Exclusive | NYC Public Advocate Jumaane Williams loses Brooklyn home to bank after racking up nearly $1M in mortgage debt

This socialist failed miserably at capitalism.NYC Public Advocate Jumaane Williams recently lost a two-family home he owned in Brooklyn to Bank of America after racking up nearly $1 million in debt over 15 years by refusing to pay his mortgage, The Post has learned.He took the loan on the property to help bankroll a business venture that capsized.A state judge in January sided with the bank by issuing a “final judgment of foreclosure” on the deadbeat’s property at 1392 E.98th St.

in Canarsie.Williams failed to make payments on a $389,600 mortgage he took out on the house in 2006 to finance a vegan sandwich shop in Park Slope, court records show.Williams – who earns $184,800 annually as public advocate and thousands of additional dollars renting the home – stopped making the $1,344 monthly payments in 2010, according to court records.He was slapped with a foreclosure action four years later by Bank of America, which took over the loan when it bought original lender Countrywide Financial amid the subprime mortgage meltdown.A court-appointed referee calculated Williams’ mortgage debt — including interest and penalties — had soared to $784,927.13 as of May 2023, according to legal papers.Williams appealed the decision but lost, and the house was listed for sale through a foreclosure auction last month.

The property reverted back to Bank of America ownership after not a single bidder offered a price exceeding the debt owed, which is now up to $944,582, according to auction.com.Councilman Robert Holden, a moderate Queens Democrat and longtime Williams critic, said the public advocate’s inability to pay his debts speaks volumes.“Jumaane Williams has been paid a six-figure taxpayer-funded salary for years, yet he still couldn’t pay his bills or keep his home,” he said.“Like many in government, he can’t even manage his own life — so why should anyone trust him to manage the people’s business?”Williams and his mother purchased the home in ...