Learn More About Woodstock

[+] The Illinois Payday Loan Loophole

Getting a payday loan in Illinois means choosing between one with strong consumer protections and one without. Read why that choice isn’t nearly as easy as it sounds.

[+] Access to Financial Services

With over 20 million households unbanked and many more under-banked or expensively banked, providing access to basic, affordable financial services is a high priority for bringing lower-income families into the financial mainstream.

[+] Mortgage Lending Policy and Practice

Years of abusive and deceptive lending practices have pushed the mortgage market to its limit. Despite over a decade of warning signs, high cost, risky loans continue to pile up in predominately lower income and minority communities, driving up foreclosure rates and negatively affecting local property values.

[+] Practice Innovation

Program evaluation. Case studies. Building partnerships. Woodstock Institute uses its nationally recogized research to document what works in community development finance and develop public policy to make sure it keeps working.

[+] Analyzing Local Impacts

Woodstock Institute staff provides regular technical assistance to community organizations, media outlets, policy makers, and financial institutions. This assistance includes developing lending analyses, new data sources, program evaluations, and product development.

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01[+] The Illinois Payday Loan Loophole
02[+] Access to Financial Services
03[+] Mortgage Lending Policy and Practice
04[+] Practice Innovation
05[+] Analyzing Local Impacts
»
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Fed listens to community input and announces public meeting on Countrywide acquisition

The Federal Reserve announced Thursday March 27, that it will hold public meetings on the acquisition of Countrywide Financial by Bank of America and extend the public comment period by 30 days.

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Thirty-Five Percent of Mortgages in Foreclosure in 2007 Were Originated Just One Year Earlier

Mortgages that went into foreclosure in 2007 were predominantly from loans originated since 2005. Over 35 percent of 2007 foreclosure filings were of mortgages originated in 2006. Nearly 28 percent of foreclosure filings were of mortgages originated in 2005. Perhaps most surprisingly, roughly 4.5 percent of 2007 foreclosed mortgages originated in 2007.

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Why Applied Research?
More than 20% of workers cash out their tax-deferred retirement accounts when changing jobs.

Recent Work
The Illinois Payday Loan Loophole Paying More for the American Dream - The Subprime Shakeout and Its Impact on Lower-Income and Minority Communities 2007 Foreclosure Report Debt Detour: The Automobile Title Loan Industry in Illinois [+] View All Publications

Current Newsletter
Woodstock Developments (Fall 2007) [+] View Previous Newsletters

Upcoming Events
Green Festival Chicago: Banking in the Community May 18, 2008 (1:00 pm - 2:00 pm)

Press Releases

Syndicate Blog

Reinvestment Policy and Regulation

Woodstock Institute works to develop policy that levels the financial services playing field and ensures that families have the opportunity to build wealth through fair credit practices.

Woodstock Institute testimony requesting the Federal Reserve Board to require a public action plan to address problem loans before approving the acquisition of Countrywide Financial by Bank of America

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Comment Letter to the IRS on a Proposed Revision to Taxpayer Privacy Requirements

[+] All Policy and Regulation

Woodstock In the News

Rise in homeowners behind on payments (Chicago Tribune)

As Foreclosed Homes Empty, Crime Arrives (Washington Post)

Loophole lets lender skirt law, group says (Chicago Tribune)

Countrywide ripped at hearing, Bank of America told changes needed (Chicago Tribune)

Bank of America to alter loan practices (Chicago Tribune)

[+] Go to the Newsroom

29 E. Madison, Suite 1710 | Chicago, Illinois 60602-4566 | (312) 368-0310 tel | (312) 368-0316 fax