New York, NY – In a bid to stem the rising tide of foreclosures, Council Speaker Christine Quinn is proposing a $1 million program to ensure that throngs of future home buyers don’t get sucked into high-cost, high-risk mortgages.
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“We’ve all heard a great deal about the problems of foreclosure and sub-prime lending,” Quinn said.
Her program would make counselors available to prospective homeowners for advice and guidance about the terms of loan agreements before they are signed. [NYPost]