Thousands With 'Exotic' Home Loans Face Foreclosure

Unscrupulous lenders and brokers in South Florida promoting "exotic" loans blamed for a dramatic increase in foreclosures, with worse still to come.

"More than $106 million in home loans collapsed in Palm Beach, Martin and St. Lucie counties in the first quarter of this year alone, according to a Palm Beach Post analysis of data collected by, a local commercial firm that gathers foreclosure and default records. A little more than $68 million in mortgages defaulted in the first quarter of 2005. In terms of real people, that translates to about 2,100 families in danger of losing their homes. Experts say the worst is yet to come.

'We know the whale is coming, we just don't know how big the whale is,' said Mike Flagg, a spokesman for the Center for Responsible Lending, a Washington nonprofit that tracks lending practices. What is known is that, rich and poor alike, South Florida homeowners are on a collision course with the fast-money mortgages and loose state regulation that injected extra risk into a region ripe for exploitation."

Full Story: Easy-to-get loans cause thousands to lose homes


Brand new! Urban Grid City Collection

Each city has its own unique story. Commemorate where you came from or where you want to go.
Grids and Guide Red book cover

Grids & Guides

A notebook for visual thinkers. Available in red and black.
Women's t-shirt with map of Los Angeles

City T-Shirts for the ladies!

Women's Supersoft CityFabric© Fashion Fit Tees. Now available in six different cities.
Wood necklace with city map

City Necklaces

These sweet pendants are engraved on a cedar charm with a mini map of selected cities. The perfect gift for friends and family or yourself!