This is a record of tremendous achievement for which every one of you should be very proud. You all deserve a healthy round of applause.

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1 Remarks by

2 Tonight, I want to talk about my objectives for the State s housing finance agencies, and then talk about how important it is for government to work with nonprofits like NHS since only by doing so can we reach a wider audience and educate both current and future home buyers on the responsibilities of owning a home. But before doing so, I must mention the wonderful accomplishments of NHS this past year. NHS invested some $289 million in New York City neighborhoods last year. That s an impressive number. With this money: You provided counseling both before and after home purchases to more than 21,000 residents. You helped 462 families get mortgages totaling $103 million. You renovated 112 buildings with loans of more than $4 million. You helped 158 families get new insurance policies totaling more than $44 million. And you helped 445 seniors get reverse mortgages totaling $149 million. This is a record of tremendous achievement for which every one of you should be very proud. You all deserve a healthy round of applause. When Governor Spitzer first recommended that I be appointed president and CEO of the New York State Housing Finance Agency and the State of New York Mortgage Agency, I was intrigued by the possibility. As a former corporate finance lawyer, the opportunity to work on financings in the public sector sounded attractive. Yet, I have to be honest. From a programmatic perspective, I didn t have a good understanding of what the Agencies did or understand their full potential. Now, having been at my job for nearly six months, I want to tell you I believe I might have one of the best jobs in state government. Everyone needs a home. Our enabling statutes are broad. And our public mandate is clear: to address the inadequate supply of safe and decent housing for families and persons of low income. Knowing that government can play a meaningful role in helping working families become responsible 2

3 homeowners makes everyone feel good. It builds strong neighborhoods. It builds stable families. And, it builds our economy. In fact, over the last few months, I have reflected on why we all feel so good when it comes to the topic of homeownership and why it strikes such a chord with each and every one of us. Maybe it s because homeownership is at the core of our society and our striving for the proverbial American dream. Or maybe it s because of our personal experiences whether in our own lives or in the lives of someone we know who is a homeowner. I know for me, my personal experience has greatly affected my views of home ownership. One of my fondest memories as a five year old was of my parents buying their first home. My parents came to New York City from Puerto Rico when they were young. After they were married, they settled in Sunset Park in Brooklyn where our family which included me and my two siblings lived in a walk-up apartment. I remember my parents excitement about having saved enough for a down payment to buy their first home. My father was a blue collar worker and my mother, who later became a school teacher, was a teacher s aide at the time. I can t tell you how excited they were and I was. To this day, I still vividly recall the first night I slept in our new home, in my own room. It was a big deal. Beside their personal health and their family, my parents single most valuable asset was this house. Buying that first home was probably the biggest and most important decision my parents ever made and the best one. It gave them a stake in their community. It gave them a chance to own a piece of the American economy and build their own wealth wealth they were later able to convert to a larger home in the suburbs on Long Island, all the while putting three children through college. Even today, I m not sure how they managed it all. But they did. 3

4 My parent s story and the stories of so many others that I am sure you know of are the stories that our Agencies want to shape. Yet, I learned when I started this job in January that few people knew anything about HFA or SONYMA or AHC or what they did. And if people don t know what we re doing, then we can t help them build and buy new affordable homes. That is why my objectives for the Agencies are simple and straightforward: Be more responsive to the marketplace; Do a better job of using the resources we have; Expand our presence throughout the state; and Build strategic alliances with developers, nonprofits and trade organizations. With these objectives in mind, I d like to share with you how SONYMA is thinking about one particular issue: the crisis in the subprime mortgage market. During the recent housing boom, too many families entered into mortgages that were not appropriate for their financial circumstances. Now they are finding they cannot afford their home. And many might end up losing their home. I promised Sarah I wouldn t spend all of my time talking about the subprime mortgage market, and I won t. Yet something that concerns me and which I believe has not gotten the press it deserves is that the lending community is now pulling back and tightening its underwriting standards. This is an important point. Why? Because this retrenchment could have far-reaching unintended and unfortunate consequences. The borrower who has been current for two years on a loan may not be able to refinance his mortgage. Or the upwardly mobile working class household will not be able to obtain a mortgage because it requires a down payment it does not have. If the private sector is restricting access to credit for individuals who otherwise would be good candidates for homeownership, then we in the public sector must step into the breach. This is what I mean by being responsive to the marketplace. And we are. 4

5 To increase the availability of mortgages to working class families, SONYMA is simplifying our underwriting process, creating new and more flexible mortgage products and expanding our marketing strategies. In April, we began offering a 40-year mortgage to make homeownership more affordable. And just last week we finally brought SONYMA into the 21 st Century. We launched a system that enables our participating lenders to register for SONYMA mortgages through the Web with our new Lender Online program. We also want to help families who financed their homes with inappropriate mortgages and now face the prospect of foreclosure. SONYMA is in discussion with our financial partners to create a new product that would enable homeowners to refinance their existing mortgages. This product will likely be a 30- or 40- year fixed-rate mortgage that will provide monthly payments that are affordable and predictable for the full term of the loan and not just for another reset period. We also want to make better use of the resources we have and make sure that they go to the highest best use and those most in need. For example, SONYMA is for the first time looking systematically at where our customers come from, trying to identify areas that are underserved, and then targeting our marketing at publications and community groups in those neighborhoods. We also want to make our agencies truly statewide. In 2006, out of the 3,399 first-time home owner mortgages SONYMA financed, only 143 were from New York City. We ve been reaching out to our lenders and community groups to understand why this is the case. One major reason is the federal limit on purchase prices and we are now working to raise those limits for families downstate. We are also talking with the Legislature to remove the stigma of the Federal recapture tax that is an obstacle for many who want to pursue SONYMA mortgages. Finally, we need to do a better job of reaching out to people like you. We are not builders. We are not home counselors. We are not construction firms. We need partners on the ground to help implement our mission. As your annual report notes, your nine 5

6 neighborhood offices are led by local residents guided by local needs. That is expertise we desperately need, especially if we are to find potential homebuyers in the neighborhoods I consider poorly banked or underbanked areas without the financial infrastructure we take for granted in middle class areas. We need eyes and ears in the community to help us find families who need that first mortgage to buy their first home. We need to partner with nonprofits like Neighborhood Housing Services so we know what the community knows. We need you to tell people in your communities about the lending options available to them. And this is where partnering with nonprofit groups is so critical. We want to work with nonprofits like NHS to help spread the word that we have mortgages that can be the gateway to the American dream. Whether it s our Low Interest Rate Program or the Achieving the Dream program or our Homes for Veterans Program, we want to build better and stronger neighborhoods by letting people know there are sustainable mortgage products available and by that I mean mortgages people can afford over the long term. Which leads me to one last important piece I would like to mention. Because of people like Sarah and others, we at the state level understand that education is critical. If we want new homeowners to be homeowners for a long time that is, creating sustainable homeownership not only do their mortgages have to be affordable over the long term, but homeowners need to understand what it means to be a homeowner. They must know how to budget, how to plan for repairs and maintenance and how to obtain insurance. Anyone who owns a home knows that boilers break, water pipes burst and property taxes go up. Equally important, they need to understand the importance of homeowners insurance. I recently met a woman in Buffalo. She was a single mom from Brooklyn who had relocated to Buffalo because it was a more affordable place to live. She was proud to show us all of the sweat equity she and her sons had put into their house they learned carpentry, stripped the wooden floors and even learned how to do plumbing. Yet, she had no homeowners insurance. And all I could think of: here was this 6

7 beautifully renovated 70-year old wooden structure and God forbid if there were ever a fire or some other event that would wipe out all her hard work. That s why new homeowners must know more than just whether they can afford the monthly debt service. This is the kind of basic and valuable information that you at NHS provide. That s why, as we prepare a refinancing product for the subprime market, we are so pleased that Sarah and her team are playing a critical role in designing the counseling component that will be required of anyone taking advantage of our program. Neighborhood Housing Services plays a vital role in reviving neighborhoods and giving opportunity to so many in our city. We are proud to be your partner in these efforts and we look forward to building on that partnership as we seek to bring home ownership to more New Yorkers. Thank you. 7

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