New York Newsday (06/20/08); Madore, James T.
New York Gov. David Paterson has reached an accord with state legislators on measures aimed at helping people in areas hit hard by foreclosures stemming from risky home loans. The legislation would require lenders to notify homeowners at least 90 days in advance of the beginning of foreclosure proceedings and compels lenders to engage in settlement talks with borrowers before attempting to take properties. The legislation would also bar rescue schemes from "distressed property consultants" and make it illegal to write mortgages for people knowing they cannot repay them. Statewide, foreclosure filings have skyrocketed from 15,599 in 2005 to 27,722 last year and 38,807 in just the first four months of 2008.
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