AG James: Steps must be taken to avoid another foreclosure crisis
The foreclosure crisis of 2008 hit Brooklyn so hard that there were nearly 15,000 cases involving foreclosure brought in the Kings County Supreme Court, and just under 5,000 related cases continue to this day.
Attorney General Letitia James sent a letter this week to 35 of the state’s major mortgage servicers and said that in order to avoid another mortgage collapse, New Yorkers are going to need their help.
“This pandemic is not only wreaking havoc on our health, but on the pocketbooks of millions of Americans,” said Attorney General James. “If we plan to rebuild our economy, we must ensure that homeowners are granted the relief they need. We cannot afford to repeat the costly mistakes of the 2008 foreclosure crisis, which is why I am calling on mortgage service providers to take steps to help homeowners impacted by this crisis.”