On Thursday, April 26, 2012, I joined members of the Congressional Progressive Caucus at an ad-hoc hearing to discuss ways to mitigate the foreclosure crisis. One of our witnesses was New York Attorney General Eric Schneiderman, who has been a strong leader in the fight for the rights of homeowners struggling with foreclosure. Attorney General Schneiderman has is at the vanguard of States' Attorney Generals in securing fair restitution from banks for illegal mortgage practices, and this week, announced the awarding of $3 million in grants to fund foreclosure prevention services for New Yorkers.
As was stated in the hearing, this migration settlement is just a start. According to the Federal Reserve Bank of New York's 2011 research, families in my Congressional District are facing foreclosure at rates of 16 percent to 21 percent of outstanding mortgages. This is disheartening. As we continue to move forward, I am determined to work with my colleagues in Congress and across the nation to bring an end to the foreclosure crisis.