The Portsmouth Herald reports from New Hampshire. "As mortgage foreclosures increase nationally, the Northeast has not been as hard hit as other parts of the country. But the region is far from immune. 'We're seeing a significant increase in families that are unable to keep up with payments on their subprime mortgages,' said Kerry York, executive director of CCCS NH-VT."

"'Recently, we met with a family trying to deal with a rate increase on their ARM. The rate change increased their monthly mortgage payment from $1,300 to $1,750,' York said. 'Most people don't have that kind of wiggle room in their family budget.'"

"'Some subprime loans have fairly exotic terms and conditions,' said David Deziel, at CCCS NH-VT. 'Anyone who has ever closed on a mortgage knows how tough it is to review a 10-inch-high stack of documents. During the process, there's a lot of trust in the mortgage loan officer; sometimes too much.'"

"According to Deziel, 'People need to recognize that there can be a big difference between the amount the lender says you are approved for and the amount that you really can afford. Only you really know what you can handle in your budget.'"

"York also has a new concern. 'We're now seeing a scaling back of mortgage products and a tightening of loan approval standards,' she said. 'Many people who may have been told that they could refinance if rates went up now might not have that option available to them.'"

"Many subprime mortgages were made in late 2005 and 2006. 'We'll be seeing the fallout from this through 2008 and perhaps into 2009,' York said. 'This is a problem that's not going to go away quickly.'"

The Journal News from New York. "The pain of losing a home is hitting hundreds of people in the Lower Hudson Valley, as lenders seek to recover what they can from customers who fell behind on payments."

"In Westchester, lenders began foreclosure proceedings on 527 homes during the first three months of the year. That's a 39 percent increase over the first quarter of last year."

"In Putnam County, the number rose 91 percent from 68 last year to 130 this year. In Rockland County, the clerk's office reports 200 foreclosure initiations through the first two months of the year, a 33 percent rise over the 150 filed in January and February of 2006."

"An elderly couple in Rockland County is preparing to give up the spacious home where they raised their two children...they were unable to keep up with the payments on $778,000 worth of loans they took out on their house in October 2005. The husband said he now realizes he and his partner should have shut the business sooner than they did."

"'We're sitting in a house we've owned for (decades) and we're going to lose it,' he said."

"'A lot of people bought homes they had no business buying,' said Kenneth Polin, president of Banner Mortgage Group Inc. of Scarsdale. 'Many of those homeowners were introduced to what you would call 'gimmick' mortgage products. They had low introductory rates and basically were timebombs waiting to go off.'"

"Wall Street played a role, too, Polin said. Firms gobbled up mortgages, buying them in bulk from lenders. The lenders, knowing there was a lucrative market for their portfolios, pushed hard to make as many loans as possible, often giving money to people without checking their income or without requiring any money down, Polin said."

"'Those rates are adjusting and people cannot tolerate the adjustments,' Polin said." "John Sauro, the president of North Atlantic Mortgage Corp., which is in Stamford, Conn., said he believes that the foreclosure issue is getting too much attention. The press, political leaders, regulators and consumer advocate groups have all weighed in on the topic."

"He said it's important to note that the increase in foreclosures follows a boom in housing sales. It's logical to expect that more housing sales is going to mean more foreclosures, he said."

The Courier Life from New York. "The next two years could leave thousands of Brooklynites homeless, as the aftermath spawned by a 'rogue' industry comes to light, a federal lawmaker recently warned. A rash of foreclosures fueled by subprime mortgages is the cause, according to Senator Charles Schumer."

"Schumer, who recently released an analysis of the crisis, said that by the end of 2008, 6,100 families in Brooklyn could be at risk of losing their homes."

"Oda Friedheim, a staff attorney with the Legal Aid Society said the issue is nothing new. 'Too bad it took Wall Street’s pain to put the problem on the spotlight,' she said. 'They have a bellyache because they swallowed too many bad loans,' she said."

"'Our clients have been suffering for years under these abusive mortgages,' she added." Meghan Faux, an attorney with the South Brooklyn Legal Services Foreclosure Prevention Project said she sees firsthand how the dream of homeownership can turn into a nightmare. 'Some people have had their homes for 30 years or more and are now at risk of losing them,' she said."

"In some instances, there have been multiple foreclosures on the same block, she noted."

Newsday reports from New York. " As the slide in housing from boom to bust continues, congressional attention is focusing on the skyrocketing numbers of home foreclosures caused by the collapse of the 'subprime,' or high-credit risk, mortgage market."

"A study released by the office of Sen. Charles Schumer shows that by the end of 2008, as many as 8,378 families in Nassau and 10,476 in Suffolk could be at risk of losing homes obtained with subprime mortgages. In the state, nearly 100,000 homeowners face possible foreclosure."

"But not all borrowers were unwitting dupes. An uncertain number used risky loans as speculative gambles, hoping to sell the property quickly to make a huge profit before their mortgages' higher interest rates kicked in. They deserve no relief."

The Christian Science Monitor from Massachusetts. "Victor Castro bought his home four years ago, expecting the move would bring stability. The Massachusetts janitor thought he would no longer move from rental to rental."

"'I thought it was a step forward,' says Castro, referring to the day he bought his home four years ago. At the time, land prices were surging in the Boston area, even in Lawrence."

"Now it looks as if Castro will likely have to take a big financial step back. The home is up for sale. So are two other homes on his block, homes that are now vacant and on their way toward foreclosure."

"Castro hopes he can get about $300,000 for his house and then give the lenders what's left after the sales commission, probably about 75 percent of what they are owed."

"As with many borrowers at risk, several changes combined to bring Castro to this point. Between his paycheck, his sister-in-law's, and rent from the tenants, he was covering mortgage payments on the loan that had financed 80 percent of his original purchase, as well as on the loan that had financed the other 20 percent of the home's cost."

"But in recent months the rental income grew less reliable. One of Castro's loans adjusted upward, which pushed his total payments to above $2,600 a month. Then came the biggest blow of all: His job was phased out."

"All this comes at a time when the housing market in Lawrence is reeling. The number of foreclosures in progress doubled in 2006, with 425 as of December."

"That's weighing on home values in a city where only about twice that many homes sell in a good year, says Mayte Rivera, who is researching Lawrence's foreclosure problem."

"Lawrence is in some ways typical of the excesses of the nation's subprime boom. The expansion of higher-risk credit was fueled by a confluence of factors: rising home values, rising buyer aspirations, and an influx of eager lenders."