NYC housing advocates skeptical of mortgage settlement promises

TRD New York /
Feb.February 21, 2012 12:00 PM

Some American housing advocates doubt that new standards established by government officials to protect homeowners against wrongful foreclosure will do enough to help borrowers, the New York Times reported.

One of the advocates’ main issues is the problems borrowers face in establishing a relationship with an individual representative at the bank, which they say may not improve despite the inclusion of the issue in the $26 million settlement made with banks by state attorneys general earlier this month. Often borrowers are passed off from person to person and are regularly asked for the same documents again and again, making the process of modifying a loan much more difficult than it needs to be.

“It doesn’t seem like much has changed,” said Josh Zinner, co-director of New York-based Neighborhood Economic Development Advocacy Project, speaking about previous efforts to establish one point of contact at banks. “We’re still seeing the same systematic problems.”

One California homeowner that’s been trying to change the terms of her loan since October 2009 told the Times: “I just keep getting passed from one person to another… Nobody is willing to talk to me.” [NYT]


Related Articles

arrow_forward_ios
Governor Andrew Cuomo (Getty; iStock)

Commercial evictions, foreclosures halted through October

Commercial evictions, foreclosures halted through October
Tillary Hotel at 85 Flatbush Avenue (Image via Kutnicki Bernstein Architects)

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure
A million homeowners haven’t requested forbearance on their mortgages — and are now at risk for foreclosure and eviction. (iStock)

1M struggling homeowners didn’t request forbearance. Now what?

1M struggling homeowners didn’t request forbearance. Now what?
U.S. foreclosure filings in August jumped 11% as some states ended relief measures, though continued government intervention has prevented sharper increase (iStock)

US foreclosure filings jump as some states end relief measures

US foreclosure filings jump as some states end relief measures
FHFA director Mark Calabria (Getty; iStock)

Fannie and Freddie extend eviction, foreclosure moratorium

Fannie and Freddie extend eviction, foreclosure moratorium
Matthew Kramer, Victor Petrescu, Sebastian Jaramillo and Gov. Ron DeSantis (Getty, iStock) 

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases
The threat of eviction hangs heavily above immigrant families who have lost work as a result of the coronavirus pandemic. (Getty)

Eviction bans don’t always protect the most vulnerable

Eviction bans don’t always protect the most vulnerable
Governor Andrew Cuomo and New York Chief Administrative Judge Lawrence Marks (Getty)

New York courts put the kibosh on foreclosures

New York courts put the kibosh on foreclosures
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...