Impact of Subprime Mortgage Crisis in Nassau County
Nassau News Staff Writer
As the subprime mortgage crisis escalates nationwide, mortgage defaults in Nassau County increase as well, leading to scores of foreclosures in recent months.
At the onset of this project, there were only 114 homes listed on the foreclosure reports. That number has increased to over 300, nearly a month later.
Reports show that Suffolk and Nassau counties accounted for 33 percent of subprime loans that were made in 2006 in New York. At the same time, Long Island has 30 percent of all subprime loans scheduled to be reset before October 2009. These are alarming statistics with an already declining economy.
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