Margert in the News
SONYMA Launches New Section
8 Voucher Mortgage Program
The Full Story
SONYMA announced a new program to offer very low 2% fixed-rate mortgages to
recipients of Section 8 vouchers to help them become first-time homebuyers. The
"SONYMA Section 8 Voucher Homeownership Mortgage Program" is the latest SONYMA
initiative designed to encourage sustainable homeownership among low- and
moderate-income households in New York State. The program was announced to
coincide with National Homeownership Month in June.
Under the program, voucher recipients who take homeowner counseling courses and
receive a Section 8 homeownership voucher can use the assistance to pay their
mortgage instead of their monthly rent. The program will free up resources for
local public housing authorities and local Section 8 administrators, enabling
them to help more voucher recipients purchase homes. For more details,
click
here.
Margert Community Corporation is a Section 8
Homeownership counseling and education agency.
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Governor Announces
Reforms to Address Mortgage Crisis
The Full Story
Bill Will Help Save Those Facing Foreclosure from
Losing Their Homes and Reforms Will Help to Prevent a Similar Crisis in the
Future
Governor David A. Paterson today announced an agreement with the Legislature
to pass a critical subprime lending reform bill which will directly address the
mortgage crisis in New York State by immediately helping to protect people from
losing their homes and by mandating reforms which will help avoid another
similar crisis in the future.
“I commend both the Senate and Assembly for coming together and passing
comprehensive legislation that will protect the citizens of New York who are in
real danger of losing their homes,” said Governor Paterson. “While private
sector efforts are an important part of the solution, they are inadequate to
address a housing crisis of this magnitude. The latest numbers show that this is
getting worse in New York, and with this bill we can finally move towards
protecting homeowners in ways that have not been possible until now.”
The subprime bill will help save thousands of New Yorkers from losing their
homes. Data from the New York State Banking Department shows that approximately
one in 200 New York homes is in the foreclosure process. Some areas of New York
– such as Queens, Brooklyn and Long Island – are being disproportionately
impacted. In Upstate New York, Monroe and Albany counties are among the hardest
hit. The bill also takes into consideration the importance of striking the right
balance between consumer protection and the availability of affordable credit.
Read the
Full Story.
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Seek Out Mortgage Solutions
with Margert and Common Law
The Full Story
The neighborhoods within the 31st council district in southeast Queens have
been identified by the Department of Housing Preservation and Development (HPD)
as at high-risk on the basis of the level of risk and incidence of abusive
lending practices and mortgage foreclosure rates, as well as the ability and
capacity of local resources available to respond to these issues.
Margert Community Corporation has contracted with HPD, through the city
council Housing Preservation Initiative (HPI), to address the destabilizing
effects of the ever-growing predatory lending and home mortgage loan foreclosure
crisis in our district.
Under the HPI, Margert has been able to strengthen its existing predatory
lending and mortgage foreclosure prevention activities and increase its capacity
to assist borrowers facing foreclosure. Program activities also may focus on the
immediate threat to our affordable rental housing environment posed by the
increasing number of unexpected mortgage foreclosures.
Margert's HPI staff are implementing a collaboration designed to bring
together the three key elements needed to combat predatory lending and prevent
foreclosure – preventative education, financial and loan counseling, and loan
and legal remediation – in a structured approach leveraged against our existing
programs, services and partnerships.
On Wednesday, June 25, 2008, between the hours of 5:00pm – 8:00pm, Margert
will join forces with the legal eagles of Common Law, Inc. to find solutions for
homeowners in distress.
Presented at the Father Tessier Learning Center on 38th Street in Far
Rockaway, this one-evening workshop is designed to help homeowners who are in
danger of being foreclosed upon, do not yet have LEGAL COUNSEL, and who NEED to
modify their mortgage loan.
LAWYERS & COUNSELORS WILL BE AVAILABLE, SO COME PREPARED TO SAVE YOUR HOME!
View the event
outreach flyer.
Margert is funded by the NYC Department
of Housing Preservation and Development through both the Housing
Preservation and Anti-predatory Lending Initiatives.
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Margert and Common Law Team Up to Provide Mortgage
Solutions
The Full Story
Far Rockaway, June 27, 2008....
Margert is funded by the NYC Department of Housing
Preservation and Development through both the Housing Preservation and
Anti-predatory Lending Initiatives.
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