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News & Media Foreclosure Program Seeks Volunteer Attorneys to Help Homeowners

The Federal Reserve Bank of New York and the City Bar Justice Center are working to recruit more attorneys to volunteer to save New York City homeowners from foreclosure. The joint effort, called the Lawyers' Foreclosure Intervention Network, turned one year old last Thursday, and officials from the Fed and the city's Bar, as well as attorneys from the city's biggest law firms and financial institutions, gathered to discuss strategies to recruit more lawyers to the program, particularly from large law firms, where participation has been almost non-existent.

The program calls on volunteer attorneys to help homeowners in the five boroughs facing foreclosure, typically by negotiating with lenders to establish lower mortgage payments that the resident can afford.

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