Streams

New Law Expands Protection for Homeowners

Tuesday, December 15, 2009

Gov. Paterson has signed a bill that expands protections for New Yorkers facing foreclosure. The measure requires 90 days notice for lenders to foreclose on all home loans, not just subprime mortgages. It also imposes new filing requirements on lenders, and establishes protections for tenants in foreclosed properties.

Lois Aronstein, Director of AARP New York, says the new law will especially help seniors, who've been hit hard by foreclosures.

An AARP study finds that nationwide seniors account for 28 percent of mortgage delinquencies and foreclosures.

In New York the rate of foreclosures was down 11 percent in the first three months of the year compared to last year. Gov. Paterson credits New York's foreclosure prevention policies for this.

Tags:

More in:

News, weather, Radiolab, Brian Lehrer and more.
Get the best of WNYC in your inbox, every morning.

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.

Sponsored

Latest Newscast

 

 

Support

WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public

Feeds

Supported by