The analysis provides only a limited picture of subprime borrowing in New York City. The data does not include details on borrowers’ assets, down payments or debt loads, all key factors in mortgage lending. And comparing neighborhoods is inexact; the typical borrower in one may differ from a typical borrower in another.

So right there they basically say the study is worthless, but they’re hyping it anyway.

That’s not to say there aren’t problems that need to be addressed. But a more careful approach should be taken to see what those problems are. A ’study’ like this does nothing but get everybody in an uproar and what you have happen is a ‘fix’ that winds up in the long run, hurting more than it helps.