At least nine builders have been linked to the lion’s share of the 2,745 foreclosure filings in the Pocono Mountains from 2000 to 2003, according to a study that was commissioned by Pennsylvania’s Housing Finance Agency and the state’s banking department. Problems with foreclosures and predatory lending on new homes in Monroe County, Pa., came to light in the summer of 2003 when residents complained and allegations were published in the media. At press time, the state attorney general’s office was continuing its criminal and civil investigation. A prepared statement by the Pennsylvania Builders Association stressed the need for stronger consumer education.
Source: The New York Times
