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Silver added, "Through the approval of this important bill, we will begin to restore many of our neighborhoods which have been devastated by the mortgage foreclosure crisis, and we will ensure that families can remain in their communities." AG Schneiderman says his proposal will deter future abuse and spare families from wrongful foreclosure. "This legislation will ensure that employees involved in these fraudulent and abusive practices, and their supervisors who allow the misconduct to continue, will be held accountable for their crimes," he said. CitiMortgage Starts 'Road to Recovery' Tour to Assist Service Members CitiMortgage has launched the "Citi Military Road to Recovery Tour," designed to help current and former Armed Services members who need assistance with their mortgages. The tour features five homeowner-support events near U.S. military bases. At these events, Citi's team of mortgage experts and homeowner support staff, with assistance from HUD-approved housing counselors, meet with both current service members and veterans to discuss their individual situations and their options. The first event took place in San Diego on June 29. The New York-based bank also announced its Citi Military Permanent Change of Station (PCS) Transfer Assistance Program, a reduced payment program for qualifying service members who have PCS orders. Service members required to relocate who have CitiMortgage-owned first mortgages may have their monthly payments on non-escrowed loans reduced to $250 (or to their escrow payment only on escrow loans) for a six-month period. "Military families face many unique obstacles when it comes to purchasing and maintaining a home. With the Fourth of July approaching, we're glad to offer further support for our troops who sacrifice so much for all of us," said CitiMortgage CEO Sanjiv Das. "We would like to thank the military and veterans organizations and other individuals who have so generously offered their time and expertise to help us in our efforts." Military Road to Recovery events are hosted by Citi along with local nonprofit 98 housing counseling groups in each market. For the San Diego event, Citi worked with Housing Opportunity Collaborative, a Southern California nonprofit that seeks to promote equal access to housing for all people in the region. Other stops on the tour include: Northern Virginia; Norfolk, Virginia; San Antonio, Texas; and Columbia, South Carolina. Military Road to Recovery events are open to all former and current members of the Armed Services, and participants do not have to be CitiMortgage customers to attend. Citi encourages any military mortgage borrowers who have missed payments in the past or think they will in the future to attend. New York Commits $60M for Housing Counseling, Legal Services At a Long Island Housing Partnership event in late June, New York Attorney General Eric Schneiderman announced the launch of the Homeowner Protection Program, a commitment of $60 million over three years to fund housing counseling and legal services for the state's homeowners. The announcement coincides with the release of the Request for Applications (RFA) for the attorney general's program for service providers to begin the process of helping homeowners. Schneiderman was joined by HUD Secretary Shaun Donovan, as well as representatives from partner agencies. The funds provided through the RFA process represent a portion of the millions of dollars New York received from the recent national mortgage servicing settlement over foreclosure abuses from the largest mortgage servicers. Donovan praised Schneiderman's initiatives for use of those settlement funds. "Since the settlement was announced, I have met with state attorneys general across the country to urge them to use these settlement dollars to help homeowners," said Donovan. "Not only has Attorney General Schneiderman joined many of his colleagues in making that commitment, he is moving to get these dollars out to housing counseling and legal services groups so that homeowners can benefit directly. The leadership that Attorney General Schneiderman showed in helping to get this historic settlement completed is why homeowners like Sabrina Lacy can now sleep easier at night." Lacy, a homeowner who received help avoiding foreclosure from the Long Island Housing Partnership, also spoke highly of Schneiderman's efforts. "Without the national mortgage settlement and the help of the Long Island Housing Partnership to negotiate a loan modification, I would have lost my home," Lacy said. "Thanks to Attorney General Schneiderman, thousands more families will have a chance to get the kind of help that I got." The Office of the Attorney General has retained the Center for New York City Neighborhoods (CNYCN) and the Empire Justice Center (EJC) to act as "Anchor Partners" for the funding program. The organizations will assist with the administration and management of grants, with CNYCN covering New York City and EJC overseeing the rest of the state. "Attorney General Schneiderman has worked tirelessly to ensure that the funding secured through this national mortgage settlement is used in the true spirit for which it is intended–to help fight the epidemic of foreclosures across the country and to do so by funding on-the-ground services for homeowners at risk of losing their homes," said EJC president Anne Erickson. "We at the Empire Justice Center are incredibly proud to be an anchor partner with the New York Attorney General's Office to ensure that these funds are used in the most efficient and effective manner to protect the legal rights of homeowners and help them obtain mortgage modifications wherever possible." New York offers legal services through the state's Foreclosure Prevention Services Program, but funding for the program was set to expire April 1, 2012. The allocation of funds from the national mortgage settlement will keep the program running for at least three more years. SEC Settlement Against Former Bear Stearns Managers Approved A civil litigation case brought by the Securities and Exchange Commission (SEC) against two former portfolio managers with Bear Stearns was settled and received approval from the U.S. District Court for the Eastern District of New York.

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