In testimony before the New York City Council, MFY attorney Christopher Fasano praised the city’s efforts to protect homeowners with distressed mortgages through its Community Restoration Program and urged the city to pressure HUD to not sell mortgages in cases where homes can be saved through loan modifications and to increase nonprofit sales. MFY also […]
In this video from BRIC-TV, Elizabeth Lynch, Supervising Attorney at MFY Legal Services, and David Quart, Deputy Commission of Strategy, Research and Communications at NYC’s Depaertment of Housing Preservation & Development speak on how homeowners with mortgages in private hands are more likely to be foreclosed, and why the homeowners most affected by HUD’s mortgage […]
Elected officials representing the neighborhoods hardest hit by the foreclosure crisis were joined by MFY and homeowners today at a City Hall press conference to demand that the U.S. Department of Housing & Urban Development (HUD) suspend its sale of mortgages to private equity investors and hedge funds. The discriminatory impact of HUD’s Note Sale […]
African-American homeowners whose government-guaranteed mortgages were auctioned by the U.S. Department of Housing & Urban Development (HUD) to the highest bidder filed a class action lawsuit on Friday in federal court, exposing the discriminatory impact of HUD’s Note Sale Program, compelling HUD to review the disparate racial impact of the Program and demanding that HUD […]
MFY Legal Services attorney Linda Jun is one of four primary authors of a report released today by New Yorkers for Responsible Lending that lays bare the consequences for homeowners of inconsistent court procedures on foreclosure in New York State. Divergent Paths: The Need for More Uniform Standards and Practices in New York State’s Residential […]
Advocates voiced concerns over the decision to concentrate foreclosure cases with three judges in Brooklyn Supreme Court, instead of spreading them out among 27 judges as has been the practice. With close to 12,000 cases pending, advocates worry that judges will not be able to spend the time needed to properly analyze and adjudicate the […]
In a new report, Here We Go Again: Communities of Color, the Foreclosure Crisis, and Loan Servicing Failures, MFY Legal Services (MFY) and the American Civil Liberties Union (ACLU) show that New York State communities of color are unnecessarily bearing the brunt of loan servicers’ modification failure, with no effective regulatory response from the government. […]
MFY attorney Chantal Hernandez won an important victory for homeowners in foreclosure with a decision by the Appellate Division, Second Judicial Department that holds that a bank’s failure to follow federal government regulations constitutes a failure to negotiate in good faith. The court also agreed that tolling of interest on the mortgage while the bank […]
MFY Legal Services is urging the NYS Legislature to extend a bill due to expire in 2015 that mandates settlement conferences in foreclosure cases, given the steady rise in foreclosure filings over the past two years.
A Staten Island homeowner, represented by MFY Legal Services, filed a federal lawsuit against Barclays Bank PLC, alleging it operated a predatory lending scheme that overwhelmingly targeted New York City’s minority homeowners. Read the complaint.