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CoreLogic, a provider of mortgage risk assessment and fraud prevention services, has developed a program using geographic information systems to assess the likelihood of default in the event of natural disasters such as last year's major hurricanes.
Lenders using the system provide property addresses for homes that may be affected by Hurricanes Katrina and Rita, which is then run through CoreLogic's HistoryPro collateral evaluation tool.
The software geographically codes the data stream to create a location on a map, overlaying that with any known boundary condition such as FEMA disaster zones, flood levels and storm...