Assemblyman Jim Brennan

There are a lot of different bills floating around state and federal governments these days proposing various reprieves for subprime borrowers in danger of foreclosure. One of the most far-reaching plans is a bill being pushed by two state legislators proposing a one-year moratorium on foreclosures in New York to allow at-risk mortgage holders to remain in their homes while they work with their lenders to restructure loans.

The bill is currently being reviewed by the State Legislature and has gained wide support from both Democrats and Republicans—it currently has 71 Assembly sponsors and 19 Senate sponsors.  read more »