Record Number of Sub-Prime mortgage foreclosures here [in Queens] Pete Davis – Queens Courier, April 5, 2007
Sub-prime mortgages are causing a dramatic spike in foreclosures throughout the city with Queens homeowners facing the most devastating effects.
Between January 1 and March 19 of this year, 1,223 foreclosure notices were filed within Queens, which puts the borough on pace to shatter the record 3,625 foreclosures that were filed last year.
Behind Foreclosures, Ruined Credit and Hopes...KAREEM FAHIM and RON NIXON New York Times, March 28, 2007
Neighborhoods in Queens...also have large concentrations of sub-prime loans which are at high risk of foreclosure...The study by the Center for Responsible Lending predicts that nearly 22 percent of the sub-prime loans in New York area made in 2006 will go into foreclosure in the next few years, one of the highest rates in the nation.
The Daily News has an excellent series of maps showing exactly where the sub-prime mortgage victims are likely to be.
Set-up for a Fall...Sub-prime mortgages lead to record foreclosures in the city's poorest nabes...Juan Gonzalez - Daily News, March 28th, 2007
In some areas of South Jamaica and Bedford-Stuyvesant, as many as 10 homes per block faced foreclosure last year.
The Reason: sub-prime mortgages offered by unscrupulous real estate brokers and predatory lenders, according to a study on the epidemic if citywide foreclosures
Plans to stem foreclosures...Schumer working on laws to protect against predatory lending, Sid Cassese, Newsday, April 3, 2007
Help against predatory mortgage brokers could be just around the corner, according to Sen. Charles Schumer, (D-N.Y.), who says such aid would not only benefit the borrower but also those who own homes near foreclosed houses.
Schumer, who heads the Senate banking subcommittee on housing, told an audience in Massapequa yesterday that he and others in Washington are working on legislation to regulate mortgage brokers for the first time and to end loans offer based on false promises.
The Real Estate Roller Coaster...from 1890 – 2007...
http://www.speculativebubble.com/videos/real-estate-roller-coaster.php
