Comparing the Chicago vacant building dataset with HUD/USPS data shows substantial differences in the number of units reported, although those may be largely the result of the differences in the reporting criteria for the two datasets. Despite the differences...
The Qualified Mortgage (QM) Rule went into effect January 10, 2014, and appears to have impacted lending practices by parsing out some potential applicants who had reduced chances of approval under QM before they even submitted an application. This...
“It requires banks that have the benefit of FDIC insurance for deposits, to affirmatively serve the credit needs of people in their area, including specifically the needs of low and moderate income people,” said Dory Rand, President of Woodstock...
SB 2804 and HB 5776 Woodstock is working with the Illinois Asset Building Group to support bills sponsored by Senator Daniel Biss and Representative Chris Welch that would amend the Illinois Wage Assignment Act. A wage assignment is a...
Bank of America is announcing a new mortgage that will allow potential home buyers with income below the area median and a credit score of at least 660 to get a mortgage with as little as a 3 percent...
A major part of the work I do consists of analyzing data, developing formulas for spreadsheets, and searching for patterns in the numbers, not the kind of work that appeals to most people. To make the work even less...
Too Much Trust Steve Chapman trusts the financial firm managing his 401(k) for a tiny fee. Maybe he should look at that fee, which may not be so tiny. Excessive management fees, a type of abuse that has been...
As our 2016 Policy Agenda laid out, this upcoming year will see us increasingly focus on issues surrounding small business lending. My hope is that Woodstock’s work on these issues will provide valuable insights into questions concerning economic access, community wealth-generation,...
In this month’s edition of Woodstock Advances, president Dory Rand outlines mission priorities for 2016 in her policy agenda. Senior Research Associate Michael Aumiller discusses foreclosure activity in the Chicago six county region and updates the data portal.
Despite the overall decrease, nearly a quarter of the 77 Chicago Community Areas recorded increases in the number of foreclosure filings between 2014 and 2015. Most notably, the Austin neighborhood had 408 foreclosure filings in 2015, a 10 percent...