Mortgage defaults on LI among worst in state
Photo credit: AP | A home is advertised for sale at a foreclosure auction. (AP File Photo)
Long Islanders with nonprime mortgages have defaulted at a higher rate than their counterparts nationwide, with two local congressional districts among the state's five worst, according to a federal report unveiled Tuesday.
Out of 69,654 subprime and Alt-A mortgages still open on Long Island, 28.1 percent, or 19,572 loans, were at least three months late or in the foreclosure process as of...
