State Sen. Co-Leader Jeff Klein: 'Nobody Benefits From A Foreclosure'

MINEOLA, N.Y. (CBSNewYork) – There’s a push to strengthen New York State’s homeowner protection rights.

State Senate co-leader Jeff Klein said it is in everyone’s interest for banks to negotiate a settlement with homeowners in foreclosure limbo and is encouraging senate action on two bills that would make that happen.

“The best way we can keep a homeowner in their home is by having them sit down with the bank, with the financial institution, with the counsel, with a lawyer and work out a settlement,” Klein told reporters including WCBS 880 Long Island Bureau Chief Mike Xirinachs on Wednesday.

The Certificate of Merit bill and the Foreclosure Fraud Prevention Act have already been passed by the assembly and are awaiting senate action.

“Nobody benefits from a foreclosure,” Klein said. “And I think it’s incumbent upon us to make sure that we force the banks to make sure that they put a homeowner in a mortgage they can afford.”

The legislation, proposed by State Attorney General Eric Schneiderman, would also impose criminal penalties for those committing fraudulent foreclosure practices.

“This will save thousands of New Yorkers’ homes,” Schneiderman said.

For more information on Schneiderman’s efforts to help New York families caught in foreclosure, visit

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