New York Fed Cosponsors Pilot Program
Thomas C. Baxter, general counsel and executive vice president for the legal group of the Federal Reserve Bank of New York, announced that the New York Fed would cosponsor a pilot program to provide borrowers with limited pro bono representation for mortgage counseling, negotiation, and bankruptcy filings. Administered by the City Bar Justice Center of the New York City Bar Association, the proposed citywide Lawyers’ Foreclosure Intervention Network (LFIN) would help homeowners at all income levels.
Lynn Kelly, executive director of the City Bar Justice Center, says that since June about six cases a week have been coming to LFIN. “We’ve already had 27 foreclosure cases,” she says, “and all involved litigation.”
California Lawyer Magazine