New York State addresses mortgage crisis

according to NYSAR

Lawmakers consider options to address mortgage crisis
As foreclosures continue to rise throughout the state, lawmakers are taking a hard look at how they might provide solutions to the mortgage crisis.  The Assembly passed legislation to impose a one-year moratorium on foreclosures.  The Senate, however, does not back the Assembly plan and may offer more support to Gov. David Paterson’s program bill (A.10817/S.8143). The governor’s bill  would require lenders to send notice to borrowers 60 days before beginning foreclosure, mandate lender and homeowner meet to attempt a settlement, establish a “reasonable ability to repay” standard for home loans, require registration of mortgage loan services and would strengthen the state’s anti-predatory lending law. The bill was the subject of a Senate Banking Committee hearing this past week where it received mostly positive reviews. The Banking and Mortgage Broker industries however oppose the measure and warned lawmakers to be aware of unintended consequences of the governor’s plan including the potential of banks becoming wary of lending in New York and extending the foreclosure process in New York, already the nation’s longest.  

Worst of the Credit Crunch is Over

According to the Baltimore Sun (04/16/08)
Lehman Brothers Holdings Inc. CEO Richard Fuld believes the worst of the credit crunch is over. Speaking at the investment bank’s annual shareholder meeting in Manhattan on April 15, the executive acknowledged that the environment is still “challenging” but stated that the credit markets have started to ease. Similar assessments were made earlier this month by Goldman Sachs Group Inc. CEO Lloyd Blankfein and Morgan Stanley CEO John Mack. Since 2007, steep losses tied to mortgage-backed securities have cost major banks and brokerage firms approximately $200 billion. I think this is good news for the real estate market. Looking forward to change in the Long  Island, especially on the south shore, Islip, Bayshore, Sayville, Oakdale, Babylon all great south shore communities

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Hello Denise good to hear from you. I am an agent. The difference between agents are as vast as the difference between individual people. The key is to find an agent that you feel comfortable with. If the two of you are like minded the process is easy and fun. Your agent should understand your needs and the have a good knowledge and experience of the market. Your needs must always be primary.

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