US: MAPPS, an association of photogrammetry, mapping and geospatial firms, applauded the inclusion of a parcel geocoding provision providing for an early warning system in S. 3217, the Restoring American Financial Stability Act of 2010. The US Senate has recently passed this Bill by 59-39 vote. The Bill makes amendments to the Home Mortgage Disclosure Act (HMDA), including a provision for the newly-created Bureau of Consumer Financial Protection within the Federal Reserve to collect the parcel number to permit geocoding on mortgage transactions.
MAPPS Cadastre Task Force Chair Susan Marlow (Smart Data Strategies, Franklin, TN) testified before Congress on the benefits of parcel level data in September 2009 and in November, MAPPS met with the Federal Reserve Board staff regarding parcel level data collected under HMDA. In her testimony, Ms. Marlow said, “Today, many analysis and decisions are being made using the wrong level of geography. The Census tract data that is currently being used under Section 2803 of HMDA was created by forming blocks and tracts that were logical for counting people.” She went on to say, “While FedEx can track the location of millions of packages per day moving around the world, the Federal government does not track the location of land and it is stationary.”
“If you have the right tools and the right data in place, you can build predictive models using very basic statistical analysis that accurately forecasts and locates foreclosure and delinquency hotspots, thus providing an early warning system,” said MAPPS President Jeff Lovin (Woolpert, Dayton, OH).
John Palatiello, Executive Director, MAPPS, concluded, “MAPPS supported the inclusion of the geospatial language in S. 3217 because an early warning system based on geo-located property data at the parcel level will help prevent future disruptions to the market, financial collapses and government bailouts.”
The Senate legislation will now need to be reconciled in Conference with the counterpart House legislation.