For the record

I wanted to make sure that my constituency and the citizens of New York State as a whole had the complete story on my experience and decision to get involved as one of the leaders speaking out on this foreclosure fiasco.
My experience with refinancing started well before I was elected. These past experiences were both bitter and sweet in nature, but combined to give me an understanding that would help me navigate and speak up for people in the present economic climate.
My husband Herb and I have refinanced our home several times, as have many homeowners. There are a myriad of reasons why people refinance their homes; ours came down to two. The first was sickness in my family. The illnesses were multiple and debilitating in nature. My three closest family members outside of my husband and children were my grandmother, mother, and sister. Within the same period, my grandmother had a devastating stroke, my mother had congestive heart failure, and my sister was diagnosed with lung cancer.
At this time we were also battling for nursing care, which until the cause was taken on and championed by Assemblymember Vivian Cook, seemed to be a no-win situation. Once Cook stepped in as our advocate, and knowing that the financial burden would fall directly on our shoulders, a family decision was made to refinance our home and use the money to create a family styled hospice. In a time like that I resolved as many Americans did, and still do, that no matter what lending institution gave us the money, family came first.
If you gather people from my district, you will see a great portion of those who have refinanced with these sub prime lenders, did so with their backs to the wall.
The second reason we refinanced was to secure the necessary funding for my husband’s company, Huntley Enterprises, a minority-owned business. Many company owners have been faced with this issue. In order to successfully secure a contract you need the capital to prove you should be allowed to bid.
In this climate of economic uncertainty where home foreclosures loom, automobile repossessions are peaking and whole industries are on a downward spiral, I will continue to speak out on these issues.
Shirley L. Huntley is a New York State Senator representing the 10th District, Queens