Schneiderman: I Am Proud To Have Assisted Homeowners And Communities All Over New York, And I Will Do Everything I Can To Further That Recovery
(NEW YORK) Attorney General Eric T. Schneiderman today published an op-ed in the Press & Sun-Bulletin of Binghamton on the success of his Homeowner Protection Program. In its first 15 months, HOPP has funded 90 housing counselors and legal services agencies, providing assistance to thousands of New York homeowners at risk of foreclosure. Along with detailing his efforts to help struggling families, the op-ed also discusses legislation he has proposed to aid neighborhoods destabilized by the housing crisis, which has threatened cities and towns statewide.
The following are excerpts from the op-ed:
ON FIGHTING FOR ACCOUNTABILITY FROM THE BANKS: As attorney general, I have been recovering funds from some of the banks whose conduct contributed to the market crash. Under our settlement agreements, these banks are providing real relief to both New York families and municipalities, and I have proposed legislation to extend that aid even further.
ON THE NEED FOR HOPP: When I took office in January 2011, 345,000 New York families were facing foreclosure and half of those families had never spoken to a lawyer at any stage of the process. In response, we created the Homeowner Protection Program (HOPP), a network of free housing counseling and legal service providers serving families in every community in our state.
ON THE SUCCESS OF HOPP: There are now more than 90 HOPP grantees across the state — including in Broome County, which has had more foreclosures than any other county in the Southern Tier … Since the HOPP program began in October 2012 through the end of 2013, our service providers have helped nearly 24,000 homeowners. More than 6,660 of those families have already received mortgage modifications or have modifications pending.
ON FUNDING LAND BANKS TO REHABILITATE STRUGGLING TOWNS: We have distributed nearly $13 million to eight land banks — including in Broome and Chautauqua counties — and another $7 million will be awarded through a competitive process this summer. Current state law allows only two more land banks to be created, but many more communities could benefit from access to these valuable resources. That is why I proposed legislation to raise the maximum number of land banks from 10 to 20.
ON NEW YORK’S ZOMBIE PROPERTY EPIDEMIC: RealtyTrac data show that four of the 10 New York counties with the highest percentage of zombie foreclosures [properties that residents abandon after receiving a foreclosure notice] are in the Southern Tier — Chautauqua, Chemung, Steuben and Tioga. RealtyTrac estimates there are 15,000 zombie properties statewide, with nearly 1,000 across the Southern Tier. But research by my office has found that these numbers are probably too low. The truth is that no one really knows how many zombie homes there are.
ON OUR ZOMBIE HOME BILL: I am introducing legislation to force banks to shoulder the burden of these zombie properties far earlier in the foreclosure process … My bill would create a statewide registry to help municipalities and regulators figure out which properties are zombies and who is responsible for them.
The full op-ed by Attorney General Schneiderman can be read here.
