Senate Majority Coalition Leader Jeff Klein, Attorney General Eric Schneiderman, and Assemblywoman Helene Weinstein Take Aim at Big Banks Exploiting Foreclosure Victims

BRONX, NY – July 25, 2013 – (RealEstateRama) — Alongside Bronx foreclosure victim Daisy Vargas—and the four generations of family members who call her Castle Hill residence home—top elected leaders highlighted recently passed legislation aimed at preserving important homeowner rights during the foreclosure process. Since the financial crisis, banks have exploited judicial loopholes to deny foreclosure victims their right to the type of court-mediated settlement conference that can help homeowners keep their homes. The legislation (S.4530A/A.5582), known as the “Certificate of Merit” bill, would close that loophole, and protect every homeowner’s right to an in-person, court supervised settlement conference within 90 days of entering foreclosure.