Results tagged “subprimecrisis”

While the number of NYC homes in foreclosure declined in November, things look to be rocky ahead. Property Shark CEO Bill Staniford explained that since the 3-month moratorium on NY State foreclosures expired last month, "There could be a spike of foreclosures in December." As for November data, the Observer reports, "Queens, once again, led all boroughs in foreclosures with 172 in November, with a good bulk of those centered on the subprime hub of Jamaica. Staten Island is next with 47, followed by Brooklyn with 21, the Bronx with 13 and Manhattan with five." Crain's breaks it down like this: In SI, "one in every 3,511 homes" is scheduled for a foreclosure auction, while in Queens "one in every 4,505 homes fac[es] foreclosure." And in Manhattan, it's "one in every 146,400 homes" is headed for foreclosure auction.

The Post speaks another subset dealing with the subprime crisis: Loan sharks. Benny the Loan shark who, like the banks, has "made loans to subprime borrowers in danger of defaulting." He says, "I'm not really worried about people borrowing money from me, what I worry a lot about is whether they'll pay it back...I'm going to have to start collecting collateral - you know, like jewelry, wedding bands, necklaces and family heirlooms." His rates: $50/week in interest on loans of $100-200. Tanda, a "mid-level loan shark" has raised lowered his interest rates by 50% recently--"$200 a week on a $500 loan and $400 a week on a $1,000 loan"--and says, "Wall Street should take a lesson from me, I never lend what I can't afford to lose - and I lose very little."