Furman Center Presents New Data on NYC Mortgage Lending
State of New York City’s Housing and Neighborhoods 2009
The Furman Center for Real Estate and Urban Policy, a joint research center between NYU Wagner and NYU Law, recently released its fourth annual analysis of FFIEC’s Home Mortgage Disclosure Act data, called Mortgage Lending in the Great Recession: HMDA 2009.
The analysis reflects several surprises in a tumultuous year. While home purchase mortgage lending declined throughout the recession, the study found that lending to low and moderate income home buyers increased in 2009, as did the number of new mortgages backed by the Federal Housing Administration (FHA) and Veteran’s Administration (VA). In 2009, 16 percent of New York City home purchase mortgages were FHA/VA-backed loans, compared to less than one percent of loans issued from 2005 to 2007.
The study also found, in contrast to home purchase lending, that mortgage refinancing increased substantially in 2009. The increase in refinancing activity, however, was not uniform across New York City’s different racial and ethnic communities. Black and Hispanic homeowners did not refinance at the same rates as white and Asian borrowers, which suggests that not all New York homeowners were equally able to take advantage of lower interest rates and reduce their monthly payments.
Furman Center Releases "15 Years of Research, Analysis and Insight"
Over the past 15 years, the Furman Center has been committed to the highest standards of interdisciplinary empirical and legal research about housing, land use, real estate, and urban affairs. This report looks back at the Furman Center’s past research, events and reports in four focus areas: Housing Finance and Foreclosures, Affordable Housing, Land Use Regulation, and Neighborhood Change.
Global warming is focus of report by a number of leading experts including NYU Wagner's Rae Zimmerman
A report released Feb. 17, 2009, by New York City Mayor Michael Bloomberg found that the city's average annual temperatures could increase by 4 to 7.5 degrees, yearly rainfall will increase by 5 to 10 inches, and seas could rise by up to 23 inches, or even 55 inches if the rate of ice melt in Greenland and Antarctica persists in speeding up.
NYU Wagner Professor Rae Zimmerman is a member of the expert panel convened by the city government and financed by a $350,000 grant from the Rockefeller Foundation. Professor Zimmerman is Director of the Institute for Civil Infrastructure Systems (ICIS), housed at the Robert F. Wagner Graduate School of Public Service at New York University.
The panel also predicted more frequent and intense "extreme events," like heat waves, short periods of intense rain, droughts, and coastal flooding.
The report is entitled "Climate Risk Information" and can be seen by clicking on the link below.