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New York AG announces additional $20M for Homeowner Protection Program

New York Attorney General Eric Schneiderman announced an additional $20 million in funding for the fifth year of his Homeowner Protection Program, bringing the total investment in the program to $100 million since 2012.

The attorney general also launched the Foreclosure Rescue Scam Prevention Initiative, a new grant program to enhance outreach, education and referral services for homeowners at risk of fraudulent foreclosure rescue schemes.

In addition to the $20 million, the Office of the Attorney General is committing $350,000 in new grants through the Foreclosure Rescue Scam Prevention effort to housing organizations across New York City, Long Island and the Hudson Valley, where foreclosure rescue scams have been most prevalent.

The funding for the Homeowner Protection Program and the Foreclosure Rescue Scam Prevention Initiative comes from bank settlements that Schneiderman secured through the federal-state mortgage-backed securities working group. To date, the attorney general has secured more than $95 billion in bank settlements nationally, with $5.5 billion going to New York state alone.