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Many Long Island Communities Face Long Term Impact of Foreclosures
Study identifies hardest hit towns and strategies to keep families in their homes and limit damage to the local tax base.
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LI's minority enclaves hit hard by foreclosure (Newsday)
Long Island communities with the highest concentrations of houses slated for foreclosure are also the neighborhoods where many black and Hispanic residents live, reflecting a disproportionate impact of the housing crisis for minority groups, according to a new study of foreclosure warning notices sent by banks.
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National, State Advocates Push to Preserve Foreclosure Assistance (The Washington Informen)
A broad coalition of state and national organizations is pushing to preserve a key federal program that has helped more than 1.1 million troubled homeowners and reduced mortgage payments by a median savings of $546 each month.
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Plan loads home loans (Times Union)
Federal agency asks to add big fee to mortgages, citing state's foreclosure shields.
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A. G. Schneiderman Announces $20 Million In Funding To Help Families In New York State Avoid Foreclosure (Office of the Attorney General)
A portion of the $20 million is also going to support a partnership between the OAG and two “Anchor Partners,” who will assist with training, technical assistance, and other support systems to ensure the network is providing the highest quality of services to at-risk homeowners. The Center for New York City Neighborhoods will serve as Anchor Partner for groups operating in NYC, and the Empire Justice Center will serve as the Anchor Partner for the rest of the State.
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Report finds FHA/VA Lending Disproportionately Prevalent in Neighborhoods of Color
Leading community organizations, including Empire Justice Center, today report evidence of a two-tiered mortgage market characterized by high rates of government-backed loans made both to borrowers in communities of color and to minority borrowers in their new report, “Paying More for the American Dream VI: Racial Disparities in FHA/VA Lending.”
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A.G. Schneiderman Announces $60 Million Commitment To Fund Housing Counseling And Legal Services For Struggling Homeowners (NYS Attorney General)
Funding Housing Counseling And Legal Services Will Help Struggling New Yorkers Keep Their Homes
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A.G. SCHNEIDERMAN ANNOUNCES $60 MILLION COMMITMENT TO FUND HOUSING COUNSELING AND LEGAL SERVICES FOR STRUGGLING HOMEOWNERS (Post Star News)
At an event at the Long Island Housing Partnership, Attorney General Eric T. Schneiderman today announced the launch of the Homeowner Protection Program, his office’s commitment of $60 million over three years to fund housing counseling and legal services for struggling New York homeowners.
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AG Announces $60M in Foreclosure Help Funding (Long Island Press)
New York State Attorney General Eric Schneiderman announced Monday a $60-million program to assist struggling homeowners facing foreclosure on Long Island and beyond.
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A.G. Schneiderman Introduces Legislation To Protect New Yorkers From Foreclosure Fraud (New York State Attorney General)
Attorney General Eric T. Schneiderman today announced the introduction of his bill in the state Legislature that would protect New Yorkers from fraudulent business practices like "robosigning" in the foreclosure process.
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New Survey of Housing Counselors Points to Banks Failures in Compliance with Foreclosure Prevention (California Reinvestment Coalition)
A new survey of housing counselors in California reveals the failure of banks to comply with policies and programs that would help homeowners avoid foreclosure.
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NYS Foreclosure Prevention Services Progam Campaign Celebrates Albany Collaboration to Restore Funding
The New York State Foreclosure Prevention Services campaign today thanks and applauds the groundbreaking agreement among Governor Andrew Cuomo, Attorney General Eric Schneiderman and the New York State Legislature to provide six months of critical funding for the statewide Foreclosure Prevention Services Program in the FY 2012-13 budget.
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A.G. Schneiderman Announces Up To $15 Million Of National Mortgage Settlement To Extend Funding For Foreclosure Prevention And Other Related Services (NYS Attorney General)
Attorney General Eric T. Schneiderman today announced that up to $15 million of the $132 million he secured in the national mortgage servicing settlement will be used to extend funding for foreclosure prevention and other related services.
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NYS Foreclosure Prevention Services Program Campaign Applauds Efforts to Restore Funding
The New York State Foreclosure Prevention Services Campaign today applauded the New York State Legislature for its efforts to restore funding for the statewide Foreclosure Prevention Services Program in the FY 2012-13 budget.
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A.G. Schneiderman Secures $136 Million For Struggling New York Homeowners In Mortgage Servicing Settlement (NYS Attorney General)
Attorney General Eric T. Schneiderman announced today a $136 million settlement for New York with the nation’s five largest mortgage servicers over foreclosure abuses.
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A.G. Schneiderman Secures $136 Million for Struggling New York Homeowners in Mortgage Servicing Settlement (Office of the Attorney General)
Winning his long, persistent demand that a wide array of sweeping civil and criminal claims not be released without investigation, Attorney General Eric T. Schneiderman announced today a $136 million settlement for New York with the nation’s five largest mortgage servicers over foreclosure abuses, the most per “underwater” borrower of any state in the nation, and the fourth highest dollar amount nationwide as part of the federal-state settlement.
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Push to Avert Foreclosures Hits Court Logjam (The New York Times)
Courts statewide have been mired in often hopeless cases involving loans that have left bus drivers and grocery clerks, among others, owing $700,000 or more on homes that have fallen in value.
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Foreclosure Dispatches: Views From Around the Country (Huffington Post)
Dispatch #1: Sarah Ludwig and Josh Zinner, Co-Directors, Neighborhood Economic Development Advocacy Project (NEDAP) in New York City
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Foreclosure Prevention Services Funding Campaign Rally & Press Conference
On January 31st, advocates from across New York gathered in The Well of the Legislative Office Building to rally for funding for the vital services they provide to homeowners facing foreclosure.
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Thousands of Distressed Homeowners Will Be Left in the Lurch by Imminent Loss of State Funding for Foreclosure Prevention
Elected Officials, Advocates and Homeowners Call for Funding in New York State’s Budget for Foreclosure Prevention
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Rally against Foreclosure Prevention cuts (YNN)
Homeowners in crisis were looking for a little help at the state capitol on Tuesday. Some fear proposed state budget cuts could trigger more home foreclosures.
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Non-profits, lawmakers want foreclosure-prevention funds in budget (Politics on the Hudson)
Non-profit groups that provide counseling and legal services to homeowners at risk of foreclosure and a number of lawmakers are urging Gov. Andrew Cuomo to include $25 million in the state budget to continue the statewide Foreclosure Prevention Services Program.
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‘The Capitol Pressroom’ with Susan Arbetter (WNYC- The Empire)
Listen to Kirsten Keefe, our senior staff attorney with the Consumer Housing, C.A.S.H. and Community Development Unit in the Albany office as well as Hilary Lamishaw, housing counselor at TRIP/ NeighborWorks Alliance NYS react to the Governor's budget proposal.
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NEIGHBORHOODS: Little-noticed cuts may hurt neighborhoods (City Newspaper)
The state's Foreclosure Prevention Services Program provided grants to legal aid groups and housing organizations to assist homeowners facing foreclosure. The program's out of money, however, and Cuomo's proposal doesn't include new funding.
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Winners, losers react to funding in governor's budget plan (WNYT Newschannel 13)
Zip, as in zero, said Kirsten Keefe of the Empire Justice Center. That's what was in Gov. Andrew Cuomo's budget plan when it comes to foreclosure prevention help in next year's budget.
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Foreclosure services seen at risk in budget (Newsday)
Homeowner advocates said Tuesday that an array of counseling and legal assistance programs for people facing foreclosure is endangered by cuts in Gov. Andrew M. Cuomo's proposed state budget.
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State Money Will Help Replace U.S. Funds for Foreclosure Aid (New York Law Journal)
Legal service providers apparently have made up approximately $2.3 million of the $22 million that they expect to lose for their foreclosure prevention programs as the federal stimulus money that has financed the work dries up.
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Schneiderman’s Foreclosure Program Wins Plaudits (Capital Tonight)
As New York braces for what’s expected to be a new wave of foreclosure this year, Attorney General Eric Schneiderman announced a $1 million program designed to stem that potential tide.
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Empire Justice Statement on Governor Cuomo’s State of the State Address
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Opinion: NY must keep helping homeowners (Newsday)
After the nation's housing bubble burst in 2008, New York State took action to address the foreclosure crisis crippling housing markets and devastating low-income communities. The state invested in an innovative, collaborative web of programs to provide housing counseling and legal services to New Yorkers confronted with the loss of their homes. But now that funding is set to expire.
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Listen to our Kirsten Keefe on Capitol Pressroom with Susan Arbetter (WCNY)
A Senior Staff Attorney at Empire Justice Center's Albany office, Kirsten Keefe will discuss the Attorney General's fight against a mortgage settlement with banks, voters growing outrage at being refused mortgage refinancing by banks that took bail outs any why municipalities across NY are moving their business to smaller banking institutions.
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Foreclosure Prevention Programs Urge State to Pick Up Funding (New York Law Journal)
Foreclosures have slowed to a crawl in the last year as lenders coped with accusations of slipshod procedures and the state courts imposed a requirement that attorneys and lenders attest to the accuracy of their filings. But that breathing space is about to end, court officials say.
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Judge Calls Off Eviction of Rochester Woman, For Now (YNN)
Rochester homeowner avoids eviction with the help of housing counselors.
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Thousands caught in foreclosure (Times Herald-Record)
Across Orange, Ulster and Sullivan counties, thousands of families have already lost their homes, and thousands more face the prospect of eviction in coming years, as the worst housing crisis in decades plays out across the region.
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LI foreclosure filings at twice state rate (Newsday.com)
Long Island homeowners received foreclosure-related filings at twice the statewide rate in the three years following the 2007 collapse of the subprime lending market, the state comptroller reported Tuesday.
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Budget Cuts Imperil Legal Aid in Foreclosure Cases (The New York Times)
The state’s budget squeeze has put at risk more than 120 legal aid and homeowner-counseling agencies across the state that have provided a last-ditch legal and economic lifeline to thousands of distressed homeowners.
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More cuts hit foreclosure prevention assistance (The Daily Record)
Monroe County loses its foreclosure settlement conference referee due to court budget cuts.
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Cuomo vetoes pay for foreclosure prevention services (The Business Review)
Gov. Andrew Cuomo’s veto of $1.5 million to pay for foreclosure prevention services in New York shocked housing advocates who say the program is vital to help struggling homeowners.
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Veto of Foreclosure Prevention Services Severs Lifeline for Homeowners
Legal services and housing counseling providers across the state decried Governor Cuomo’s veto of $1.5 million in foreclosure prevention services funding which was put in the budget by the Assembly Majority in a last ditch effort to keep the program alive through the end of the state fiscal year.
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Advocacy group laments loss of foreclosure services funds (Daily Gazette)
Gov. Andrew Cuomo is proposing to cut funding for foreclosure prevention services at a time when data indicate the number of homes in foreclosure will greatly accelerate in coming months, according to an advocacy group.
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Tardy loans cause alarm (Times Union)
Advocacy group seeks funds to aid homeowners facing foreclosure
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New Wave of Protests Fighting Banksters (The Notion: The Nation's Group Blog)
The Empire Justice Center is predicting a “tsunami” of foreclosures coming, and Bank of America is refusing to write down mortgage debt. Republicans in Congress want to eliminate the Home Affordable Modification Program, which helps people keep their homes and Democrats are flagging in their support.
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New Wave of Protests Fighting Banksters (The Notion: The Nation's Group Blog)
The Empire Justice Center is predicting a “tsunami” of foreclosures coming, and Bank of America is refusing to write down mortgage debt. Republicans in Congress want to eliminate the Home Affordable Modification Program, which helps people keep their homes and Democrats are flagging in their support.
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69,000 NY home loans at risk of foreclosure (The Business Review)
Nearly 69,000 home loans in New York are at imminent risk of foreclosure, a situation that an advocacy group said today could lead to a “tsunami” of foreclosures over the next year or two.
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717 more LI homes in foreclosure process (Newsday)
More than 700 mortgage borrowers fell into the foreclosure process on Long Island last month, according to a report released Thursday that also showed the pace of home repossessions slowing.
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Group: State faces 'tsunami' of home foreclosures (Ithaca Journal)
A legal aid advocacy group said Wednesday that despite the recent decline in foreclosures across the state, homeowners could face a "tsunami" of bank actions this year. Housing counselors for the Empire Justice Center were in Albany to lobby the Legislature to restore $15 million in cuts that go to fund legal assistance for homeowners whose loans are in the process of foreclosure.
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Foreclosure crisis entering a new phase (The Daily Record)
Dr. Barbara van Kerkhove, Research and Policy Analyst at the Empire Justice Center recently published an exhaustive report on the state’s foreclosure crisis. The report indicates the state is nowhere near the end of the foreclosure crisis, which now includes those homeowners with good credit and prime loans.
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Foreclosure prevention group seeks $15M in state funding (The Business Review)
Housing advocates will be at the Capitol in Albany, New York, today asking legislators to set aside $15 million in the budget to continue a foreclosure prevention program that will run out of money this year.
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Flood of Foreclosures Expected Just as Funding to Help Homeowners Dries Up
New analysis of data from the Federal Reserve of New York shows that the foreclosure crisis in New York is far from over – and without legislative action to provide funding for the state’s “Foreclosure Prevention Services Program,” thousands of homeowners will have little help in saving their homes when foreclosure strikes.
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Forecast for New York: “Tsunami” of Foreclosures (Public News Service)
Nearly 69,000 home loans statewide are at imminent risk of foreclosure in New York, and the majority of them are prime, rather than subprime or 'alt-A' loans.
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“Perfect Storm” Threatens to Sink NY Foreclosure Fighters (Public News Service)
New Yorkers fighting foreclosure are facing a "perfect storm" as a state budget crunch could wipe out free foreclosure counseling and assistance just as the recession threatens more mortgage-holders' ability to stay above water.
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Advocates: What Cuomo Could Get Done In 100 Days (Politics on the Hudson )
Good-government and environmental protection groups want Gov.-elect Andrew Cuomo to issue a series of executive orders in his first 100 days as a way to get the ball rolling on changing the state.
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Tenants do have rights if foreclosure looms (Times Union)
Tenants are the invisible victims of the mortgage crises, with very few advocates.
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NY Joins National Foreclosure Work Group (The Daily Record)
New York is joining the rest of the nation in a bipartisan mortgage foreclosure working group being led by Iowa Attorney General Tom Miller.
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Advocates Call on Fed to Put a Stop to Discriminatory Lending (CNBC)
Community Coalition Calls for Increased Transparency in Mortgage Lending. A coalition of community groups called on the Federal Reserve Board to overhaul a 35-year old law that requires lenders to report vital information on their mortgage lending practices.
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Is a New State Law Curbing Home Foreclosures? (Times Union)
New York’s tough new foreclosure law might be cutting the number of foreclosures in the state — at least temporarily.
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Press Release: Paying More for the American Dream IV
Study finds TARP-supported banks reduced lending to communities of color dramatically in Rochester, New York and six other cities across the nation.
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Banking on Hypocrisy (Politico)
While American families have made clear that they overwhelmingly support the reforms that a new consumer financial protection agency will produce — like clear, understandable terms and conditions for consumer credit products and accountability for the big banks — the lobbyists have made equally clear their plan to kill the agency.
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New Law Mandates Settlement Conferences in All Foreclosure Cases (Nassau Lawyer)
New laws now require all lenders seeking to foreclose mortgages to participate in a settlement conference in court.
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Press Release - Paying More for the American Dream III
This report examines the impact of CRA in seven metropolitan areas in the United States: Chicago; New York City; Los Angeles; Rochester, NY; Boston; Charlotte, and Cleveland.
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Bank development program is being evaluated (The Buffalo News)
Support for maintaining and even expanding the state’s Banking Development District program appeared strong at a public hearing in Buffalo Monday, but those testifying just couldn’t agree on how to do it.
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Disclosure of Coverage Data Could Benefit All (The Buffalo News)
These are the very claims that were made by mortgage lenders more than 30 years ago when the federal Home Mortgage Disclosure Act was passed. Today, however, annual public disclosure of mortgage lending data by census tract is just part of doing business.
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Spitzer State of the State Message Brings Message of Hope and Unity
Advocates from the Empire Justice Center expressed optimism as they watched Governor’s Spitzer’s State of the State address today.
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Report Highlights Racial Disparities in Mortgage Lending By Country’s Largest Lenders
Today at the Federal Reserve Board Consumer Advisory Council meeting, a collaboration of advocacy agencies, including Empire Justice Center, released a report showing that the largest lenders making both prime and subprime loans have a disproportionate share of their higher cost loans going to minority borrowers across the nation.
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