Jun 19, 2008 12:59 pm US/Eastern
NY To Help Homeowners In Subprime Mortgage Crisis
Gov. Paterson, Legislators To Provide Protection From Losing Homes
ALBANY (AP) ―
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Gov. David Paterson and legislative leaders say they've agreed to a plan to protect New Yorkers who face losing their homes as a result of the national subprime mortgage crisis.
AP
Legislative leaders and Gov. David Paterson say they've agreed to a plan to protect New Yorkers who face losing their homes as a result of the national subprime mortgage crisis.
The agreement offers help to homeowners in default or foreclosure who were unable to afford a jump in their adjustable rate mortgages, creates tighter regulation of home loans and increases consumer education, among other measures.
Legislative leaders say thousands of New Yorkers have already lost their homes in the crisis and thousands more are expected to default this year.
They say the result is lower property values and the potential for more crime.
The agreement is the latest in the last days of the legislative session.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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