Urban Planning

Furman Center Report Finds Fewer New Mortgages Go to Blacks and Hispanics

Furman Center Report Finds Fewer New Mortgages Go to Blacks and Hispanics

A new report by the Furman Center for Real Estate & Urban Policy, a joint initiative of the New York University School of Law and the Robert F. Wagner Graduate School of Public Service at NYU, shows that the number of new mortgates to blacks and  Hispanics plummeted in New York  City in 2007. Meanwhile, according to the report, released in October, 2008, that total held steady for white borrowers.

The report found that risky high-interest loans declined -- a silver lining, according to the researchers, who used data released in September, 2008 under the Federal Home Mortgage Disclosure Act.

The Furman Center is dedicated to providing objective academic and empirical research on the legal and public policy issues involving land use, real estate, housing and urban affairs in the United States, with a particular focus on New York City. Its Director is Law School  Professor Vicki L. Been of the Law School and its Co-director is Professor Ingrid Gould Ellen of NYU Wagner. 

To read the report and related news coverage, please click below.

Furman Center Sees Sharp Rise in Sub-prime Mortgages in NYC

Furman Center Sees Sharp Rise in Sub-prime Mortgages in NYC

In October, 2007, the website Gotham Gazette interviewed NYU Wagner Professor Ingrid Ellen and NYU School of Law Professor Vicki Been about "2006 State of New York City Housing and Neighborhoods," a widely cited report of the Furman Center for Real Estate and Urban Policy operated jointly by Wagner and the Law School. As the Q@A reflects (click below), the Center has found a dramatic increase in subprime loans to individuals with problematic credit histories, as well as high rates of foreclosures in some parts of the city. Professor Ellen, Co-director of the Furman Center (Professor Been is Director), also addressed the issue of subprime mortgages and their impact on minority communities at an Oct. 4, 2007, forum at the Wagner School with Sarah Gerecke, CEO, Neighborhood Housing Services of NYC. That forum, "Risking the American Dream," was sponsored by the Students of African Descent Alliance Wagner Student Group. On October 15, the New York Times featured an article on the Furman Center analysis on sub-prime lending, entitled "Racial Disparity Found Among New Yorkers with High-Rate Mortgages." The Times also published an editorial on the Furman Center analysis in the Oct. 17 edition.

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