Search ENP

Powered by Blogger.


Social Connect

Get it on Google Play

Upcoming Events

February, 2016:

Friday, February 20

ART247 Black and White Exhibition

March, 2016:

Advertise Your Event on ENP!
More info here

Thursday, July 9, 2015

ALBANY — First Niagara is one of two mortgage companies announcing their support today in a statewide effort to help combat "zombie properties."

Also joining the effort is Carrington Mortgage, making a total of 13 banks and mortgage companies — representing approximately 70 percent of the New York market — that have now agreed to adopt a set of best practices to help combat the neighborhood blight and economic damage caused by vacant and abandoned properties.

"Ensuring abandoned properties do not fall into disrepair not only protects neighborhoods from blight, but also shields homeowners from having to contend with the falling property values, public safety issues and increased taxpayer costs associated with having these zombie properties in their community," Gov. Andrew Cuomo said. "I applaud these two mortgage companies for standing with us to protect the American Dream for New Yorkers all across this state."

Under these best practices, the banks and mortgage companies will regularly inspect properties that fall into delinquency to determine if they are vacant and abandoned, and make sure that those properties are safe and properly maintained, among other measures. The banks and mortgage companies will also report properties determined to be vacant and abandoned to a state registry that will be developed by the New York State Department of Financial Services, which will share that information with local government officials. The Department will work with those local officials to address and escalate any concerns about maintenance with the bank or mortgage company that is servicing the loan.

Scott Fisher, First Niagara senior vice president, managing director, retail channels, said, “At First Niagara, we strive to do what’s in the best interest of our customers and our communities. While we historically have had a low incidence of foreclosures, we fully support efforts to develop industry best practices to help combat the blight and economic damage caused by vacant properties. We are proud to support this newly developed, collaborative approach to taking care of the communities where we all live, work and raise our families.”

Anthony J. Albanese, acting superintendent of financial services, said, “The influx of zombie properties present in our communities following the financial crisis present both a danger to local populations and to the long-term health of the mortgage market. These important actions are an immediate and crucial part of repairing that damage as we continue to pursue additional legislative reforms. We look forward to continuing to work with local officials, mortgage companies, and other stakeholders in addressing the vital problem of zombie properties.”

After these best practices are adopted and the registry has been created, participating banks and mortgage companies will notify the Department of Financial Services of any new properties they have determined to be vacant and abandoned and the agency will share this information with local officials across the state. The Department of Financial Services will accept complaints from neighbors or local officials about the properties. The Mortgage Assistance Unit, which works regularly with banks and mortgage companies to address mortgage-related issues affecting New Yorkers, will work with the applicable bank or mortgage company to resolve issues raised in any such complaint. Complaints can be submitted at

The banks, credit unions, and mortgage companies that are adopting these best practices, which represent approximately 70 percent of the New York market, are:

  • First Niagara
  • M&T Bank
  • Carrington Mortgage 
  • Wells Fargo
  • Bank of America
  • Citi Mortgage
  • Ocwen
  • Nationstar
  • PHH
  • Green Tree Servicing
  • Astoria Bank
  • Bethpage Federal Credit Union
  • Ridgewood Savings Bank

The Department of Financial Services will continue discussions in the days and weeks ahead with additional banks and mortgage companies encouraging them to adopt these industry best practices. The best practices are targeted to be implemented and adopted by August.

Get breaking news delivered. 
with the ENP Mobile app for Android. 


Post a Comment

Comments are always appreciated. Your comment will be reviewed for approval before being made public.