Subprime Lending and Foreclosures: A Local Perspective
10thDistrictForeclosures_March2008_tfeltner.pdf Tom Feltner Presentation made to the 10th Congressional District Mortgage Roundtable detailing high risk lending and foreclosure patterns in North Cook and Lake counties.
Fed listens to community input and announces public meeting on Countrywide acquisition
Members of the Chicago CRA Coalition, as well as other organization throughout the country had contacted the Federal Reserve requesting these public meetings, which are the first meetings held on a major acquisition since 2004. Woodstock Institute had strongly...
Federal Reserve Should Hold Public Hearing on Countrywide Purchase
Before Bank of America offered to purchase Countywide Financial, Countrywide made millions of subprime loans that have either ended in foreclosure or threaten to push struggling homeowners into foreclosure in the coming months and years. There are also serious...
Lenders get subpoenas (Chicago Sun-Times)
Francine Knowles March 7, 2008 Illinois Attorney General Lisa Madigan issued subpoenas to Countrywide Home Loans and Wells Fargo Financial Illinois to determine if they unfairly steered African-American and Latino borrowers into higher cost or otherwise inappropriate home loans...
Communities Continue to Feel the Fallout of Loans from Now Defunct Subprime Lenders
For Immediate Release March 6, 2008 Contact: Geoffrey Smith – Woodstock Institute – (312) 427-8070 Charles Bromley – Ohio Fair Lending Coalition – (216) 410-3879 Jim Campen or Tom Callahan – Massachusetts Affordable Housing Alliance – (617) 822-9100 ...
Loan Report Finds Reverse Redlining in Hub (Banker & Tradesman)
By Amy Wyeth March 6, 2008 “High-risk” subprime lenders closed far more loans in minority and low-income neighborhoods in 2006 than in majority-white neighborhoods with higher median incomes, according to a report released Thursday by the Massachusetts Affordable...
Risky lending far higher in minority areas (Reuters)
Nick Carey March 6, 2008 Defunct "high-risk" mortgage lenders were far more active in minority areas in major U.S. cities than white neighborhoods during the recent property boom, according to a report released on Thursday. Using 2006 data, the...
Paying More for the American Dream – The Subprime Shakeout and Its Impact on Lower-Income and Minority Communities
Multi state HMDA Report _march2008_collaboration_0.pdf A joint report by: California Reinvestment Coalition, Community Reinvestment Association of North Carolina, Empire Justice Center, Massachusetts Affordable Housing Alliance, Neighborhood Economic Development Advocacy Project, Ohio Fair Lending Coalition, and Woodstock Institute
Foreclosures climbed all across the Chicago region last year (WBEZ Chicago Public Radio)
Ashley Gross March 5, 2008 A new report from Woodstock Institute, a housing policy think tank, shows that while foreclosures once affected mostly low-income neighborhoods, they’re now common in the whole region. North suburban Cook County had the biggest...