Fed offers maps showing "foreclosure hotspots"
WASHINGTON (Reuters) - The Federal Reserve System on Tuesday said it was offering online maps that illustrate subprime and near-prime mortgage loan conditions across the United States, and show "existing and potential foreclosure hotspots".
The maps, available at www.newyorkfed.org/mortgagemaps/, display regional variation in the condition of securitized, owner-occupied subprime and Alt-A mortgage loans.
"This may assist community groups which can mobilize resources to bring financial counseling and other resources to at-risk homeowners," the Fed said in a statement. "Policymakers can also use the maps and data to develop plans to lessen the direct and spillover impacts that delinquencies and foreclosures may have on local economies."
The maps allow Internet users to search state, counties and most zip codes for information such as foreclosures per 1,000 housing units, share of loans that are more than 90 days past due, the share of adjustable rate mortgages with an initial reset in the next 12 months and share of loans with low credit scores or high loan-to-value ratios.
(Reporting by David Lawder; Editing by Neil Stempleman)
