Mortgage Foreclosure & Refinance Resource

Just a few days ago, before resigning yesterday Gov. Eliot Spitzer drafted a proposal to offer protection to homeowners who may be at risk of losing their house due to the subprime mortgage crisis.

The legislation comes with several provisions including mandatory pre-foreclosure notice and consent conferences between borrowers and lenders. Spitzer also wanted to strengthen the New York’s anti-predatory lending statutes and make it easier for law enforcement agencies to prosecute mortgage fraud and target foreclosure rescue scams.

“With thousands of New Yorkers impacted by this crisis, we must enhance protections against predatory lending practices while continuing to make credit available to borrowers who have the ability to repay,” the former governor said.

At the same time Spitzer again railed at the federal government for not doing enough to assist homeowners, instead leaving it up to individual states to offer remedies. He said two plans offered by the Bush administration fall short of delivering a comprehensive solution because they exclude the majority of homeowners who need help.

However, now with Spitzer stepping down to his prostitution scandal it remains to be seen if this legislation will pass through Albany.