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Irena Popilevsky

New York passes foreclosure protection bill

Governor David Paterson and the New York State Legislature have passed a bill that will provide additional protection to New York state homeowners and renters facing foreclosure. The bill will expand the mandatory 90-day grace period to holders of all types of home loans, not just subprime mortgages, so more homeowners will have a grace period to address their situation before facing foreclosure. The bill will also help distressed renters, allowing them to remain in their apartment for the remainder of their lease or 90 days, whichever is longer, before receiving an official foreclosure notice. The bill also protects vulnerable homeowners by prohibiting brokers who offer distressed property consulting services from accepting any payment upfront, in order to avoid fraud. On Your Team. www.irenapopilevsky.com

Nationwide mortgage delinquencies hit record-breaking levels again, MBA data shows, while NY delinquencies rise moderately

The delinquency rate in New York state increased 73 basis points between the second and third quarters of the year, the overall percentage delinquencies was at 8.84 percent, according to seasonally-adjusted data from the Mortgage Bankers Association, released today. Nationwide, delinquencies on residential loans hit record-breaking levels in the third quarter this year. The delinquency for mortgages on U.S. residential properties with one-to-four units hit 9.64 percent in the quarter, according to the MBA. The figure is 265 basis points up from the same time period last year and up 40 points from the second quarter this year. The record had been set last quarter, when the delinquency rate was at 8.86 percent, but MBA experts said that prime and FHA loans, coupled with continued job losses nationwide, spurred delinquencies. "Despite the recession ending in mid-summer, the decline in mortgage performance continues," Jay Brinkmann, chief economist with MBA, said. "Job losses continue to increase and drive up delinquencies and foreclosures because mortgages are paid with paychecks, not percentage point increases in GDP." TRD
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