Homeowners in Bushwick have seen home prices sink 45% in two years. Hopes for the neighborhood’s revitalization rest on the federal Neighborhood Stabilization Program 2, but its benefits are uncertain.
After President Obama announced a $75 billion plan for homeowners in distress, shady companies started offering Bushwick residents help with their mortgage modifications… for a fee.
Subprime loans and costly refinancing proliferated in the predominantly Hispanic neighborhood of Bushwick before the housing crisis. Now area families face the consequences.