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Pols push for foreclosure aid

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Democratic leaders in the State Senate have proposed legislation that seeks to help the approximately 28,000 New York State homeowners who will face foreclosures this year. The number marks a dramatic rise in foreclosure filings and is linked to the predatory lending practices of the subprime mortgage industry. The bill would give the state’s mortgage agency, SONY MAE, the power to provide refinancing for some troubled loans, earmark millions of dollars for community groups to counsel homeowners facing foreclosure, and call for lenders to halt new foreclosures for a six-month period. “If everybody admits we have a big problem, and it’s a snowball going downhill, let’s stop and take a big breath while we figure out what to do,” said Sen. Liz Krueger of Manhattan. more [NYDN]

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