Paterson signs stronger laws on home foreclosures
David Paterson on Tuesday signed into law stronger foreclosure regulations that aim to protect New Yorkers from losing their homes, such as requiring better notice to homeowners facing foreclosure and mandating settlement hearings with banks.
The law expands a package of regulations adopted last year that dealt largely with homeowners caught in the sub-prime mortgage crisis. The new laws require 90-day pre-foreclosure notice from banks on all home loans, not just sub-prime loans.
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