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Tools: Fed's Maps Illustrate Subprime and Alt-A Loan Conditions

Tuesday, July 1, 2008

Do you need to know where subprime and Alt-A loans are having the biggest affect in your ZIP code, county or state? 

Use the Fed’s new dynamic maps of nonprime mortgage conditions in the United States. The maps, which are updated monthly, display regional variation in the condition of securitized, owner-occupied subprime and alt-A mortgage loans. Maps can be tailored to show specific information, including:

  • loans per 1,000 housing units,
  • loans in foreclosure per 1,000 housing units,
  • loans real estate owned (REO) per 1,000 housing units,
  • share of loans that are adjustable rate mortgages (ARMs),
  • share of loans for which payments are current,
  • share of loans that are 90-plus days delinquent,
  • share of loans in foreclosure,
  • median combined loan-to-value ratio (LTV) at origination,
  • share of loans with low credit score (FICO) and high LTV at origination,
  • share of loans with low or no documentation,
  • share of ARMs with initial reset in the next 12 months, and
  • share of loans with a late payment in the past 12 months.

The maps and data can be used to help identify existing and potential foreclosure hot spots. In turn, by knowing these locations you can assist community groups, which can mobilize resources to bring financial counseling and other support to at-risk homeowners.