Politics on the Hudson

Gov. Paterson signed legislation today in Queens that housing advocates say will be a major step toward lessening the growing home foreclosure crisis in New York.

We had a story today about the bill signing, but the reforms will better protect homeowners facing foreclosure and cut down on the predatory lending practices that often lead people to buy homes they can’t afford.

“It is arguably the strongest, or certainly among the strongest, pieces of legislation by any state to provide assistance to homeowners in foreclosure,” said Kirsten Keefe, an attorney with the Empire Justice Center, an advocacy group for the poor.

The law will include a 90-day waiting period before lenders begin foreclosure proceedings on a home, require mandatory settlement conferences between banks and homeowners who have certain types of subprime loans.

The law will also require banks to ascertain a borrower’s ability to pay back a mortgage.

He’s doing the bill signing at Queens Borough Hall because Queens has the highest number of foreclosure filings in the state. He will be joined by people who face losing their homes because of predatory lending practices.

The bill signing comes on the heels of a report Thursday by the state Commission of Investigation that found home foreclosures have risen an alarming 14 percent in New York in recent months.