Paterson signs foreclosure prevention bill

Gov. David Paterson signed landmark legislation Tuesday to prevent foreclosures in the Bronx and the rest of New York state.

The mortgage foreclosure bill will help prevent foreclosures by reducing principle loan costs. In addition, the bill requires lenders to maintain foreclosed properties and notify tenants at least 90 days before they are forced to vacate.

Local lawmakers like Sen. Jeff Klein say the legislation will prevent foreclosed properties from becoming community eyesores.

"What we're doing here today by signing this bill is keeping the American dream of home ownership alive," Klein says.

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