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Press Release
Statement from Superintendent Richard. H. Neiman on Homeowner Advocate Amendment
Senators’ Amendment to Create National Office of Homeowner’s Advocate is Necessary to Halt Preventable Foreclosures

May 7, 2010

New York, N.Y.: "Our neighborhoods are still witnessing too many foreclosures that do not need to happen.  The disappointing number of permanent mortgage modifications to come out of Treasury’s HAMP program demonstrates that homeowners can no longer be left on their own to resolve problems with their servicers, whether it be pertaining to documentation issues or servicer capacity.”

“Senator Franken’s and Senator Snowe’s amendment filed today to create a mandated Homeowner's Advocate within Treasury would counteract the unresponsiveness of mortgage servicers we have heard so much about.  By giving this independent office the authority to withhold incentives or require payment by servicers, the amendment ensures that the Advocate has the right enforcement tools to get that job done.”

“This is a big step forward for homeowners that I have been calling for with others for nearly a year.  We could not be more grateful for the Senators’ leadership.”

The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.4 trillion.

In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.dfs.ny.gov.

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