NY Settlement Funds will assist in Foreclosure Prevention Actions.

Approximately $15 million of the $132 million New York State will receive in the national mortgage servicing settlement will be used for foreclosure prevention and housing support activities the state's attorney general announced on Wednesday.  Eric T. Schneiderman said that up to $9 million of the funds will be used to extend the state's Foreclosure Prevention Services Program which was set to end this Sunday and another $6 million will support housing and community renewal activities through non-profit community housing organizations.  Schneiderman had announced earlier that his office would fund an additional $3 million in foreclosure prevention services from proceeds secured from two other settlements.

"We have an obligation to provide assistance to the struggling homeowners across the state facing foreclosure, and this portion of the national mortgage settlement will ensure that families in New York State have the legal services they deserve to fight wrongful foreclosures and protect themselves in court," said Attorney General Schneiderman. "Funding for legal services is an essential first step in bringing relief to the homeowners and communities that have been devastated by the crash of the housing market. As we continue to investigate the mortgage crisis that has impacted communities in every corner of this state, we must ensure that justice and accountability prevail at every step of the way. I'd like to thank the Assembly, Senate and Governor for working with our office to make this happen. "