Officials say New York is among the first cities to pursue buying such mortgages directly from federal housing officials. It's buying long-unpaid mortgages, with plans to help owners stay in their homes, if possible, or use the properties as affordable housing, if not. Housing advocates have pressed the federal government to make it easier for cities and nonprofit groups to buy troubled mortgages. New York City is taking a novel approach to addressing enduring pockets of the home foreclosure crisis. So far, the effort involves 24 properties, containing a total of 41 homes and apartments.

Source: Fox News June 30, 2016 16:41 UTC