Nassau County’s Tom Suozzi Launches Foreclosure Task Force
November 13th, 2008 by 
Joseph Smith
At a symposium held by Long Island Housing Partnership, County Executive Suozzi spoke on the foreclosure crisis and urged mortgage companies to enforce a 90-day moratorium on foreclosures. He cited the example of JPMorgan Chase which provided troubled borrowers with a grace period of 90 days to enable them to obtain financial advice and find refinancing solutions.
Suozzi also introduced the newly-established Long Island Housing Crisis Task Force, which will consist of county officials, mortgage lenders, nonprofit groups and real estate developers that will find ways to help solve the foreclosure crisis. The task force was set up using funds provided by the U.S. Housing and Urban Development’s Neighborhood Stabilization Program.
According to economist Pearl Kamer, who works for the Long Island Association, there are over 6,000 properties on Long Island which are undergoing foreclosure proceedings. She said that many of the people who took out mortgage loans to acquire these properties were not qualified to take out loans or were granted with loan amounts way above their capacity to pay. Based on this, together with other economic factors, Kamer concluded that it would take up to four years for the housing market to stabilize.
Cynthia Rosicki, a lawyer specializing in foreclosures for legal firm Rosicki & Rosicki, also spoke at the meeting about legal services which homeowners can avail of to prevent foreclosure or to remedy foreclosed homes. She related that there are many homeowners who do not attend foreclosure hearings and who do not seek help, leaving their homes to foreclosure and repossession.
Steve Levy, county executive of Suffolk County and keynote speaker at the meeting, agreed with what Rosicki has said about the need for homeowners to seek help. Levy said that most mortgage lenders have been helpful to borrowers and have been willing to help. He added that no lender likes foreclosure because it is a lengthy unprofitable process.
