By Howard Koplowitz
Citing a report by the real estate Web site RealtyTrac, Padavan said there were 1,338 foreclosure filings in Queens during November Ð a 55 percent jump from the same time in 2005.”While the state, city and federal governments all have taken steps to address the foreclosure crisis in New York City, more must be done to ensure homeowners can keep their homes and continue the American dream of home ownership,” said Padavan, who along with state Assemblyman James Brennan (D-Brooklyn) are sponsoring the bill.The one-year moratorium would apply to court-ordered foreclosures as opposed to foreclosures that are not contested by mortgage holders, Padavan said.Under the bill, the court monitoring the foreclosure process has to order a homeowner to “provide a minimum payment that would be fair and equitable and would not alter the financial position of all parties involved.”A separate bill to be sponsored by the two senators would allow the State of New York Mortgage Agency to issue $3 billion in bonds that homeowners could buy to refinance sub-prime mortgages.The bonds could be sold at interest rates lower than the ones on subprime mortgages and could save homeowners thousands of dollars, Padavan said.”With adjustable rates for subprime mortgages set to rise once again in the near future, the foreclosure crisis has no signs of ending anytime, too,” he said. “Swift action on this legislation will help restore stability in the local housing markets and strengthen the long-term health of our economy.”Reach reporter Howard Koplowitz by e-mail at hkoplowitz@timesledger.com or by phone at 718-229-0300, Ext. 173.
