Chicago’s communities of color face slower recovery from foreclosure crisis
As preliminary signs of stabilization in the housing market begin to appear, there are clear indicators that African American communities will have to address the negative effects of foreclosure, such as property value declines and increases in violent crime,...
Roadblock to Recovery: Examining the disparate impact of vacant lender-owned properties in Chicago
RoadblocktoRecovery_gsmithandsduda_9_2009_0.pdf Geoff Smith and Sarah Duda This report analyzed Chicago region foreclosure auction and property transfer data and found that vacant, lender-owned properties are heavily concentrated in African American communities, go unsold longer, and incur greater losses to the...
Fragmented regulatory system encouraged loopholes that brought on the crisis
For years, financial institutions have had the ability to do business under several different charters, giving them the option to choose the regulator that sets the lowest consumer protection standard. Since regulators are funded from the fees that regulated...
IL Attorney General Lisa Madigan Leads Roundtable Discussion on Consumer Financial Protection Reform
Attorney General Madigan is a leader in the national fight against mortgage rescue schemes, credit report abuses and protecting Illinois residents from deceptive payday lenders. "It is absolutely critical that consumer advocates join forces at home and across the...
The Consumer Financial Protection Agency: High Standards and a level playing field for the financial services industry
cfpa_sept2009_feltner.pdf Presentation made during three Consumer financial Protection Agency roundtable discussions held in Aurora, Palatine, and Chicago Illinois.
Tracking Loan Modifications: August 2009
Sixteen lenders, as well as 2,300 participants with Fannie Mae- and Freddie Mac-insured loans, started modifications for less than the national average of 12% of eligible loans, while only eight lenders modified more than 12% of their eligible loans....