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NYS Regulator Proposes Foreclosure Law Change

BasicGov, flickr

New York's top bank regulator proposes amending state law to shorten the foreclosure process for homes with delinquent mortgages.

Department of Financial Services Superintendent Ben Lawsky, addressing mortgage bankers Tuesday, says New York's process averages 900 days from the date of filing to the sale of the property, nearly double the national average.

In the foreclosure crisis from the 2008 recession and burst housing bubble, New York law was amended to require a settlement conference between the lender and homeowner to "negotiate in good faith."

Lawsky proposes specifying in law what that term means, saying conferences are frequently plagued by delays that worsen homeowner prospects for keeping their homes.

A report from his department shows a record 115,000 settlement conferences conducted last year.

© 2015 AP

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.
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