How do you allocate $26 billion?
By Zach McDade :: April 12th, 2012
The $26 billion settlement between the U.S. attorneys general and five major mortgage-servicing banks has refocused attention on the still-simmering foreclosure crisis. Maryland is expected to receive $957 million, which may be hopeful news for Prince George’s County, Maryland.
In 2011, nearly 15 percent of all residences in Prince George’s—33,439 residences—received a notice of intent to foreclose (NOI) from their mortgage servicer. Of those, the median borrower was 79 days behind and owed $6,400 in loan payments, penalties, and fees. In some Prince George’s zip codes, one out of every four residences received an NOI.
It will be crucial to ensure that Prince George’s share of the settlement goes to those areas most in need. The Urban Institute’s NeighborhoodInfo DC recently expanded its foreclosure work in Prince George’s to facilitate directing assistance and resources.
For example, our interactive map displays NOI data, including the volume of notices of intent to foreclose, the amount of overdue loans, and the number of days those loans are behind. Highlight different portions of the map to show different zip codes and time periods, and zoom in to examine individual neighborhoods using Bing maps. Finally, download the data to do your own analyses.
These interactive maps are just the start of a new series of analyses and tools NeighborhoodInfo DC has planned in the coming months. Next up, the new Prince George’s section of NeighborhoodInfo DC will include a brief on the recent changes in the housing market and foreclosure crisis, with more maps and downloadable data.