ALBANY - Gov. David Paterson says $4.175 million in state grants have been awarded to nonprofit agencies to help address the subprime mortgage crisis.
The money for home ownership assistance and foreclosure counseling, advocacy and legal services follows $1.765 million announced in July.
Lawmakers and Paterson approved $25 million for the Subprime Foreclosure Prevention Program in this year's budget.
Legislation also gave New Yorkers an extra 90 days to work to save their homes from foreclosure, added to a typical 440-day foreclosure process in the state.
Officials report 16,025 foreclosure filings in the second quarter, up 62 percent from a year earlier, pushed by borrowers marginally qualified to meet payments when adjustable loan rates rise.
On the Net
State Division of Housing and Community Renewal: http://www.nysdhcr.gov.
Lawmakers and Paterson approved $25 million for the Subprime Foreclosure Prevention Program in this year's budget.
Legislation also gave New Yorkers an extra 90 days to work to save their homes from foreclosure, added to a typical 440-day foreclosure process in the state.
Officials report 16,025 foreclosure filings in the second quarter, up 62 percent from a year earlier, pushed by borrowers marginally qualified to meet payments when adjustable loan rates rise.
On the Net
State Division of Housing and Community Renewal: http://www.nysdhcr.gov.
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