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The Federal Reserve Bank of New York regional outreach mission is to promote sustained economic vitality by leveraging the Bank’s strengths to benefit the people in the District. The New York Fed is also active in maintaining connections with the District’s people and key communities in order to inform Bank policy decisions and build support for sound monetary and regulatory policy.

FEATURES

New York Fed Names 11 Members to Community Affairs Advisory Council

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.

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.

New York Fed announces creation of Upstate New York Regional Advisory Board December 22, 2008

New York Fed Announces Formation of the Lawyers' Foreclosure Intervention Network A pro bono pilot program cosponsored by the City Bar Justice Center, the Lawyers' Foreclosure Intervention Network marshals the resources of New York City’s legal community to assist New Yorkers facing the prospect of foreclosure.

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

Publication Highlights

Employment in the New York-New Jersey Region: 2008 Review and Outlook The 2007 slowing in job growth in the New York–New Jersey region continued through August 2008. A projected weakening in the national economy through the end of 2008 combined with the market turmoil affecting New York City’s finance sector suggests that the region will post substantially smaller job gains this year than it did in 2007. By Jason Bram, James Orr, and Rae Rosen, Current Issues in Economics and Finance Second District Highlights (14) 7, September/October 2008

Human Capital and Economic Activity in Urban America This paper examines the relationship between human capital and economic activity in U.S. metropolitan areas, extending the existing literature in two important ways. By Jaison R. Abel and Todd M. Gabe, Staff Reports 332, July 2008