mayors office, the amount of sub-prime loans taken by people in Boston is quite high and 65% of those loans were taken out by people the minority neighborhoods or who belong to the modest...
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