Albany Lends a Hand in Subprime Mortgage Crisis

WNYC News | Jul 12, 2010

New York, NY —

Governor Paterson and state legislative leaders have agreed to a plan to protect New Yorkers who face losing their homes as a result of the subprime mortgage crisis.

The measure insures a 90-day waiting period before a home foreclosure can begin. During that time, homeowners will have access to legal advice and lenders will be required to hold settlement conferences to try to revise the terms of loans. Governor Paterson:

PATERSON: When there's a knock on the door and an elderly man or woman answers the door and someone says, "Well i can give you $100,000 for a second mortgage," we're gonna make sure there's an ability to pay.

REPORTER: Assembly Democrats had been seeking a one-year moratorium on all home foreclosures but dropped that demand, saying they were satisfied with the 3 month wait and added protections.

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