A Brooklyn Flavor To Subprime Crimes

In New York City, a column in The Brooklyn Rail comments on the subprime mortgage problem, how "the subprime lender's arsenal" of "exploding ARMs," “option ARMs,” “no doc” loans, and prepayment penalties that trap borrowers in their loans have affected some Brooklyn residents, and contains observations from some NYC-based housing and consumer advocates. For the story, see Subprime Crimes From Wall Street to Brooklyn and Beyond.