First, they raise the possibility that lenders are illegally steering non-white borrowers into GBLs when many could qualify for mortgages with more favorable terms. That would be a violation of fair housing laws, similar to the conduct that...
By Micah Maidenberg July 30, 2012 Chicago’s City Council is wading into the debate about whether governments should use their eminent domain power to save borrowers from foreclosure. Under a controversial plan pitched by a San Francisco-based...
Introduced with the support of Senators Jeff Merkeley (D-OR), Sheldon Whitehouse (D-RI), and Barbara Boxer (D-CA), the bill follows and supports ongoing payday reforms campaigns that have gained momentum at the state level. “A 36 percent...
Land banks are public redevelopment authorities that target distressed, low-value properties. Land banks can help prompt development by facilitating the acquisition, management, development, and transfer of vacant properties and land. Barriers to development that land banks can address include...
By Steven Ross Johnson July 25, 2012 A racial divide continues to perpetuate among those seeking a mortgage loan, according to a new study. The report alleges that mortgage lenders have steered more black and Latino borrowers towards...
By Sheryl Harris July 25, 2012 Black and Latino homebuyers nationwide are significantly more likely to wind up with government-backed mortgages than white homebuyers, according to the Woodstock Institute’s latest look at disparities in mortgage lending. In...
120724_cookcounty_landbank_advisory_writtentestimony_0.pdf Testimony of Tom Feltner in favor of the creation of an Advisory Committee to consider the establishment of a Cook County Land Bank. Woodstock Institute research shows that lender-owned, likely vacant properties in low-wealth communities and communities of...
By Brian Collins July 24, 2012 Seven affordable housing groups are urging the Department of Justice, HUD and federal regulators to investigate whether the prevalence FHA and VA lending in minority neighborhoods—and the low percentage of conventional lending—is...
By Kate Berry July 24, 2012 Black and Latino borrowers received government-backed loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs significantly more often than white borrowers, raising concerns about redlining, a...
120723_cfpb_2012-0019_prepaidanpr_0.pdfWoodstock Institute response to the Consumer Financial Protection Bureau’s Advanced Notice of Proposed Rulemaking on general purpose reloadable cards. Comments address three main areas of consumer protection that the Consumer Financial Protection Bureau should address as part of its...