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State Banking Regulator Calls for Foreclosure Changes

New York Law Journal, May 20, 2015

State Banking Regulator Calls for Foreclosure Changes

[Benjamin] Lawsky said special attention should be paid to expediting foreclosure processing on so-called “zombie homes” which have been abandoned by mortgage holders….”Zombie properties are a real issue and banks are saying, ‘It takes forever to get these properties into a judgment of foreclosure,'” said [Lawrence] Mandelker, who is chairman of the New York City Bar Association‘s Task Force on Residential Mortgage Foreclosures. He said that while lenders and consumers point fingers at each other about who is more to blame for delaying the foreclosure process, the fact remains that both sides need each other for home-owning to remain a reality for people.

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