Schumer, Paterson eye loan modification rules
Sen. Charles Schumer said Tuesday he will amend the Borrowers Protection Act, a bill he introduced earlier this year, to include loan modification companies, mortgage brokers and others who collect fees from financially troubled homeowners.
In addition, Gov. David A. Paterson is expected to announce new legislation Wednesday that would require New York loan modification companies to register with the state Banking Department. The bill would also, with the exception of attorneys’ offices, ban the collection of upfront fees, said his assistant counsel. Gaurav Vasisht.
