Calling his state's foreclosure process "badly broken and in need of change," New York banking regulator Benjamin Lawsky wants new policies enacted to fast-track vacant property foreclosures and reform the state's mandatory foreclosure mediation requirements.

Foreclosures in the Empire State take an average of 900 days to complete, creating a backlog in court dockets, a financial burden on municipalities that must maintain vacant properties, and a critical impediment to the recovery of the state's housing market, the superintendent of the New York Department of Financial Services said Tuesday during a speech at the Mortgage Bankers Association's Secondary Market Conference in Manhattan.

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