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Bedford Stuyvesant

An Open Letter to Colvin W. Grannum on Al Vann

by Michael CorleyJanuary 8, 2010

Councilman Vann has served in office long enough to witness his constituents become the target of Ponzi schemes by unsophisticated operatives who have mastered the loopholes in New York City’s deed recording process. And having lived in Bedford Stuyvesant for many years, he’s seen Mortgage Discrimination occur in central Brooklyn in different forms: Redlining in the 70’s and Predatory Lending in the 90’s. Since his re-election, what should we expect from the incumbent?

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Goldman Sachs Finds Opportunity in Bedford Stuyvesant

by Michael CorleyJanuary 6, 2010

Over the last 10 years we’ve seen New York City politicians align their political futures with well financed real estate developers. However, none will come close to the reach and wealth that a recent entrant into the real estate landscape possess. Goldman Sachs comes to Bedford Stuyvesant with money and influence (and a real estate investment strategy that politicians favor). Here’s why.

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Another Developer Bailed Out with Style in Bed Stuy

by Michael CorleyDecember 16, 2009

As reported in the New York Daily News [Bed Stuy Residents Furious over Condo Project once slated as Dorm], it appears another luxury condo has gone the way of becoming five star accommodations for the homeless. How is it that Real Estate Developers continue to be bailed out by New York City while countless families face the threat of becoming homeless due to foreclosure?

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Are Banks Interested in Modifying your Existing Mortgage?

by Michael CorleyDecember 11, 2009

Since the U.S. Treasury implemented a series of programs designed to encourage lenders and mortgage servicers to offer Loan Modifications in 2007, there have only been approximately 30,000 homeowners nationwide who have received Loan Modifications of their existing mortgages. As of June 2009, there have been 1.9 million NEW foreclosure filings by lenders. Have we reached a breaking point?

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How They Got it Done in Weeksville, Brooklyn

by Michael CorleyDecember 7, 2009

Upon reaching Brooklyn and other parts of New York City, they soon discovered there were few places welcoming their arrival as new residents. Weeksville, a thriving, self sufficient African American community, were one of a few where those migrating from the south were welcomed.

It is in Weeksville, Brooklyn, (currently known as Crown Heights) where you witness an enlightened agenda existing among its inhabitants that was birthed out of necessity, which could easily be termed: SELF PRESERVATION.

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The Foreclosure Business: NYC $59 Million Plan

by Michael CorleyDecember 3, 2009

NYC Department of Housing, Preservation and Development has begun implementing it’s plan to use the $24 million dollars received from the U.S. Department of Housing and Urban Development as part of the the Housing and Economic Recovery Act of 2008. In one of my first blog posts on this subject, Mayor Bloomberg’s Plan to Avert Urban Blight, I raised a number of concerns that didn’t appear to be addressed in the city’s action plan…

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Is NYC Overcharging You in Property Taxes?

by Michael CorleyDecember 2, 2009

How much are you being charged for Property Taxes in New York City?

I’m sure the thought has crossed your mind. However, we understand why property tax is collected. It takes a lot of money to run a City that never sleeps.

Property Tax in New York City funds public school education, police and fire protection, emergency services, garbage pick up, public health care and hospital services, roadway and street maintenance, etc…

And while New York City has diverse sources of revenue (Sales Tax, Transfer Tax, Fees, Fines, etc…), its largest source is Property Taxes.

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Why Declining Property Values are Hazardous Where You Live

by Michael CorleyNovember 19, 2009

During 2007, New York City appeared resilient in the face of the national foreclosure crisis experienced in other states and major cities. In California, Nevada and Arizona, the number of homeowners defaulting on sub prime mortgage loans threatened the financial stability of each state.

However, 2009 finds New York City at the place that each of the states mentioned were, back in 2007. And each are in far worst shape than we are today. Which should cause great concern for the prophetic nature their misfortune bodes for New York City as we implement the same measures they attempted.

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Are Candidates a Reflection of the Voters?

by Michael CorleyNovember 18, 2009

Consider how other Brooklyn neighborhoods flourish in spite of where the City’s economy is in the boom-bust cycle.

What makes them different from where you live? Who are their civic/community leaders? What efforts do they bring to change/maintain/improve their surroundings?

If you live in Bedford Stuyvesant, Bushwick, Crown Heights, East Flatbush, Cypress Hill, East New York, Canarsie, Ocean Hill or Brownsville, you’ve inherited the legacy of anemic progress.

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How 39 Herkimer Street was Stolen from its Rightful Owner

by Michael CorleyNovember 15, 2009

House Theft isn’t new. It’s a crime that knows no racial, economic or neighborhood boundaries. Real Estate is attractive to the criminally inclined.

In a City that still employs a fundamentally flawed deed recording process, it’s a miracle that there aren’t more victims of this heinous crime that’s intentionally perpetrated on the weak and elderly.

Margaret Franklin happens to be one of many victims that have had their homes stolen. What’s painful about this story is that Margaret was hospitalized and dying of cancer when she was targeted.

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