Monroe County worst in home foreclosures upstate
Yesterday, the state’s Commission of Investigation released a report on home foreclosures in New York state in 2007. The report found that the New York City metropolitan area continues to be the hardest hit by foreclosures, encompassing 82% of all foreclosures in the state. 59% of the foreclosures were as a result of subprime mortgages, which were based in primarily urban areas. Monroe County had the highest number of foreclosures of all counties in upstate New York, totaling around 2,000.
From the D&C:
For example, borrowers in African-American and Hispanic communities have been more than twice as likely to take on subprime mortgages, the report found. Also, minorities who are eligible for safer loans were more often pushed into taking out high-risk subprime loans with variable interest rates by “shady mortgage brokers,” the report states.
“We are seeing foreclosures among New York’s subprime mortgage holders at alarming rates, a situation made far worse by unscrupulous appraisers and brokers,” said investigations committee Chairman Alfred Lerner.
Related posts:
http://rochesterturning.com/2008/08/02/garretson-reilich-voted-against-foreclosure-relief/
[...] Garretson shines a light on GOP party leader and State Assemblyman Bill Relich’s record. See. Monroe County is #1 on Foreclosures and Relich voted against measures to aid homeowners. Dollinger and Nachbar blast Dean Skelos and [...]