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Why the HBPA Is Urgent: $100 Million New York Mortgage Program Has Stopped One Foreclosure!

Nov. 5, 2007 (EIRNS)—The New York State $100 million "Keep the Dream" program announced three months ago by Governor Eliot Spitzer, to save homeowners from foreclosure, has helped exactly one homeowner so far, according to a report in today's New York Post, and an earlier report in Long Island Newsday.

When the program was announced, officials expected to rescue 500 to 700 at-risk homeowners from the sub-prime catastrophe, Newsday said. Many homeowners have requested assistance, said an official of the New York Mortgage Agency, but only one homeowner has been actually able to qualify for the program.

Crain's New York Business says that 1,250 homeowners in New York City alone are expected to lose their homes through foreclosure by the end of this year, which, the magazine says, is just the tip of the iceberg.