Journal Article

Nonprime loans: a view from the local level

Abstract: This article presents information on the location of subprime and Alt-A mortgages (\\"nonprime\\" loans) in the five states within the Federal Reserve Bank of Chicago?s district (Illinois, Indiana, Iowa, Michigan, and Wisconsin). The purpose is to identify the zip codes and communities most affected, or at risk of being affected, by foreclosures. We present a series of maps that show the zip codes with the highest numbers and highest concentrations of subprime and Alt-A loans, as well as the past-due and foreclosure rates in these neighborhoods. For illustration purposes in the print version of this article, we present maps representing the Chicago and Detroit metropolitan areas. The full array of maps is available at the Chicago Fed?s Web site, www.chicagofed.org. These maps are designed to inform policymakers, lenders, and nonprofit organizations about where to target outreach, counseling, and other resources for remediation

Keywords: Foreclosure; Predatory lending;

Bibliographic Information

Provider: Federal Reserve Bank of Chicago

Part of Series: Profitwise

Publication Date: 2009

Issue: Jun

Pages: 1-11