February 20, 2019
Ten years ago, New York State was experiencing one of the most widespread and devastating foreclosure crises in our history. Predatory lending practices flourished in the years leading up to 2008, with tens of thousands of homeowners refinancing mortgages at incredibly low rates that surreptitiously included huge levels of risk when market dynamics changed. The end result of this anti-regulatory lending environment was the 2008 financial crisis, which forced these homeowners into foreclosure and threatened the stability of communities throughout our state.