<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <html xmlns="http://www.w3.org/TR/REC-html40" xmlns:v="" urn:schemas-microsoft-com:vml="" xmlns:o="" urn:schemas-microsoft-com:office:office="" xmlns:st1="" ="" urn:schemas-microsoft-com:office:smarttags=""> <head> <title>Albert Baldeo for City Council</title> <meta http-equiv="Content-Type" content="text/html; charset=unicode"> <style type="text/css"> <!-- img { border: none; } .tah10 { font-family: Tahoma; font-size: 10px; text-decoration: none; color: #000000; } .tah11 { font-family: Tahoma; font-size: 11px; text-decoration: none; color: #000000; } .ver10 { font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 10px; text-decoration: none; color: #000000; } .ver11 { font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; text-decoration: none; color: #000000; } .tah9 { font-family: Tahoma; font-size: 9px; text-decoration: none; color: #000000; } .ver9 { font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 9px; text-decoration: none; color: #000000; } td { vertical-align: top; } --> </style> <style type="text/css"> <!-- .bgdown { background-repeat: no-repeat; background-position: bottom; } span.xcmaintext {} h2 {margin-bottom:.0001pt; text-autospace:none; font-size:12.0pt; font-family:"Times New Roman"; font-weight:normal; margin-left:0in; margin-right:0in; margin-top:0in} --> </style> <meta content="MSHTML 6.00.6000.16945" name="GENERATOR"> </head> <body leftmargin="0" topmargin="0" bgcolor="#ffffff" marginheight="0" marginwidth="0"> <table ="" align="center" background="images/bg.gif" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" height="100%" width="100%"> <tbody> <tr> <td ="" rowspan="3" background="images/bg.gif" bgcolor="#000000" width="50%">&nbsp;</td> <td><object codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0" ="" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" height="278" width="780"> <embed src="flash/0488.swf" quality="high" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" ="" height="278" width="780"></object></td> <td ="" rowspan="3" background="images/bg.gif" bgcolor="#000000" width="50%">&nbsp;</td> </tr> <tr> <td> <table ="" align="center" border="0" cellpadding="0" cellspacing="0" height="996" width="96%"> <tbody> <tr> <td height="990" width="2">&nbsp; </td> <td bgcolor="#ffffff" height="990"> <blockquote> <div align="left"> <div style="width: 687px; height: 5139px;"><span ="" style="font-size: 18pt;"><span ="" style="font-size: 10pt; color: black; font-family: Arial;"><span ="" style="font-size: 16pt;"> <h2 class="" align="left"> <div class="even"> <div class=""> <font face="Arial" size="2"><img style="width: 164px; height: 167px;" ="" src="images/Baldeo_pic_1_15.jpg" border="0" height="320" hspace="0" width="400"></font><font face="Arial" size="2"> </font> <div class="story_item_headline"><font face="Arial" size="2"><strong><u><font size="4">THE GOVERNOR NEEDS TO SIGN THE FORECLOSURE BILL</font></u></strong></font></div> <font face="Arial" size="2"></font> <div class="story_item_headline"><font face="Arial" size="2"> </font> <div class="story_item_headline"><font face="Arial" size="2"><em>Op-Ed</em></font></div> <font face="Arial" size="2"></font> <div class="story_item_info"><font face="Arial" size="2"> </font> <div class="story_item_author"><font face="Arial" size="2"><em>by Albert Baldeo</em></font></div> </div> </div> <font face="Arial" size="2"></font> <div class="full_story"><font face="Arial" size="2"> </font> <div class="story_item_images"></div> <font face="Arial" size="2">Recently, the Mortgage&nbsp;Foreclosure bill, sponsored by State Senator Jeff Klein, passed&nbsp; both houses in Albany. Foreclosures have ravaged many&nbsp;neighborhoods in New York State. Not only have property values&nbsp; decreased, but the security and beauty of our communities have&nbsp; also felt the negative effects.<br> <br> The bill makes homeowner&nbsp;and tenant protection top priorities, requiring maintenance of&nbsp; foreclosed properties by lending institutions, tenant notification&nbsp;before a home goes into foreclosure, and seeks to protect the&nbsp;American dream of home ownership from predatory and fraudulent&nbsp;rescue scam artists.<br> <br> Lending institutions would be required&nbsp;to maintain the property so that it remains in a safe and&nbsp;habitable condition, thereby protecting neighboring property&nbsp; values and preventing health hazards, vandalism, squatting, fires,&nbsp;and graffiti that plague abandoned and unkept foreclosed homes. <br> <br> To protect the tenant, the lending institution that&nbsp; acquires the foreclosed property must notify the tenant at least&nbsp; 90 days before taking legal action, a welcome safety net.&nbsp; Previously, tenants could be evicted by marshals with just 48&nbsp; hours notice.<br> <br> The Mortgage Foreclosure bill also improves&nbsp; the efficiency of the existing court-based settlement conference&nbsp; process to include all homeowners and all types of loans,&nbsp; including the debilitating sub-prime loans, to negotiate loan&nbsp; modifications so that families can stay in their homes. <br> <br> It&nbsp; also requires mortgage loan distributors to regularly report&nbsp; information with the Superintendent of Banks that pertains to&nbsp; tenants or homeowners who were given a 90-day foreclosure notice.&nbsp;This provision will help to prevent foreclosures because it&nbsp; identifies distressed homeowners as soon as possible so that they&nbsp; can receive effective counseling.<br> <br> Previous legislation&nbsp; enacted some safeguards for distressed homeowners, such as&nbsp; prohibiting distressed property consultants from accepting upfront&nbsp; fees, but it exempted mortgage bankers and brokers regulated by&nbsp; the Banking Department. <br> <br> This bill prohibits all consultants from accepting upfront fees and it mandates that&nbsp; mortgage brokers must disclose the exact amount of total&nbsp; compensation and why the broker will receive that amount in the&nbsp; transaction. Governor Paterson must sign this bill into law&nbsp; now.</font></div> <font face="Arial" size="2"></font><font face="Arial" size="2"> </font> <div class="full_story"><font face="Arial" size="2"><strong><font ="" size="4"><u>Links:<br> <a href="http://www.qchron.com/editions/south/foreclosure-bill-a-must/article_9af35650-9a8d-58ac-baa9-f37a891a218d.html"></a></u></font></strong></font></div> <a href="http://www.qchron.com/editions/south/foreclosure-bill-a-must/article_9af35650-9a8d-58ac-baa9-f37a891a218d.html"><font face="Arial" size="2"></font></a> <div ="" class="full_story"><font face="Arial" size="2"><font ="" id="ecxrole_document" color="#000000" face="Arial" size="2"><a ="" href="http://www.qchron.com/editions/south/foreclosure-bill-a-must/article_9af35650-9a8d-58ac-baa9-f37a891a218d.html"><strong><font ="" size="3">Queens Chronicle Newspaper</font></strong></a><font ="" size="3">:</font></font></font></div> <font face="Arial" size="2"></font> <div class="full_story"><font face="Arial" size="2"><font ="" face="Arial"><br> <a ="" href="http://www.leaderobserver.com/pages/full_story/push?article-Op-Ed%20&amp;id=5042062-Op-Ed"><strong>The&nbsp;Leader Observer&nbsp; Newspaper</strong></a><strong>:</strong></font></font></div> <font face="Arial" size="2"></font> <div class="full_story"><font face="Arial" size="2"><font ="" face="Arial"><strong></strong><br> <a ="" href="http://www.glendaleregister.com/pages/full_story/push?article-Op-Ed%20&amp;id=5042062-Op-Ed"><strong>The&nbsp;Glendale Register Newspaper:</strong></a></font></font></div> <font face="Arial" size="2"></font> <div class="full_story"><font face="Arial" size="2"><font ="" face="Arial"><strong></strong><br> <a ="" href="http://www.brooklyndowntownstar.com/pages/full_story/push?article-Op-Ed%20&amp;id=5042062-Op-Ed"><strong>The&nbsp;Brooklyn Star Newspaper:</strong></a></font></font></div> <font face="Arial" size="2"><font ="" face="Arial"><strong></strong><br> <a ="" href="http://www.thewestindiannews.com/governor-paterson-must-sign-foreclosure-legislation-to-help-thousands-of-new-yorkers-get-back-on-their-feet/"><strong>Westindiannews.com</strong></a><strong>:</strong></font></font><font face="Arial" size="2"> </font> <div class="full_story"><font face="Arial" size="2"><strong><font ="" face="Arial"></font></strong>&nbsp;</font></div> <font face="Arial" size="2"></font> <div class="full_story"><font face="Arial" size="2"><font ="" face="Arial"><a ="" href="http://www.caribbeananalysis.com/governor-paterson-must-sign-foreclosure-legislation-to-help-thousands-of-new-yorkers-get-back-on-their-feet/"><strong>Caribbeananalysis.com:</strong></a></font></font></div> <font face="Arial" size="2"></font> <div class="full_story"><font face="Arial" size="2"><font ="" face="Arial"><br> <a ="" href="http://www.camanabaytimes.com/governor-paterson-must-sign-foreclosure-legislation-to-help-thousands-of-new-yorkers-get-back-on-their-feet/"><strong>Camanabaytimes.com:</strong></a></font></font></div> <font face="Arial" size="2"></font><font face="Arial" size="2"><font ="" color="#000000" face="Arial" size="2"><br> </font></font></div> </div> </h2> </span></span></span></div> </div> </blockquote> </td> <td bgcolor="#ffffff" height="990" width="100%"> <div align="left"></div> </td> <td height="990" width="238">&nbsp; </td> </tr> </tbody> </table> </td> </tr> <tr> <td height="100%"> <table border="0" cellpadding="0" cellspacing="0" height="100%" width="780"> <tbody> <tr> <td background="images/bg_down.gif" height="63" width="780"> <div class="tah11" style="width: 780px; padding-top: 13px; height: 40px;" ="" align="center"><strong>&nbsp; <font ="" style="color: rgb(188, 130, 130);">AlbertBaldeo.Com &copy; 2005</font> </strong></div> </td> </tr> <tr> <td ="" height="100%" width="780">&nbsp;</td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </body> </html>