Civil rights groups call for suspension of foreclosures
NEW YORK - Civil rights groups called Wednesday for a six-month moratorium on foreclosures resulting from high-risk loans given to people with shaky credit, arguing that lenders should help borrowers refinance their mortgages - or face lawsuits.
A coalition of advocacy groups said mortgage lenders should immediately halt foreclosures on so-called subprime mortgage loans made at high interest rates to people with weak credit histories.
The groups, at a news conference in Washington, D.C., said a predicted wave of foreclosures stems from “reckless and unaffordable loans” for which investors bear some responsibility.