2008-06-20 / Top Stories

Councilman Addabbo Favors Foreclosure Moratorium

In an effort to assist those individuals who are finding it hard to make their mortgage payments during tough economic times, Councilman Joseph P. Addabbo Jr. has sponsored a resolution in favor of imposing a one year moratorium on home foreclosures. Addabbo represents a district that has been uniquely impacted by the current housing crisis, and foreclosures have risen by 40 percent statewide in the last year. Many of his constituents have expressed the need for some immediate relief.

"Our families are suffering as their expenses continue to rise and their home values continue to fall. No family should be forced to leave their home when they still have the ability to make what a judge determines are reasonable monthly payments," said Addabbo.

ANew York State legislative bill in Albany, passed with a 118 to 10 margin by the Assembly, would give homeowners a reprieve if they make determined minimum payments. The relief package includes quick distribution of $25 million included in this year's state budget for counseing and legal representation for families facing foreclosure; passage of legislation to require upkeep and maintenance for foreclosed properties; passage for legislation imposing a fiduciary duty on mortgage brokers; and required education and financial literacy assistance for subprime homebuyers. Without the reforms, property values are expected to decline by an average of $18,000 as a result of subprime foreclosures, leading to a $65 billion decline in the statewide tax base.

Responding to opponents of the bill, Addabbo stated "this bill is not intended to relieve anyone from their responsibilities.

Rather, it is intended to give families a chance to get back on their feet and remain in their homes. If we do not turn this foreclosure issue around, it will eventually threaten many more residents, as more families could lose their homes and housing values continue to decline across the State." The councilman concluded that only when elected officials react to the needs of the surrounding community and work with their constituents on critical issues, similar to the foreclosure issue, could positive results be possible.

For more information on other ways of addressing the foreclosure issue, you can contact Councilman Joe Addabbo at 718-738-1111.

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