NJ expects over 30,000 foreclosures

The Federal Reserve’s proposal to curb high-interest lending comes too late for many New Jersey families. About one-fifth of subprime mortgage borrowers who took out loans in 2005 and 2006 will lose their homes to foreclosure, according to the Center for Responsible Lending, a nonpartisan research group. A Rockaway Township family that has lived in their home for 20 years will likely be one of over 30,000 families in New Jersey to lose their homes in a public auction next week after failing to pay off high-interest loans.