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
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
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
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
Governor Cuomo Deploying Mobile Command Center to Central New York to Provide Foreclosure Prevention Help to Homeowners
Albany, NY – November 20, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that he is deploying the Department of Financial Services’ (DFS) Mobile Command Center (MCC) to Central New York to help provide foreclosure prevention assistance to struggling homeowners.
Rep. Maloney Hosts Hosing Finance Policy Roundtable with Queens Real Estate, Mortgage Industries, Housing Experts
Long Island City, Queens – November 15, 2013 – (RealEstateRama) — Congresswoman Carolyn Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, hosted a roundtable today at the United Nations Federal Credit Union in Long Island City to discuss proposed reforms to federal housing and mortgage finance laws with members of Queens’ real estate and mortgage industries, as well as housing experts.
CUOMO ADMINISTRATION ANNOUNCES PROSPECT MORTGAGE WILL PAY $3 MILLION PENALTY AND PROVIDE REFUNDS TO HOMEOWNERS HARMED BY INTEREST RATE RIPOFF
New York, NY – October 24, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo announced today that Prospect Mortgage, LLC has agreed to pay a $3 million penalty and deliver restitution to homeowners after a Department of Financial Services (DFS) examination uncovered that the company engaged in deceptive practices on interest rates that harmed consumers. The DFS examination revealed that Prospect charged homeowners upfront ‘discount fees’ in exchange for lower interest rates over the life of their mortgages, but then never actually delivered the promised interest rate discounts. In addition to the $3 million penalty, Prospect Mortgage agreed to provide refunds totaling $427,155 to the 270 New York homeowners who
Governor Cuomo Deploys Mobile Command Center to Dutchess County to Assist Homeowners Facing Possible Foreclosure
Albany, NY – October 16, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that he is deploying the Department of Financial Services (DFS) Mobile Command Center (MCC) to Dutchess County to help provide foreclosure prevention assistance to struggling homeowners
Yonkers, NY – September 18, 2013 – (RealEstateRama) — Senator Andrea Stewart-Cousins (D/I/WF – 35th District) will co-host a “Financial Fitness Workshop” with the Housing Action Council, Community Housing Innovations and Attorney General Eric Schneiderman’s Office this evening at the Yonkers Riverfront Library. The event will offer information about personal budgeting, credit issues, mortgage modification and refinancing options. All presentations and materials will be available in Spanish
SYRACUSE – August 29, 2013 – (RealEstateRama) — Attorney General Eric T. Schneiderman today announced the indictment of two attorneys, an appraiser and two others for their roles in a mortgage fraud ring that operated for years and netted more than $1 million by preying upon first-time home buyers and institutional lenders. The five defendants bilked consumers by advertising a rent-to-own opportunity in which first-time home buyers with low credit were offered the chance to own their own homes with no down payments and no closing costs
NEW YORK, NY – June 25, 2013 – (RealEstateRama) — Attorney General Eric T. Schneiderman announced that the New York State Legislature has passed the “Certificate of Merit” bill (A. 5582/S.4530A), which will help more New York families avoid foreclosure. The bill enacts common sense reforms to bring greater integrity to the foreclosure process and expedite homeowners’ participation in court-supervised mediation sessions where they can negotiate workable alternatives to foreclosure with their lender. This joint program bill was proposed by the Office of the Attorney General and the Office of Court Administration.
New York, NY – June 20, 2013 – (RealEstateRama) – The Real Estate Board of New York’s (REBNY’s) Annual Breakfast Roundtable Discussion hosted by the Downtown Committee on Friday, June 14 drew in residential real estate professionals eager for insight and tips on navigating the challenges of today’s real estate market.