Financial Services Superintendent Benjamin Lawsky said New York's foreclosure system is "'broken and badly in need of change"' because of delays in the settlement conferences that must be held before houses can be foreclosed, New York Law Journal's Joel Stashenko reports.
The Department of Financial Services found that it takes nine months, on average, from when a foreclosure is filed in New York to when the settlement conferences conclude. The study also found that the biggest reason for delays is the lack of a definition for what it means that homeowners and banks are required to negotiate in good faith. Lawsky called for legislation to more clearly define what negotiation in good faith means.
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