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2008-05-12 — nypost.com
In the first three months of this year, banks have launched preliminary foreclosure actions - known as lis pendens proceedings - against a record 120 borrowers in East Hampton and Southampton towns.
...
Brady said the high-end, delinquent borrowers are finance types, lawyers and speculators who overextended themselves on second homes and investment properties.
...
"This problem didn't even exist before," said John Brady, a broker with Coldwell Banker in East Hampton. "They used to pop up once in a while, and you wouldn't even pay attention. Now you expect to see new ones every week."
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