Gov. David Paterson and legislative leaders agreed Thursday to create a 90-day safety period to help homeowners trapped in subprime mortgages.

The period would allow homeowners to have conferences with lenders and receive other information about how to best cope with debt. The 90-day period would be added onto the already 440-day foreclosure process in New York State.

Paterson says the plan will be more effective than declaring a moratorium on foreclosures all together. A foreclosure freeze would only allow people to stay in the homes they would eventually lose, Paterson says.

Gov.Paterson Press Releases