<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <html xmlns="http://www.w3.org/TR/REC-html40" xmlns:v = "urn:schemas-microsoft-com:vml" xmlns:o = "urn:schemas-microsoft-com:office:office" xmlns:st1 = "urn:schemas-microsoft-com:office:smarttags"><head><title>Albert Baldeo for City Council</title> <meta http-equiv="Content-Type" content="text/html; charset=unicode"> <style type="text/css"> <!-- img { border: none; } .tah10 { font-family: Tahoma; font-size: 10px; text-decoration: none; color: #000000; } .tah11 { font-family: Tahoma; font-size: 11px; text-decoration: none; color: #000000; } .ver10 { font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 10px; text-decoration: none; color: #000000; } .ver11 { font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; text-decoration: none; color: #000000; } .tah9 { font-family: Tahoma; font-size: 9px; text-decoration: none; color: #000000; } .ver9 { font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 9px; text-decoration: none; color: #000000; } td { vertical-align: top; } --> </style> <style type="text/css"> <!-- .bgdown { background-repeat: no-repeat; background-position: bottom; } span.xcmaintext {} h2 {margin-bottom:.0001pt; text-autospace:none; font-size:12.0pt; font-family:"Times New Roman"; font-weight:normal; margin-left:0in; margin-right:0in; margin-top:0in} --> </style> <meta content="MSHTML 6.00.6000.16945" name="GENERATOR"></head> <body bgcolor="#ffffff" leftmargin="0" topmargin="0" marginwidth="0" marginheight="0"><!-- ImageReady Slices (0005_red.psd - Slices: 03, 04, 05) --> <table height="100%" cellspacing="0" cellpadding="0" width="100%" align="center" bgColor=#ffffff background=images/bg.gif border=0> <tbody> <tr> <td width="50%" background="images/bg.gif" bgcolor="#000000" rowSpan=3>&nbsp;</td> <td> <object codeBase=http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,29,0 height=278 width=780 classid=clsid:D27CDB6E-AE6D-11cf-96B8-444553540000><param name="_cx" value="20638"><param name="_cy" value="7355"><param name="FlashVars" value=""><param name="Movie" value="flash/0488.swf"><param name="Src" value="flash/0488.swf"><param name="WMode" value="Window"><param name="Play" value="-1"><param name="Loop" value="-1"><param name="Quality" value="High"><param name="SAlign" value=""><param name="Menu" value="-1"><param name="Base" value=""><param name="AllowScriptAccess" value=""><param name="Scale" value="ShowAll"><param name="DeviceFont" value="0"><param name="EmbedMovie" value="0"><param name="BGColor" value=""><param name="SWRemote" value=""><param name="MovieData" value=""><param name="SeamlessTabbing" value="1"><param name="Profile" value="0"><param name="ProfileAddress" value=""><param name="ProfilePort" value="0"><param name="AllowNetworking" value="all"><param name="AllowFullScreen" value="false"> <embed src="flash/0488.swf" quality="high" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash" width="780" height="278"></embed></object></td> <td width="50%" background="images/bg.gif" bgcolor="#000000" rowSpan=3>&nbsp;</td></tr> <tr> <td> <table height="996" cellspacing="0" cellpadding="0" width="96%" align="center" border=0> <tbody> <tr> <td width="2" height="990">&nbsp; </td> <td bgcolor="#ffffff" height="990"> <blockquote> <div align="left"> <div style="WIDTH: 687px; HEIGHT: 5139px"><span style="FONT-SIZE: 18pt"><span style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial"><span style="FONT-SIZE: 14pt"><o:p></o:p></span> <div class="story_item_info"> <div class="story_item_date"><strong></strong></div></div><span style="FONT-SIZE: 16pt"><font face="Arial" size="2"> <h2 id="print-link-container">&nbsp;</h2> <h2 class="" align="left"> <div class="even"> <div class=""> <p class="story_item" align="left"><img style="WIDTH: 164px; HEIGHT: 167px" height=320 hspace=0 src="images/Baldeo_pic_1_15.jpg" width=400 border=0></p> <div class="story_item_headline"><strong><u><font size="4">THE GOVERNOR NEEDS TO SIGN THE FORECLOSURE BILL</font></u></strong></div> <div class="story_item_headline"> <div class="story_item_headline"><em>Op-Ed</em></div> <div class="story_item_info"> <div class="story_item_author"><em>by Albert Baldeo</em></div></div></div> <div class="story_item_headline">&nbsp;</div> <div class="full_story"> <div class="story_item_images"></div>Recently, the Mortgage Foreclosure bill, sponsored by State Senator Jeff Klein, passed both houses in Albany. Foreclosures have ravaged many neighborhoods in New York State. Not only have property values decreased, but the security and beauty of our communities have also felt the negative effects.<br><br>The bill makes homeowner and tenant protection top priorities, requiring maintenance of foreclosed properties by lending institutions, tenant notification before a home goes into foreclosure, and seeks to protect the American dream of home ownership from predatory and fraudulent rescue scam artists.<br><br>Lending institutions would be required to maintain the property so that it remains in a safe and habitable condition, thereby protecting neighboring property values and preventing health hazards, vandalism, squatting, fires, and graffiti that plague abandoned and unkept foreclosed homes. <br><br>To protect the tenant, the lending institution that acquires the foreclosed property must notify the tenant at least 90 days before taking legal action, a welcome safety net. Previously, tenants could be evicted by marshals with just 48 hours notice.<br><br>The Mortgage Foreclosure bill also improves the efficiency of the existing court-based settlement conference process to include all homeowners and all types of loans, including the debilitating sub-prime loans, to negotiate loan modifications so that families can stay in their homes. <br><br>It also requires mortgage loan distributors to regularly report information with the Superintendent of Banks that pertains to tenants or homeowners who were given a 90-day foreclosure notice. This provision will help to prevent foreclosures because it identifies distressed homeowners as soon as possible so that they can receive effective counseling.<br><br>Previous legislation enacted some safeguards for distressed homeowners, such as prohibiting distressed property consultants from accepting upfront fees, but it exempted mortgage bankers and brokers regulated by the Banking Department. <br><br>This bill prohibits all consultants from accepting upfront fees and it mandates that mortgage brokers must disclose the exact amount of total compensation and why the broker will receive that amount in the transaction. Governor Paterson must sign this bill into law now.</div> <div class="full_story">&nbsp;</div> <div class="full_story"><strong><font size=4><u>Links:</u></font></strong></div> <div class=full_story>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font id=ecxrole_document face=Arial color=#000000 size=2>&nbsp;&nbsp; <a href="http://www.zwire.com/site/index.cfm?newsid=20394790&amp;BRD=2731&amp;PAG=461&amp;dept_id=574908&amp;rfi=8"><strong><font size=3>Queens Chronicle Newspaper</font></strong></a><font size=3>:</font></font></div> <div class="full_story"><font face="Arial"></font>&nbsp;</div> <div class="full_story"><font face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <a href="http://www.leaderobserver.com/pages/full_story/push?article-Op-Ed%20&amp;id=5042062-Op-Ed"><strong>The Leader Observer Newspaper</strong></a><strong>:</strong></font></div> <div class="full_story"><strong><font face=Arial></font></strong>&nbsp;</div> <div class="full_story"><font face=Arial><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </strong><a href="http://www.glendaleregister.com/pages/full_story/push?article-Op-Ed%20&amp;id=5042062-Op-Ed"><strong>The Glendale Register Newspaper:</strong></a></font></div> <div class="full_story"><font face="Arial"></font>&nbsp;</div> <div class="full_story"><font face=Arial><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </strong><a href="http://www.brooklyndowntownstar.com/pages/full_story/push?article-Op-Ed%20&amp;id=5042062-Op-Ed"><strong>The Brooklyn Star Newspaper:</strong></a></font></div> <div class="full_story"><font face="Arial"></font>&nbsp;</div> <div class="full_story"><font face=Arial><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </strong><a href="http://www.thewestindiannews.com/governor-paterson-must-sign-foreclosure-legislation-to-help-thousands-of-new-yorkers-get-back-on-their-feet/"><strong>Westindiannews.com</strong></a><strong>:</strong></font></div> <div class="full_story"><strong><font face=Arial></font></strong>&nbsp;</div> <div class="full_story"><font face=Arial><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </strong><a href="http://www.caribbeananalysis.com/governor-paterson-must-sign-foreclosure-legislation-to-help-thousands-of-new-yorkers-get-back-on-their-feet/"><strong>Caribbeananalysis.com:</strong></a></font></div> <div class="full_story">&nbsp;</div> <div class="full_story"><font face=Arial><strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </strong><a href="http://www.camanabaytimes.com/governor-paterson-must-sign-foreclosure-legislation-to-help-thousands-of-new-yorkers-get-back-on-their-feet/"><strong>Camanabaytimes.com:</strong></a></font></div> <div class="full_story"><font face="Arial" color="#000000" size=2><strong>&nbsp;</strong></font></div> <div class="full_story"><font face="Arial" color="#000000" size=2>&nbsp;</div> <div class="full_story"> <div><a href="http://www.glendaleregister.com/pages/full_story/push?article-Op-Ed%20&amp;id=5042062-Op-Ed" target=_blank></a></div></div> <div class="full_story"> <div></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </div></div></div></div></h2></font></span></span></span></div></div></blockquote></td> <td width="100%" bgcolor="#ffffff" height="990"> <div align="left"></div></td> <td width="238" height="990">&nbsp; </td></tr></tbody></table></td></tr> <tr> <td height="100%"> <table height="100%" cellspacing="0" cellpadding="0" width="780" border="0"> <tbody> <tr> <td width="780" background="images/bg_down.gif" height="63"> <div class="tah11" style="WIDTH: 780px; PADDING-TOP: 13px; HEIGHT: 40px" align=center><strong>&nbsp; <font style="COLOR: #bc8282">AlbertBaldeo.Com © 2005</font> </strong></div></td></tr> <tr> <td width="780" height="100%">&nbsp;</td></tr></tbody></table></td></tr></tbody></table></body></html>