Mortgage modification help on the way? Maybe in New York.

The New York Times reports that NYC and unions are pressing banks to modify mortgages.

Hoping to succeed where Washington has largely failed, New York City’s comptroller, John C. Liu, and six large unions plan to begin a campaign on Wednesday to press the biggest banks to do more to prevent foreclosures in the New York area.

We have complained before on these pages about lender reluctance to modify mortgages in spite of the borrower's good payment history.

Mr. Liu said the group would send Citigroup, JPMorgan Chase, Bank of America and Wells Fargo, among others, a letter that criticizes them for dragging their feet on modifying mortgages that are underwater or delinquent, and that urges them to do “everything possible” to avert foreclosures.

Just how will they pressure the banks? How about moving "pension funds" and other union money? That might work.

Don't expect anything to happen quickly. But this is a good first step.

Read the full article New York Presses Banks on Foreclosures

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