Senator Jose Peralta, Assemblymember Hakeem Jeffries and Comptroller John Liu are calling on Governor Paterson to sign the Mortgage Bill of Rights Legislation, requiring mortgage lenders and brokers to provide consumers with a detailed document explaining the mortgage process and consumer rights and protections. This bill will ensure that consumers receive ample information before they begin the voluminous mortgage process.
“As the Chair of the New York State Senate’s Consumer Protection Committee and State Senator representing over 300,000 New Yorkers, I have seen firsthand the devastating effects these challenging economic times have had on Americans. These distressing financial problems are often times compounded by the fact that many consumers simply do not know their rights and in many cases because they have been victims of predatory credit products.
Inspired by the high foreclosure rate across the country and in Queens, state Sen. Jose Peralta (D-Jackson Heights) joined allies City Comptroller John Liu and Assemblyman Hakeem Jeffries (D-Fort Greene) at City Hall on Tuesday to promote legislation requiring lenders and brokers to provide consumers with a document explaining the mortgage process, consumer rights and protections.
Peralta urged Gov. David Paterson to sign the legislation shortly after speaking to residents facing foreclosure in his district at a workshop last Thursday.