New York Assembly Speaker Sheldon Silver and Banks Committee Chairman Darryl Towns have announced state Assembly passage of comprehensive measures aimed at bringing relief to families and communities across New York coping with the national subprime lending crisis.
According to Silver's office, the four-bill package contains legislation that, if enacted, would offer assistance to homeowners currently in default or foreclosure, establish requirements on all home loans, provide critical consumer information to all residential mortgage applicants, and call for a one-year moratorium on foreclosures to allow residents to remain in their homes while granting them time to work with lenders to modify their mortgages.
‘The federal government was quick to bail out big businesses like Bear Stearns from near-collapse, but seems to have all but forgotten the everyday common household victims of this national crisis,’ says Silver. ‘We in the Assembly Majority want to see New York's families stay in their homes and our communities to remain intact. Our package is not a bailout. It's an assistance program to help homeowners in our state keep the American dream from turning into a nightmare.’
Source: Office Of The NY Assembly Speaker
