Assemblyman Rob Walker (R, C, I, WF - Hicksville) recently joined his Assembly colleagues in passing four pieces of legislation aimed at helping both current and future homeowners deal with the current sub-prime lending crisis which has affected millions of people nationwide and thousands of families here in New York.

"Due to the recent sub-prime mortgage crisis, many New Yorkers are facing the very real possibility of being removed from their houses due to circumstances far beyond their control," said Walker. "What the legislation passed does is keep people in their homes without the state government bailing them out, forces the mortgage company to work with borrowers to work out a payment schedule that accommodates both parties, and allows families some breathing room to let them get their feet back on steady economic ground and begin to make ends meet again. I am heartened to a piece of legislation which I sponsored pass through the Assembly with such ease and bipartisan support."

The legislative package, which Assemblyman Walker sponsored or strongly supported, included A8972, which enacts the "New York state responsible lending act of 2008" to regulate sub-prime and nontraditional home loan lending; A9695B, which provides foreclosure relief for fundamentally unaffordable mortgage loans, second mortgages and home equity loans; A10083, which enacts the "Foreclosure Prevention Act of 2008" and establishes that before any mortgagee may accelerate the maturity of any eligible mortgage obligation, commence any legal action including mortgage foreclosure, or take possession of any security of the mortgage debtor for such mortgage obligation that such mortgagee shall give the mortgagor notice; and, A10219, which requires mortgage lenders and brokers to provide consumers with a mortgage bill of rights pamphlet which must be read and signed by the consumer prior to applying for a mortgage.

"As a package, I think these bills represent a step in the right direction in regard to the lending industry," continued Walker. "Banks and lenders can still operate as they have for the most part, but when enacted, these pieces of legislation will give consumers more rights and more information about the services and practices of the lending industry without any additional government regulation or intrusion."