Rochester Democrat & Chronicle (NY) (08/05/08); Spector, Joseph
New York Gov. David Paterson is expected on Aug. 5 to sign a bill into law that will force banks to consider prior to granting approval whether a borrower can make the monthly mortgage payments--including principal, interest, taxes and insurance. Additionally, the measure will mandate that banks and certain subprime borrowers participate in settlement conferences before foreclosure proceedings; and effective Sept. 1, lenders will have to wait 90 days before initiating foreclosures so that alternatives can be explored. Empire Justice Center attorney Kirsten Keefe calls the bill "the strongest, or certainly among the strongest, pieces of legislation by any state to provide assistance to homeowners in foreclosure."
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