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.
Statement From A.G. Schneiderman Regarding The National Mortgage Settlement Monitor’s Finding That Wells Fargo Failed To Comply With Timeline Servicing Standards
NEW YORK, NY – June 19, 2013 – (RealEstateRama) — National Mortgage Settlement Monitor Joseph A. Smith, Jr. today released a progress report evaluating the compliance of Ally Financial/GMAC, Bank of America, Citi, JP Morgan Chase and Wells Fargo with the mortgage Servicing Standards mandated by the National Mortgage Settlement. The Monitor made findings against several of the servicers, including finding that Wells Fargo failed to comply with the Servicing Standard governing the timeline for notifying borrowers of deficiencies in applications for mortgage modifications.
NEW YORK, NY – June 11, 2013 – (RealEstateRama) — With more than 11 million homes still “underwater,” the mortgage debt overhang caused by the housing bubble remains an impediment to economic growth and a burden on communities across the country. One possible solution to this problem is for state and municipal governments to use their eminent domain authority to purchase and restructure underwater mortgages. This novel solution is proposed in a new report from the Federal Reserve Bank of New York
BUFFALO – June 5, 2013 – (RealEstateRama) — Attorney General Eric T. Schneiderman today filed a lawsuit against HSBC Bank USA and HSBC Mortgage Corporation (USA) for failing to follow state law related to foreclosure actions, putting homeowners at greater risk of losing their homes. Under state law, residential mortgage lenders, servicers and their agents who sue to foreclose on a homeowner are required to file a “Request for Judicial Intervention” (RJI) when they file their proof of service with the county clerk. The process mandates that the lender then attend a settlement conference within 60 days. The purpose of this court-supervised conference is to provide an opportunity for borrowers to negotiate alternatives to foreclosure, including loan modifications that make mortgage payments more affordable, with the intent that they avoid losing their homes.
NEW YORK, NY – May 7, 2013 – (RealEstateRama) — Attorney General Eric T. Schneiderman today announced his intention to sue Bank of America and Wells Fargo for repeatedly violating the terms of the National Mortgage Settlement. Signed in 2012, the Settlement required the five largest mortgage servicing banks in the United States to improve their customer service practices by complying with new mortgage servicing rules, known as the Servicing Standards. Among these are four standards dictating the timeline for banks to process mortgage modification applications. Attorney General Schneiderman’s office has documented 339 violations of those standards by Wells Fargo and Bank of America since October 2012
Governor Cuomo Announces New Program to Protect Sandy Victims from Large Spikes in their Mortgage Payments
Albany, NY – May 2, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that Fannie Mae and Freddie Mac – in response to a request from the Cuomo Administration – are unveiling a new mortgage relief program to protect victims of Superstorm Sandy from large spikes in their mortgage payments
Statement By A.G. Schneiderman On The Nomination Of Mel Watt To Head The Federal Housing Finance Agency
NEW YORK, NY – May 1, 2013 – (RealEstateRama) — Attorney General Eric T. Schneiderman today applauded President Obama for nominating Mel Watt as the permanent head of Federal Housing and Finance Agency (FHFA), the agency that oversees Fannie Mae and Freddie Mac, but called on him to take immediate action to replace acting FHFA Director Edward DeMarco with a new acting director who will allow principal relief for struggling homeowners