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Your Morning Credit Crunch: Subprime Follies Continued

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How many subprime mortgage/credit crisis reports will come out this week? So far, we have one. This one shows how nasty the subprime crisis is in parts part of the city outside of Manhattan. In the parts of Brooklyn, Queens and the Bronx getting nailed by the subprime problem, a new study done by a state senator found that mortgages took a year to go from approval to notice of foreclosure, which is impressive indeed. It also found that a handful of lenders are the source of most of the loans. The average time from mortgage to foreclosure in Jamaica and South Jamaica, Queens, for instance, was 11 months. In two Bronx neighborhoods, it was 14 months. There were 14,561 foreclosures related to the subprime crisis during the 13 months covered by the study. Foreclosures are expected to increase 60 percent this year from 2006.
· Study Links Lenders to Swift Foreclosures [NYT]
· Subprime Lenders in Pols Hall of Shame [NYP]
· Bronx politician issues hit list of subprime lenders [NYDN]