"There’s a cast of characters and their interests are not necessarily aligned. It is a really big mess.”
That’s New York Times business columnist Gretchen Morgenson at a forum last night on the subprime mortgage crisis held at the Museum of the City of New York. City Room has more on it.
There are a lot of different bills floating around state and federal governments these days proposing various reprieves for subprime borrowers in danger of foreclosure. One of the most far-reaching plans is a bill being pushed by two state legislators proposing a one-year moratorium on foreclosures in New York to allow at-risk mortgage holders to Read More
Add another victim to the subprime mortgage crisis: holiday shopping.
Higher monthly mortgage payments and tougher lending standards when borrowing against a home’s value will likely prevent many homeowners from buying holiday presents like they used to, the Wall Street Journal reports this morning.
Now, with mortgage delinquencies at record highs and Read More
New data from NYU’s Furman Center for Real Estate and Urban Policy shows (PDF) that the rate of new subprime mortgages in New York City declined from 2005 through 2006. The rate of subprime lending in the five boroughs dropped from 22.9 percent of conventional mortgages issued by subprime lenders to 19.8 percent Read More