The New York State Banking Department reported that 57,256 pre-foreclosure warnings were sent to homeowners between Feb. 13 and May 31. It's part of a new state law that requires lenders and servicers to send homeowners 90-day warnings before initiating the foreclosure process on their homes. The report focused on one- to four-family, owner-occupied homes.
Now take this quiz:
1: Suffolk had the most number of pre-foreclosure notices, but which county ranked first in percent of mortgages given such notices?
2. New York City and Long Island are the state's most populated areas. Together, the two areas accounted for what percentage of the state's 57,256 90-day pre-foreclosure notices?
A. 39 percent
B. 77 percent
C. 52 percent
D. 81 percent
3. Less than half a percent of the mortgages involved in the notices had interest rates above 14 percent, which are considered high-cost or predatory loans. Which interest rate category had 48 percent of the notices?
A. 12-13.9 percent
B. 10-11.9 percent
C. 8-9.9 percent
D. 6-7.9 percent
1. B. Orange County's 1,973 notices represented 3.03 percent of mortgages on 1-4 family residential homes.
3. D. That was the interest rate category with the most notices.