skip to main content
skip to newscasts

Friday, March 29, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

The latest on the Key Bridge collapse, New York puts forth legislation to get clean energy projects on the grid and Wisconsin and other states join a federal summer food program to help feed kids across the country.

view newscast page
play newscast audioPlay

Republicans float conspiracy theories on the collapse of Baltimore's Key Bridge, South Carolina's congressional elections will use a map ruled unconstitutional, and the Senate schedules an impeachment trial for Homeland Secretary Mayorkas.

view newscast page
play newscast audioPlay

Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

Forecast for New York: “Tsunami” of Foreclosures

play audio
Play

Wednesday, March 9, 2011   

ALBANY, N. Y. - Nearly 69,000 home loans statewide are at imminent risk of foreclosure in New York, and the majority of them are prime, rather than subprime or 'alt-A' loans. In comparison, nearly 80,000 New York homes are already in foreclosure and, according to a new report that details the breadth of the problem, many are stalled in the pipeline while banks deal with the fallout from the robo-signing scandal.

Kristin Brown Lilley, director of policy advocacy for the Empire Justice Center, says while New York is in better shape than many states, the foreclosure crisis here is not even halfway over.

"We are really predicting a foreclosure 'tsunami' in the next year or so."

Following the controversy over robo-signing, in which foreclosure documents were being automatically processed by lenders who may not have even read them, banks have been ordered by New York State to comply with new regulations affirming that documents are correct. Brown Lilley says that has created a backup in the system.

"Once the banks do all figure out how to comply with this new rule, there will be a flood of foreclosures hitting the courts."

The report is online at www.empirejustice.org. While the problem is acute in New York City, Long Island and the Hudson Valley, Brown Lilley says it is not confined to urban or suburban areas.

"Every county in the state has a very high number of foreclosures for that population and, in many cases, an even higher number of imminent foreclosures for that population."

She says the need for free assistance for homeowners threatened with losing their homes will be greater just as funding begins drying up at the end of this year, unless the governor and state lawmakers act to restore it. Those programs were not included in Gov. Cuomo's budget as he and the legislature try to reduce the state's estimated $10 billion deficit.



get more stories like this via email

more stories
The U.S. Supreme Court heard arguments this week about the popular abortion pill Mifepristone and will weigh in on whether the U.S. Food and Drug Administration was correct in how it can be dosed and prescribed. (Ascannio/Adobe Stock)

Health and Wellness

play sound

Missouri residents are worried about future access to birth control. The latest survey from The Right Time, an initiative based in Missouri…


Social Issues

play sound

Wisconsin children from low-income families are now on track to get nutritious foods over the summer. Federal officials have approved the Badger …

Social Issues

play sound

Almost 2,900 people are unsheltered on any given night in the Beehive State. Gov. Spencer Cox is celebrating signing nine bills he says are geared …


The U.S. teaching workforce remains primarily white while the percentage of Black teachers has declined. However, the percentage of Asian and Latinx teachers is rising.(WavebreakMediaMicro/Adobestock)

Social Issues

play sound

Education advocates are calling on lawmakers to increase funding for programs to combat the teacher shortage. Around 37% of schools nationwide …

Environment

play sound

New York's Legislature is considering a bill to get clean-energy projects connected to the grid faster. It's called the RAPID Act, for "Renewable …

Social Issues

play sound

Earlier this month, a new Arizona Public Service rate hike went into effect and one senior advocacy group said those on a fixed income may struggle …

Social Issues

play sound

Michigan recently implemented a significant juvenile justice reform package following recommendations from a task force made up of prosecutors…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021