This fall, when northwest Bronx homeowners began losing their homes at an increasingly high rate to foreclosure, housing advocates pointed to a half decade of subprime lending practices, which left borrowers with high monthly payments they simply couldn’t keep up with.

The entire nation began feeling the pinch as housing groups scrambled to cobble together resources to reverse the foreclosure trend. Advocates blamed mortgage companies and big investment banks, saying the two worked in tandem to push subprime loans on borrowers, many of whom could have qualified for prime loans with lower interest rates.

Housing groups say government remediation efforts have fallen short and more resources are needed. Shockingly, there is only one counselor in the entire northwest Bronx doing foreclosure counseling. Homeowners stuck with bad loans and facing foreclosure simply don’t have anywhere to turn for help.

But as we went to press, Greg Jost of University Neighborhood Housing Program, reported on the West Bronx Blog, that the mayor, City Council and the nonprofit Neighborhood Economic Development Advocacy Project (NEDAP) had formed the Center for New York City Neighborhoods, a new nonprofit that will “fund a major expansion and coordination of counseling and referral services, legal assistance, loan remediation, preventive outreach and education, training, research and advocacy around sub-prime lending and mortgage foreclosures.”

So, early in 2008, help should be on the way. To access assistance under the new program, just call 311.