Groups call for foreclosure halt (Business Week)

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. They also said lenders, real estate agents and investors who bought subprime loans could face lawsuits under a federal law prohibiting housing discrimination.

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