Gov. Spitzer unveils plan to halt foreclosures

THE BRONX - Gov. Eliot Spitzer (D-N.Y.) unveiled a plan Tuesday to keep residents in the Bronx and the rest of the state in their homes.According to Spitzer and Attorney General Andrew Cuomo, the bill would change how the mortgage industry operates, starting with lenders having to warn homeowners 60 days before starting the foreclosure process. The governor hopes this will open up the lines of communication and possibly avoid litigation.Lenders would also have to determine if a borrower can repay their mortgage before approval.Real estate advocates say the bill is over-regulation. Advocates claim it will make lenders less willing to provide credit to those with just slightly irregular incomes. New York State

advertisement | advertise on News 12

Trending Video

New legislation passed by the City Council will 1 Word on the Street: Bedbugs
A man, seen on surveillance video, fired several 2 Police: Man sought in connection with Pugsley Ave. shooting
Police say a mall guard was trying to 3 Police: 6 sought in stabbing of mall guard in Bay Plaza
VIDEO: Bronx restaurant owner attacked, robbed in apartment 4 VIDEO: Bronx restaurant owner attacked, robbed in apartment building
News 12 The Bronx has learned that two 5 Officials: Apartments damaged in Bronx Boulevard fire

advertisement | advertise on News 12


Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.