Albany is a county and also the capital of New York State. It lies 219 km from the City of New York. It is the fourth larges urban region in the state and has been named after the Duke of Albany. Albany, being the second oldest city in the state has been a witness to the phenomenal rise of the New World. But today foreclosures in Albany are fashioning history in another way.

Foreclosures in Albany have emanated largely from the questionable sub-prime mortgages with floating interest. Foreclosures are raging all over the country and foreclosures in Albany show that here too the trend is continuing unabated. The government in tandem with the voluntary efforts of lenders, servicers and community leaders has done a lot to try to stem foreclosures in Albany as also elsewhere. But today the problem that is leading to foreclosures in Albany is not so much the problem of high rates but that of the slump in the real estate market and the general slump in the market.

To contain foreclosures in Albany Governor Paterson and the legislative body have agreed upon a bill that will take the foreclosure bull by the horns. The key points are that a 90-day notice has to be issued before proceeding with foreclosure process. It is being made mandatory that the lenders and borrowers sit down to thrash out the matter, explore alternatives with a view to stopping foreclosures in Albany. The bill also aims to see that future foreclosures in Albany do not take place. The Governor stridently made the announcement that he hoped that the bill “will protect the citizens of New York who are in real danger of losing their home.” He acknowledged the importance of the private sector in containing foreclosures in Albany. Foreclosures in Albany are rising together with other parts of New York City. However foreclosures in Albany are less than those raging in the western part of the country in states like California, Texas and Arizona. But that should not lead to a sense of complacency regarding foreclosures in Albany.

The bill is balanced and sees to the interests of both the lenders and borrowers. It would have benefited nobody if the mortgage industry shied away from granting house loans. Unless more loans are sanctioned, the real estate market cannot come up with buyers and surface from the slump. The immediate attention of the bill is on those house owners who are at risk from foreclosures.

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