Toxic Mortgages Poison Hartford

November 30, 2007

Foreclosure filings are up 920 percent from last year in Connecticut. The governor and the banking commissioner are scrambling to address the problem.

There are 71,000 active subprime mortgages in Connecticut, and many are delinquent and in danger of default, according to the governor.Of those 71,000 loans, 21,000 are scheduled to reset at much higher interest rates between October 2007 and December 2009.“So that’s a time bomb,” said Erin Boggs, an attorney with the Connecticut Fair Housing Center. “Some people call these toxic mortgages.”  Read more at the Hartford Advocate http://www.hartfordadvocate.com/article.cfm?aid=4297
 

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