New York Law Blog

New York senator Hillary Rodham Clinton recently wrote an op-ed piece for the Buffalo News regarding the Housing and Economic Recovery Act of 2008 and how it will benefit the citizens of New York state. Some of the highlights:

Let’s be clear: The challenges facing Western New York’s homeowners are daunting. The region has the sixth-highest level of foreclosures and the fifth-highest level of mortgage delinquencies in New York, according to preliminary data from the New York Banking Department. With another huge wave of adjustable rate mortgages set to readjust upward between now and the end of the year, the foreclosure crisis could get worse before it gets better.

This legislation allowed us to provide some much needed assistance to the hardworking people throughout the country and in New York who are struggling to make ends meet. We took steps to shore up Fannie Mae and Freddie Mac to ensure that worthy home-buyers can still find affordable mortgages.

We’ve enabled homeowners trapped in unworkable adjustable rate mortgages and skyrocketing interest payments to refinance their mortgages into clear and equitable terms through the Federal Housing Administration. Moreover, we’ve finally instituted reforms to the Housing Administration that I first proposed two years ago to allow it to ensure safe and affordable mortgages, especially in high-cost areas like New York, so that working families can have a real alternative to the sub-prime and predatory mortgages that helped created the housing crisis.

Senator Clinton references a list of Department of Housing and Urban Development approved counselors that can help those in New York who would like to seek help concerning their mortgage. The counselors are there for those in the state who would like to utilize the Housing and Economic Recovery Act  and do all they can to avoid foreclosure on their home. According to Senator Clinton, “many lenders will want to work with you as a mortgage modified to meet your needs will often be more profitable than a foreclosure.” If you are in need of mortgage assistance, check out this list of counselors to

find one in your area of New York

.

This entry was posted on Tuesday, August 12th, 2008 at 7:29 pm and is filed under Bills, Legal Opinion. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.