Foreclosures Update: New York Urges Banks to Take More Action

Frustrated by the efforts of the federal government, New York City comptroller John C. Liu, pictured left, and six unions will initiate a campaign today to encourage big lenders to increase measures to prevent foreclosures in the New York metropolitan area, according to The New York Times. In a letter drafted by the group, it urges an expedited mortgage modification process and criticizes banks for "unanswered phone calls, delays in the modification process and multiple requests for homeowners to resend paperwork already submitted."