Phoenix Foreclosures Laid to Predatory Lending

Predatory subprime lenders in the Phoenix-Mesa metropolitan area have spurred a wave of foreclosures in Arizona's Maricopa County, according to Foreclosures.com, a distressed property investment advisory firm based in Sacramento, Calif."We've been tracking foreclosure fallout from the 2001 recession in Arizona for more than a year, and we see an alarming rise in the number of homeowners that have been stripped of much of their equity by the imposition of outrageous loan fees, and loans that they cannot possibly afford to repay," said Alexis McGee, president of Foreclosures.com. ".... Legislation to restrict abusive lending (HB 2468) has been pending since last February and needs to be expedited." The company also predicted that home loan defaults will rise in the New York boroughs of Brooklyn and the Bronx late this year and early next year as a result of the city's high unemployment rate. The firm can be found on the Web at http://www.foreclosures.com.