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Last Saturday, U.S. Treasurer Anna Escobedo Cabral visited Queens to examine economic conditions in the city’s largest borough. In doing so, she became the highest ranking U.S. official ever to appear in Queens as an incumbent, though former presidents, such as Bill Clinton, have appeared in the borough while not in office.

Treasurer Cabral stopped by PS 56 in Laurelton, where she was hosted by Councilman James Sanders Jr. (D-Laurelton) as part of a workshop and seminar established by Sanders entitled “Rescue Your Home.” The seminar intended to bring mortgage lenders, legal services and housing counselors to local residents who have been adversely affected by the recent economic recession and lending crisis.

“Some of these people lost a home. The workshop was created to give them a second chance,” said Kayanne Smith, who ran the program.

At the “Rescue Your Home” event, a concerned Treasurer Cabral, who has long pursued a visit to Queens and the city for its fluctuant economic history, spoke to those in attendance, offering hope for despaired homeowners following a foreclosure or significant fall into mortgage debt.

“I’m here today because I believe that events like this one are so important,” the treasurer said. “I believe that great things come from events where members of the community and local organizations band together to support one another when times are tough. So take advantage of this event. There are caring, supportive people here today who want to help you. They are knowledgeable counselors, banking, housing and mortgage specialists who can provide you with the services you need.”

Cabral, who herself dealt with a period of poverty as a child, also discussed initiatives taken in Washington D.C. to improve the status quo of the American economy, such as HOPE NOW, “an alliance made up of our nation’s leading counselors, servicers and investors and that represents more than 70 percent of the mortgage industry and 90 percent of the subprime mortgage industry.” To date, this alliance reports that the industry has helped nearly 1.2 million struggling homeowners since July 2007 through workout plans.

She also discussed the federal government’s new economic stimulus package enacted into law by President Bush, in which taxpayers will receive an extra sum of money on their income tax reward for filing before the April 15 deadline. “This plan will provide extra spending money in your pockets to provide temporary help with bills, housing-related costs, or whatever you choose,” Cabral said.

“In fact, the stimulus package will provide more than $150 billion in tax relief to individuals and businesses, leading to the creation of more than a half a million additional jobs by the end of the year, and also temporarily raise the loan limits for the Federal Housing Administration, which will be especially helpful to high-cost areas like New York City.”

The treasurer, as part of her duties, oversees the U.S. Mint, advises the Secretary of Treasury on matters of coinage and currency production and is the spokesperson for the Treasury Department on financial and economic issues.

Among her distinguished honors, she is the nation’s 42nd treasurer, is the CEO and President of the Hispanic Association on Corporate Responsibility, whose mission is “the greater inclusion of Hispanics in corporate America” through partnerships with Fortune 500 companies and in the past has served as the Deputy Staff Director for the United States Senate Judiciary Committee. Prior to her 2004 appointment to the U.S. Treasury by President Bush, Treasurer Cabral held the position of Director of the Smithsonian Institute’s Center for Latino Initiative, a large section of the museum dedicated to promoting the history and culture of Latinos in the Americas.
For those seeking information about or to contact HOPE NOW, the alliance can be reached at 888-995-HOPE.