02/12/08
Senate Democrats, NYS Banking Department and
Financial Institutions Join Forces to Help New York
Borrowers Protect Their Homes
Thousands
of New York homeowners will be able to have their loans
reviewed by bank and mortgage servicing company
representatives, during “Operation Protect Your Home.”
The series of forums, which begins in the Bronx on
February 23, is a joint effort between the New York
State Senate Democratic Conference, the New York State
Banking Department, and various lending institutions.
The events are intended to assist borrowers who may be
struggling to make mortgage payments or who are at risk
of defaulting on their mortgage.
More than 20,000 letters have been sent to homeowners
at risk of foreclosure, inviting them to participate in
a forum in their respective boroughs. The letter is
signed by their Democratic Senators and Richard H.
Neiman, Banking Department Superintendent.
Neiman commended the participating financial
institutions for their commitment and dedication to
working together with local government and non-profit
agencies on addressing the crisis in a way that benefits
all parties involved. “However, the success of the
servicers will be measured on their ability to avoid
unnecessary foreclosures and to provide meaningful loan
modifications that create sustainable and affordable
mortgage solutions for borrowers,” Neiman said.
"These forums complement the ongoing multi-state
initiative that encourages a more systemic approach to
loan modifications and calls on servicers to provide
data to support the stated impact of their modification
efforts," Neiman concluded.
At the workshops, mortgage lenders and counselors will
work with individual borrowers on identifying potential
ways of preventing unnecessary foreclosures. The
meetings are free and open to the public. However,
invited borrowers whose mortgages are scheduled to reset
or borrowers who are already late on their payments will
have priority.
This past summer, the Democratic Conference worked
diligently to confront the foreclosure crisis by
conducting a series of hearings throughout the City and
State to help homeowners avoid losing their homes. In
October, Deputy Minority Leader Jeff Klein
(D-Bronx/Westchester) released an analysis giving a
clear picture of the magnitude of the foreclosure
disaster in New York State. The report revealed that
from July 2006 to July 2007 there have been 14,561
foreclosure filings in New York City alone and an
additional 5,168 in Westchester and Nassau County. On
January 29 of this year, national statistics released by
Realty Trac revealed that the number of U.S. homes that
slipped into some stage of foreclosure in 2007 was 79%
higher than in the previous year.
"We've identified the borrowers and it's now up to the
banks to restore faith in the American Dream,” Klein
said. “I am proud that we've been able to work with our
partners in the private sector, to provide New Yorkers
with the resources they need to keep them in their homes
and out of foreclosure. We will not permit innocent
families to sink further into the sands of hopelessness.
Help is here." Klein continued.
Participating lenders include Carrington Mortgage
Services, Chase, Citigroup, EMC Mortgages, Home Loan
Services, Home Eq, HSBC Finance, Litton Loans, Ocwen
Financial, Option One Mortgages, GMAC, Saxon, Washington
Mutual, Wells Fargo, and Wilshire. Additional lenders
have been contacted and may participate.
The list of counseling institutions includes
Neighborhood Housing Services, Neighbor Works, NEDAP
(Neighborhood Economic Development Advocacy Project),
ACORN, Hope Alliance, the NYC Commission on Human Rights
and other local counseling agencies. In addition,
representatives from Legal Services and other legal
organizations will be present.
Operation Protect Your Home is co-sponsored by Senator
Charles Schumer (D-New York), New York State Comptroller
Thomas DiNapoli, New York City Comptroller William
Thompson, New York City Council Speaker Christine Quinn,
the Black, Puerto Rican and Hispanic Legislative Caucus,
Inc., and the NAACP National.
New York City Comptroller William C. Thompson, Jr.
said: “As more and more New Yorkers are facing potential
foreclosures, we as a city cannot afford to sit on the
sidelines and do nothing. By sponsoring the “Operation
Protect Your Home” forums, we are taking action and
letting New Yorkers know that there are places that
offer both help and hope. Together we can ensure that
the dream of home ownership does not become the
nightmare of foreclosure.
SCHEDULED FORUMS
Bronx
Date: Saturday February 23rd from
Noon to 8:00 p.m.
Location:
Cardinal Spellman High School.
Senators Diaz, Gonzalez, Hassell-Thompson, Klein Serrano
and Schneiderman.
Staten Island
Date: Sunday February 24th from
Noon to 8:00 p.m.
Location:
Staten Island Community College.
Senator Savino.
Queens
Date: Saturday March 1st from Noon
to 6:00 p.m.
Location: Hall of Science.
Senators Huntley, Onorato, Sabini, Smith, Stavisky.
Brooklyn
Date: Sunday March 2nd from Noon
to 7:00 p.m.
Location: tba
Senators Adams, Connor, Dilan, Montgomery, Parker,
Sampson and Savino.
Long Island and Westchester
Date: Saturday March 22
Location: tba
Senators Johnson, Klein, Hasell-Thompson,
Stewart-Cousins
*Future dates and locations will be announced for
Western & Northern New York
