This Should Be Interesting for All Those Mortgages Sold in the Secondary Market

NY Times (Patrick McGeehan): Spitzer to Present a Plan to Reduce ForeclosuresThe Spitzer administration plans to propose a legislative package on Tuesday intended to help stem the rising tide of home foreclosures by requiring lenders to try to work out repayments with borrowers before suing them. A bill drafted by Gov. Eliot Spitzer’s staff would require lenders to warn borrowers in writing 60 days before starting foreclosure proceedings and to meet with them to negotiate a settlement.

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