NEW YORK—Attorney General Eric T. Schneiderman today issued the following statement on the Federal Housing And Finance Agency’s (FHA) decision regarding principal reduction for homeowners:
“I commend Director Watt for taking this important first step. The program announced today will help thousands of American families victimized by the housing crash get the relief they need to keep their homes. But while today’s announcement is a good start, much more needs to be done. In New York alone, almost 60,000 families with mortgages backed by Fannie Mae and Freddie Mac were in default and at risk of foreclosure as recently as 2013. The program announced by FHFA today will help roughly half that number nationwide, and the program’s participation requirements will disqualify thousands of New Yorkers in many areas hardest hit by the foreclosure crisis. I look forward to working with housing experts and advocates in the coming weeks and months to urge the FHFA to build on today’s important announcement and expand this program to benefit all of those who need mortgage debt relief.”
Today’s FHFA announcement can be found here.
New York City Press Office: (212) 416-8060
Albany Press Office: (518) 776-2427
nyag.pressoffice (at) ag.ny (dot) gov
