Results tagged “thefederalreserve”

According to The Federal Reserve Bank of New York, the 11233 zip code that encompasses Bedford-Stuyvesant and Crown Heights had the highest foreclosure rates for subprime mortgages in the entire nation in October. More than one in four people, or 25.2%, with subprime loans in the zip code lost their homes to foreclosure. That's almost four times the national average of 6.9%.

The Federal Reserve's interest rate cut helped the stave off a huge drop the stock market yesterday. Though the Dow Jones did fall 465 points at one point, it ended 128 points down. Another feature of the rate cut: Home loan applications jumped.

• Today on the Gothamist Newsmap: A Large Sink Hole at 187th Pl. and Jamaica Ave. in Queens, a Serious Multi-Vehicle Accident on 125th and Lenox Ave. in Manhattan, and Bank Robbery at 178th St. and Hillside Ave. in Queens.
• Podpeople are invading the city! 800 podcasters to descend upon Manhattan for PodCampNYC.
• Queens DA Richard Brown is leading the charge to bring the death penalty back to New York State.