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State funds more grants to address subprime crisis
The money, for home-ownership assistance and foreclosure counseling, advocacy and legal services, follows $1.765 million announced in July.
Lawmakers and Paterson approved $25 million for the Subprime Foreclosure Prevention Program in this year's budget. Legislation also gave New Yorkers an extra 90 days to work to save their homes from foreclosure, added to a typical 440-day foreclosure process in the state.
Officials report 16,025 foreclosure filings in the second quarter, up 62 percent from a year earlier, pushed by borrowers marginally qualified to meet payments when adjustable-rate loans increase.


