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Your Morning Credit Crunch: Bigger Foreclosure Wave Coming

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What would the Wednesday before Thanksgiving be without more depressing predictions about how parts of Queens and Brooklyn are going to go to into an even deeper foreclosure hell next year? The city's Commissioner or Housing Preservation and Development was in front of the City Council yesterday predicting (surprise) "a jump in foreclosures next year." He says Jamaica, Queens is at the greatest risk followed by Bellrose/Rosedale and Flatlands/Canarsie. He noted that "People have their equity stripped, they’re turned into renters or could be forced into homelessness.” He also said the percentage of high-cost loans to minority home buyers more than doubled over the last two years.
· Foreclosure Wave Heading for NYC [Metro]
· Minorities Hardest Hit by Risky Loans [NYP]