LATHAM, N.Y. -
The Predatory Lending Mitigation Program is designed to address the sub-prime loan foreclosure crisis. According to a report by Democratic Sen. Jeff Klein, more than 20% of the sub-prime mortgage loans originated in 2005 will end in foreclosure, jeopardizing the homes of more than 28,000 New York families in every region of the state.
The senators proposed several measures to protect consumers from predatory lending practices. In an effort to help borrowers who already have been victimized, the senators also called for an immediate, voluntary six-month moratorium on foreclosures of sub-prime loans in New York.
