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Community Affairs

The Federal Reserve Bank of New York provides information and technical assistance to financial institutions, non-profit organizations and others on issues related to community development, economic development and access to credit and capital in low- and moderate-income communities.

2011 Financial Awareness Video Competitions

Video competition promotes financial awareness among young adults December 7, 2011

Financial Awareness Video Competitions The competitions, held in New York City, Newark and Puerto Rico, are sponsored by the Regional and Community Outreach team. Seeking to advance financial literacy among young adults by combining peer-to-peer learning with video technology, the competitions charge university and college-level students to produce original videos that encourage young adults to practice sound personal financial decisionmaking.

Small Business Finances

Small Business Finances The May 2011 Small Business Borrowers Poll takes a fresh look at borrower demand by asking firms not only about credit applications but also about reasons for not seeking credit Released August 2011

New York Fed announces new results from small business borrowers poll August 11, 2011

Small Business Finances August 2010 Small Business Borrowers Poll finds that between 2008 and 2010, credit card reliance increased among all age groups except for 0-5 year-old firms. Reliance on bank loans fell among all age groups, except for 20+ year-old firms. Released April 2011

New York Fed’s new small business poll shows evidence of credit demand; cash flows for small businesses key to credit approval Small businesses typically create more jobs than larger firms do at the start of economic recoveries. However, recent contractions in borrowing have limited the ability of small businesses to play this critical role. A poll of small-business finances finds evidence of comparatively strong credit demand, but weakened applicant quality, with borrowers continuing to perceive restricted credit availability. Released October 2010 Access to Credit: Poll Evidence from Small Businesses Slideshow » Slideshow Small Business Finances Poll Podcast Transcript

Features

U.S. Credit Conditions This site provides data illustrating mortgage and credit conditions in the United States through dynamic maps and spreadsheets. There is detailed information on bank credit card delinquencies, auto and student loan delinquencies, mortgage delinquencies and nonprime mortgage conditions. Information is provided at county and state levels depending upon the variable.

Foreclosure Prevention Flyers The Office of Community Affairs has created a series of flyers, customized by region, to enable borrowers to find free and reliable foreclosure prevention resources. These flyers are for you to use including to download, print copies and distribute as needed. We welcome feedback as to how you used these flyers. New York State 3 pages / 484 kb New York City 3 pages / 492 kb Newark 3 pages / 870 kb Connecticut 3 pages / 487 kb

Foreclosure Resource Center An information resource to help communities, policymakers and other organizations involved in assisting distressed homeowners.

Publications

Long Island Mortgage Distress: Analysis at the Neighborhood Level Data analysis shows Long Island’s Nassau and Suffolk counties contain some of the highest ratios of distressed nonprime mortgages in the nation. Half of these distressed mortgages are on properties located in just 22 of the region’s roughly 200 Zip codes. Posing further risk for these neighborhoods are negative borrower equity loans —a condition that occurs when a house is worth less than what is owed on the loan. National studies suggest that borrowers with negative equity have a higher risk of defaulting on their mortgages. Long Island Mortgage Distress: Analysis at the Neighborhood Level

A Look at Upstate New York’s Subprime Mortgages in Foreclosure Subprime mortgage conditions remain a concern upstate. Analyzing a subset of these loans, this report finds that six counties with large urban centers account for about half of the securitized, subprime residential first lien loans in foreclosure. When the foreclosure levels are scaled to housing density, however, the relative severity of these concentrations declines. Moreover, the loan characteristics of these mortgages in foreclosure reveal striking similarities in underwriting patterns across the region.

A Look at New Jersey’s Subprime Mortgages in Foreclosure New Jersey’s ratio of subprime mortgages in foreclosure is the nation’s fifth highest, and it exceeds the U.S. figure. However, there is considerable variation within the state, with most foreclosure activity concentrated in a few groups of ZIP codes with low to moderate household incomes.