| New York: Civil rights groups called Wednesday for a six-month moratorium on foreclosures resulting from high-risk loans given to people with shaky credit, arguing that lenders should help borrowers refinance their mortgages- or face lawsuits. A coalition of advocacy groups saod mortgage lenders should immediately halt foreclosures on so-called subprime mortgage loans made at high interest rates to people with weak credit histories. The groups, at a news conference in Wash DC, said a predicted wave of foreclosures stems from "reckless and unaffortable loans" for which investors bear some responsibility. They also said lenders, real estate agents and investors who bought subprime loans could face lawsuits under a federal law prohibiting housing discrimination. In Queen Creek, Chandler, and Maricopa, AZ subprime loans are at an all time high. |
