My Brooklyn Report

With New York courts overwhelmed with foreclosure litigation, Governor Paterson signed legislation that will provide recourse and relief to homeowners in default on their mortgage.

The legislation expands foreclosure protection for all homeowners in New York by mandating procedural steps for Lenders to follow prior to filing a lawsuit against a borrower, and for both parties to participate in a court supervised mediation.

Originally these protections were signed into law in 2008 to protect sub prime borrowers. But the great recession continues to erode household incomes nationwide, with New York City seeing no end to job loss in both the pubic and private sectors.

An economic recovery holds all the cards in addressing the foreclosure crisis.

While Mayor Bloomberg implements NYC’s $59 million plan, other counties in New York State are engaged in the same effort. Only in their case, averting Suburban Blight is their chief aim, as demonstrated in Hempstead, N.Y. While a noble effort by some accounts, we’re all acquainted with the phrase, ” the road to hell is [...]

I’ve witnessed something interesting about the current foreclosure crisis that I think is flying well under your radar. In fact I think Washington has been working up the courage to finally admit to you that: The Foreclosure Crisis has been Solved Where have I gotten my information from?  The same place as you, except I’m [...]