News
Mortgage

A.G. Schneiderman Announces Statewide Advertising Campaign To Help New York Homeowners Avoid Foreclosure Rescue Scams
Campaign Will Promote AGScamHelp.com, A Web-Based App To Educate Consumers On How To Avoid And Report Mortgage Rescue Scams. Schneiderman: Informed Homeowners Are the Most Powerful Tools Against Foreclosure Scams
SCHUMER: SERVICEMEMBERS FROM UPSTATE NY ARE AT RISK OF ABUSIVE FINANCIAL PRACTICES WHEN DEPLOYED OVERSEAS; FED REPORT FOUND FINANCIAL INSTITUTIONS FAILED TO ABIDE BY CURRENT LAW MORE THAN 15,000 TIMES, SUCH AS FORECLOSING ON MORTGAGES OR REPOSSESSING CARS; SCHUMER BILL WILL BETTER PROTECT SERVICEMEMBERS & REIN-IN ABUSE
The Consumer Financial Protection Bureau Currently Lacks The Authority To Supervise & Enforce Protections For Servicemembers; Feds Have So Far Been Inconsistent In Enforcing Existing Protections. New Schumer Bill, the Military Consumer Protection Act, Will Give the CFPB – Our Nation’s Premier Consumer Watchdog – the Jurisdiction to Enforce Protections For Upstate NY Soldiers
City Officials Join BRP Companies, Macedonia Ame Church, Elected Officials And Partners To Celebrate The Opening Of Macedonia Plaza, Flushing’s Newest Affordable Housing Development
New York City Department of Housing Preservation and Development (HPD) Commissioner Vicki Been and New York City Housing Development Corporation (HDC) President Gary Rodney joined BRP Companies, Macedonia African Methodist Episcopal (AME) Church, and development partners to celebrate the opening of Macedonia Plaza
NYDFS Announces Deployment of Mobile Command Center to Brentwood and Central Islip to Deliver Foreclosure Prevention Help to Homeowners
The New York State Department of Financial Services (DFS) today announced the deployment of the DFS Mobile Command Center to two sites in Suffolk County to provide foreclosure prevention assistance to financially struggling homeowners.
A.G. Schneiderman Announces Arrest Of Long Island Man For Attempted Residential Mortgage Fraud In Brooklyn
Attorney General Eric T. Schneiderman today announced the arrest of Fedlaire Aristide, 47, of Freeport, N.Y., for allegedly attempting to defraud Wells Fargo in a short sale scam that would have cost the bank hundreds of thousands of dollars.
A.G. Schneiderman Announces Prison Sentence For Attorney Who Ran Million-Dollar Mortgage Fraud Scheme
Attorney General Eric T. Schneiderman today announced the sentencing of licensed attorney Theresa Sanders, 56, of Fabius, New York, to 2 1/3 to 7 years in state prison. Sanders pleaded guilty earlier this year for her role in a million-dollar mortgage fraud ring that operated in the Syracuse area for years, preying upon both first-time home buyers and institutional lenders.
Governor Cuomo Announces Major Mortgage Companies Agree to Measures to Combat Vacant and Abandoned “Zombie Properties”
Governor Andrew M. Cuomo announced today that 11 banks, mortgage companies, and credit unions representing nearly 70 percent of the New York market will adopt a set of best practices to help combat the neighborhood blight and economic damage caused by vacant and abandoned "zombie properties" in New York State.
A.G. Schneiderman Announces Court Judgment Against Brooklyn & Florida Law Firms For Running Fraudulent Mortgage Rescue Scheme
Attorney General Eric T. Schneiderman today obtained a default judgment in New York County Supreme Court against two law firms and their lead attorney for participating in a fraudulent mortgage rescue scheme. The judgment ordered Litvin Law Firm; Litvin, Torrens & Associates, PLLC; and the firms’ principal attorney Gennady Litvin to immediately halt their illegal business practices, including preying upon financially vulnerable consumers by claiming to provide a comprehensive legal services plan that would allow consumers to avoid foreclosure
A.G. Schneiderman Announces Conviction Of Syracuse Appraiser Involved In Mortgage Fraud Scheme
Attorney General Eric T. Schneiderman announced today the conviction of Steven Essig, a licensed appraiser and the owner of an appraisal company in Syracuse, on a felony charge stemming from making false entries in an appraisal report. The falsified report was used to obtain a mortgage as part of a million dollar mortgage fraud scheme.
New York Fed Provides Look at Regional Household Debt and Credit
The Federal Reserve Bank of New York today launched a series of reports detailing trends in borrowing and indebtedness at the state and local level. The Regional Household Debt and Credit Snapshot includes data about mortgages, student loans, credit cards, auto loans and delinquencies for New York City and its boroughs, as well as various metro areas in New York State, northern New Jersey and western Connecticut. There are a total of 27 Snapshots.
Lockport Man Sentenced for Mortgage Fraud
U.S. Attorney William J. Hochul, Jr. announced today that James P. Vasiliou, Jr., 49, of Lockport, NY, who was convicted of bank (mortgage) fraud, was sentenced to time service and nine months of home detention and electronic monitoring by U.S. District Court Judge Richard J. Arcara
Rep. Maloney calls on HUD Secretary Castro to allow reverse mortgages for co-ops
WASHINGTON - February 12, 2015 - (RealEstateRama) -- Today at a Financial Services Committee Hearing on The Future of Housing in America with Housing and Urban Development (HUD) Secretary Castro, Congresswoman Carolyn B. Maloney (NY-12) asked Secretary Castro to look into allowing co-op owners to obtain reverse mortgages through the Home Equity Conversion Mortgage (HECM) program which is insured by the Federal Housing Administration, a division of HUD.
EXCERPTS FROM SUPERINTENDENT LAWSKY’S REMARKS ON NON-BANK MORTGAGE SERVICING IN NEW YORK CITY
WASHINGTON, D.C. - May 20, 2014 - (RealEstateRama) -- Benjamin M. Lawsky, Superintendent of Financial Services for the State of New York, is delivering remarks today at the Mortgage Bankers Association 2014 National Secondary Market Conference in New York City.
Maloney leads bipartisan coalition against reducing conforming loan limits reduction
WASHINGTON - March 24, 2014 - (RealEstateRama) -- Congresswoman Carolyn B. Maloney (NY-12) today responded to the Federal Housing Finance Agency’s request for public input on a proposal to reduce conforming loan limits, the maximum size of a home mortgage that Fannie Mae and Freddie Mac can purchase, with a letter signed by a bipartisan coalition of 35 House members who oppose the change. Maloney, the top Democrat on the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, has been highly critical of the FHFA proposal that could result in reduced access to mortgages for middle-class families in high-cost real estate markets like New York
EXCERPTS FROM SUPERINTENDENT LAWSKY’S REMARKS ON NON-BANK MORTGAGE SERVICING IN NEW YORK CITY
WASHINGTON, D.C. - February 17, 2014 - (RealEstateRama) -- Benjamin M. Lawsky, Superintendent of Financial Services for the State of New York, is delivering remarks today at the New York Bankers Association
MAPS REVEAL STARK INEQUITIES IN MORTGAGE LENDING BASED ON RACE IN NYC
WASHINGTON, D.C. - January 31, 2014 - (RealEstateRama) -- The maps show unequal lending patterns based on the racial composition of communities in New York City, controlling for the number of owner-occupied units in each neighborhood. New Yorkers who live in predominantly white neighborhoods on average receive twice as many conventional home purchase loans as New Yorkers who live in predominantly black or Latino neighborhoods, for every 100 owner-occupied housing units in the neighborhood.
A.G. Schneiderman Announces National Multi-Billion Dollar Settlement With Mortgage Servicing Giant OCWEN Financial Services
NEW YORK - December 20, 2013 - (RealEstateRama) -- Attorney General Eric T. Schneiderman today announced a settlement with mortgage servicing giant Ocwen Financial Services over alleged improprieties by the company and its subsidiaries related to mortgage servicing and foreclosure practices. The national settlement, the result of a joint investigation by the Consumer Financial Protection Bureau, state banking regulators, and 49 state attorneys general, will bring more than $2 billion in relief to consumers in all 50 states. New York is expected to fare particularly well, with $292,716,793 in first-lien principal reductions going to homeowners across the state
Rep. Maloney Criticizes FHFA Proposal to Gradually Reduce Conforming Loan Limits
WASHINGTON, DC - December 17, 2013 - (RealEstateRama) -- Congresswoman Carolyn B. Maloney (NY-12) today criticized a Federal Housing Finance Agency (FHFA) proposal that could result in reduced access to mortgages for middle-class families. Maloney, the top Democrat on the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, says that reductions in conforming loan limits being considered by FHFA would cut thousands of families out of the housing market by forcing them to seek private mortgages, which typically require credit scores above 760 and average down payments of nearly 34 percent
Governor Cuomo Announces Proposal to Expand Mortgage Relief for Underwater Homeowners Through Principal Reduction
Albany, NY - December 10, 2013 - (RealEstateRama) -- Governor Andrew M. Cuomo today announced that his Administration is proposing to expand the mortgage relief options available to struggling ‘underwater’ homeowners, who owe more than the current market value of their homes. The Department of Financial Services (DFS) is issuing proposed regulations that would authorize and encourage “Shared Appreciation” mortgage modifications in New York. Under a shared appreciation modification, banks and mortgage servicers reduce the amount of principal outstanding on a borrower’s mortgage in exchange for a share of the future increase in the value of the home.
Maloney Hails FHFA Decision to Retain Current Limits on Fannie Mae and Freddie Mac Backed Home Mortgages
WASHINGTON, D.C. - November 27, 2013 - (RealEstateRama) -- Congresswoman Carolyn B. Maloney, (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, commended the Federal Housing Finance Agency’s (FHFA) announcement today to maintain the current limits on the size of home mortgages that taxpayer-owned Fannie Mae and Freddie Mac can finance in 2014. Last month, Maloney led 65 members of Congress on a letter to FHFA Acting Director Ed DeMarco that urged FHFA not to reduce these mortgage sizes, also known as conforming loan limits