(Long Island, NY) The following statement was released today by NYS Senator Adriano Espaillat:
“Black and Latino families disproportionally suffered during the Great Recession, as prospective minority homeowners were steered into sub-prime mortgages through aggressive ‘redlining’ practices. These unethical tactics preyed on aspirations of homeownership in communities that have struggled to gain access to credit for decades. As a result, the Black and Latino community has been hit hard and experienced shockingly higher foreclosure rates relative to the overall population. These victims viewed home ownership as a pathway to the middle class, and a means of building investment towards their children’s future.
Attorney General Eric Schneiderman has led the nationwide charge to hold the bad actors responsible for this meltdown accountable. He has achieved a far more substantial settlement than many thought possible. And he has reached a sensible agreement with Governor Cuomo that ensures the damages recovered from this effort are directed toward struggling families still dealing with the aftermath of this crisis.
While the impact of these actions continues to be felt, needlessly complicating a direct funding mechanism for vulnerable New Yorkers is the absolute last decision we should make. As Ranking Member of the Senate Housing Committee, I will vigorously oppose any effort to impede the Schneiderman-Cuomo agreement and inject politics into urgently needed foreclosure assistance.”
Senator Adriano Espaillat is Chair of the Senate Latino Conference & Ranking Member of the Senate Housing, Construction and Community Development Committee.
