NYS Legislation Calling For Moratorium On Home Foreclosures Gaining Steam

In New York City, the Brooklyn Daily Eagle reports:

• The bipartisan remedy [being proposed by state lawmakers] – holding off home foreclosures for one year will give homeowners and lenders a chance to negotiate new terms – actually hearkens back to the Great Depression. A very similar law, says [Brooklyn Assemblyman Jim] Brennan, was proposed by then-New York Gov. Herbert Lehman in 1933, passed, and then upheld the following year by the U.S. Supreme Court. So far, the bill has picked up 74 sponsors in the state Assembly – just a few short of the “magic number” of 76 or 77 needed to get a bill rolling – and 24 sponsors in the Senate.

For more, see Brooklyn Asssemblyman’s Foreclosure Moratorium Bill Picks Up Steam.