Assemblyman Steve Englebright
Delivering relief to struggling homeowners

Offering mortgage assistance and holding mortgage lenders accountable

Steve Englebright fought to pass legislation – soon to become law – addressing New York’s subprime lending crisis and offering assistance to homeowners overwhelmed by their mortgages (A.10817-A).

The agreement helps current homeowners by:

  • Providing a 90-day pre-foreclosure notice to alert borrowers that they are in default or foreclosure

  • Establishing Mandatory Settlement Conferences to bring a borrower together with the party initiating the foreclosure proceeding

  • The agreement also establishes protections for future homeowners by:

  • Enacting a subprime mortgage lending statute requiring lenders to consider borrowers’ ability to repay the loan

  • Cracking down on lender scams and setting standards for home loans that require brokers to act in the best interests of borrowers

  • Requiring registration of all businesses servicing mortgage loans

  • Establishing the crime of residential mortgage fraud

  • $25 million for legal representation and mediation for lending victims

“Long Islanders and families throughout the state are suffering the effects of subprime lending. We need to do all we can to protect them and help homeowners stay in their homes.”

–Steve Englebright

Keep the Dream mortgage refinancing program

The State of New York Mortgage Agency (SONYMA) designed this program to help eligible New York households with certain high-risk mortgages avoid possible foreclosure. The program provides struggling homeowners with affordable monthly payments for the full term of the mortgage – eliminating the threat of losing their homes. For more information visit or call 1-800-382-HOME.

Assemblyman Steve Englebright • 149 Main St. • Setauket, NY 11733 • 751-3094