Publications

  • Author: Max Weselcouch ×
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  • Mortgage Lending to Vulnerable Communities: A Closer Look at HMDA 2009

    Across the U.S., the number of home purchase mortgages issued to low- and moderate-income borrowers jumped by 26 percent in 2009, even as overall home purchase lending declined, new research released by the Furman Center finds. The data brief, Mortgage Lending to Vulnerable Communities: A Closer Look at HMDA 2009, finds that lending to low- and moderate-income homebuyers increased nationwide in 2009, despite a reduction in the number of home purchase mortgages issued to higher income borrowers. Lending in low- and moderate-income neighborhoods, on the other hand, did not see a similar increase.

  • Foreclosed Properties in NYC: A Look at the Last 15 Years

    In 2009, New York City saw a record number of foreclosure filings, passing 20,000 for the first time since we started tracking foreclosures in early 1990s.  Yet little is known about what happens to these properties after they receive a foreclosure notice.  This report analyzes the outcomes of 1-4 family properties that entered foreclosure in New York City between 1993 and 2007, paying particular attention to trends in recent years.  The report identifies a current inventory of 1,750 bank-owned (termed Real Estate Owned or “REO” by lenders) properties citywide—up dramatically from about 290 at the end of 2006. While the overall number of REO properties in New York remains small compared to harder hit cities, the report finds that these properties are highly concentrated in Eastern Queens, Central Brooklyn, and the North Shore of Staten Island—not surprisingly, the same neighborhoods that have been hardest hit by the mortgage crisis.