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 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
Toby Moskovits, Fortress managing director Spencer Garfield and the 215 Moore Street Site (Moskovits by Sasha Maslov)

Toby Moskovits’ Bushwick Generator thrown into receivership

Toby Moskovits’ Bushwick Generator thrown into receivership
The number of mortgages in forbearance continues to climb though servicers say they are fielding fewer calls for help from property owners.

TRD Insights: Mortgage forbearances keep climbing

TRD Insights: Mortgage forbearances keep climbing
Clockwise from top left: Poughkeepsie Galleria, Crossgates Mall, Destiny USA and Walden Galleria (Credit: Google Maps; I Love NY; Visit Buffalo)

After Palisades Center, 4 more Pyramid Group malls head to special servicing

After Palisades Center, 4 more Pyramid Group malls head to special servicing
SoFla prepares for flood of foreclosures and evictions after governor’s freeze

SoFla prepares for flood of foreclosures and evictions after governor’s freeze

SoFla prepares for flood of foreclosures and evictions after governor’s freeze
Governor Andrew Cuomo (Credit: Getty Images, iStock, and Pixabay)

Cuomo’s executive order tells banks to give homeowners a break

Cuomo’s executive order tells banks to give homeowners a break
Caught up in a dozen recent lawsuits, Brooklyn developer Toby Moskovits blames her firm’s debt troubles on “collusion” and a “personal vendetta” (Illustration by The Real Deal; Moskovits by Sasha Maslov)

Creditors are banging on Toby Moskovits’ door

Creditors are banging on Toby Moskovits’ door
NYC saw a dip in home foreclosures last year (Credit: iStock)

Home foreclosures dip in NYC for 2nd straight year

Home foreclosures dip in NYC for 2nd straight year
arrow_forward_ios

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

Loading...