Albany -- Governor Eliot Spitzer Friday announced the $100 million “Keep the Dream” refinancing program that will offer homeowners with risky mortgages the opportunity to refinance and avoid possible foreclosure.

The new program represents a major initiative of the multi-agency HALT Task Force (Halt Abusive Lending Transactions) that the Governor created in March to address the crisis in the subprime mortgage market.

Through partnerships with Fannie Mae, mortgage lenders, and mortgage insurance companies, the State of New York Mortgage Agency will offer at-risk homeowners the ability to refinance their current mortgages with 30-year or 40-year fixed-rate mortgages at competitive interest rates.