Long Island Lawmakers Propose Mortgage Relief Bill

Apr 21, 2020

Man and stack of binders with pen. Credit: iStock.com/BernardaSv

Director of Events

U.S. Rep. Kathleen Rice (D-NY4), state Sen. Todd Kaminsky (D-Long Beach) and New York State Senate Housing Chair Brian Kavanagh (D-Manhattan) are proposing a plan to help struggling homeowners during the COVID-19 pandemic. Together, the three have developed a bill that would give homeowners the ability to extend the life of their mortgage by the amount of time that their payments were in forbearance. The legislators say it will provide immediate relief and allow people to pay lenders in a more manageble fashion.

"Our goal as policymakers should be to offer homeowners as many flexible options as possible to suit each individual family's needs," the trio of lawmakers wrote in a Newsday editorial on April 20. "This [proposal] allows homeowners to catch up on their payments at their convenience, without fear of foreclosure actions or damage to their credit. For many, it could be the difference between losing their homes and keeping them."

Rice is supportive of including provisions in the next federal stimulus package to broaden forbearance relief for all homeowners and multifamily property owners to include those who do not have federally owned or backed mortgages and to prohibit servicers from demanding a full, one-time lump sum payment after the forbearance period..

Read more about the proposed bill.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

Apr 21, 2020

Analysis and Data

Redfin: Homebuyers Gain Leverage, But Pending Sales Keep Sliding

Pending sales fall 16.4% from a year ago despite lower home prices and mortgage payments, as sellers retreat from a weakening market

Home prices are falling. Mortgage payments are easing. Sellers are becoming more willing to negotiate. Yet the housing market keeps losing buyers.Pending home sales fell 16.4% year over year during the four weeks ending Nov. 1, reaching their lowest level in Redfin's weekly ...

Tech

New AI-Run Mortgage Startup Builds Database Of 224,000 LOs

LenDb.ai is making LO records available to AI assistants, offering a potential new way for borrowers to find originators

A new mortgage technology startup is betting that borrowers will increasingly turn to artificial intelligence to find a loan originator, and it wants to make sure AI knows whom to recommend.LenDb.ai, launched Thursday by venture studio Draper Goren Blockchain, has assembled ...

Feb

Sacramento, CA

More from

Industry News

Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Industry News

Oct 29, 2026

Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Industry News

Oct 16, 2026

Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Industry News

Oct 14, 2026

PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Industry News

Oct 09, 2026

Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Industry News

Oct 09, 2026

Newrez, eXp Realty Form Joint Venture To Target Purchase Business

Revenos Mortgage is set to launch in early 2027, replacing eXp's joint venture with Kind Lending

Industry News

Oct 08, 2026

Popular