Bankers Point to Success of Foreclosure Prevention Efforts

NEW YORK, NY (12/08/2008)(readMedia)-- New York Bankers Association (NYBA) President Michael P. Smith today testified before the Assembly Committees on Banks; Oversight, Analysis and Investigation; and the Subcommittee on Regulated Mortgage Lenders on the impact of New York State subprime lending legislation enacted in August 2008.

In his testimony, Smith emphasized that "NYBA's members have consistently supported strong legislation which would establish meaningful and workable uniform national standards in the subprime market designed to eradicate predatory practices, while not creating unnecessary impediments to the dream of homeownership, particularly for moderate- and low-income Americans."

Mr. Smith described the many programs and initiatives in which NYBA member banks are currently participating in their ongoing efforts to help troubled borrowers avoid foreclosure. "New York's mortgage foreclosure situation is improving, both absolutely and relative to other states. In fact, while New York is the fourth most populous state in the nation, we are 37^th among all states in the rate of foreclosure filings and our statistics continue to improve when compared to the rest of the nation. Recent studies have shown that the regulated banking and thrift industry is exerting firmer control over the mortgage renegotiation process, helping to keep an increasing number of borrowers in their homes."

The New York Bankers Association represents more than 150 independent, community, regional, and money center commercial banks and thrifts operating in New York State, with approximately 200,000 employees.

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MEDIA WISHING TO GET COPIES OF MICHAEL SMITH'S TESTIMONY CAN CALL STEVEN GREENBERG AT 518-469-9858 OR EMAIL TO steve@greenbergpr.com.