ALBANY, NY -- Home ownership advocates stood side-by-side with Governor Spitzer and Attorney General Andrew Cuomo as Spitzer outlined his plan to put an end to the rising tide of foreclosures across New York.

"This may be the single most important piece of this bill, prospectively and perhaps overall. Ensure that loans are not extended until there has been an analysis of the ability to pay," Spitzer said.

The bill would require lenders to warn borrowers, in writing, 60 days before starting the foreclosure process.

NYS Banking Superintendent Richard Neiman said, "Our objective here is to assure that there are avoidance of any unnecessary foreclosures, which are clearly in the best interest of the lender and certainly the borrower and the community."

Giving people the time to seek assistance and work with their bank to avoid foreclosure is something lenders like SEFCU already do.

SEFCU Executive Vice President John DeCelle said, "We start off with a letter at 18 days, just as a reminder. Then we go right up to 120 days, but it's not just sending out letters. The folks in our collection unit will reach out and really try to work with the members to insure that they're able to get back on a firm financial foot."

Attorney General Andrew Cuomo blamed the federal government for not doing enough to prevent the fallout that has resulted from the sub-prime mortgage crisis. Federal Reserve Chairman Ben Bernanke said Tuesday that foreclosures and late payments are likely to rise "for a while longer."

Bernanke went on to say, "Although lenders and servicers have scaled up their efforts and adopted a wider variety of loss-mitigation techniques, more can, and should be done."

In a rare moment of praise for a political enemy, Senate Majority Leader Joe Bruno commended the governor for bringing the bill forward. He said the legislature will work together to make it a reality.