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Learn More About Woodstock |
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Why Applied Research for Community Economic Development?
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African-American borrowers are 3.8 times more likely to recieve a higher-cost home purchase loan than were white borrowers.
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The State of Illinois estimates that the Monsignor John Egan Payday Loan Reform Act has saved Illinois borrowers over $6.4 million in loan fees.
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The Department of Defense has recommended a federal ceiling on the cost of credit to military borrowers, capping the APR at 36 percent to prevent any lenders from imposing usurious rates.
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Fresno West Coalition for Economic Development, as part of Woodstock Institute's Building Community Assets partnership project enrolled over 40 new lower-income members in
the Fresno County Federal Credit Union.
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In March 2005, the share of all mortgage applications that were for adjustable rate mortgages hit a record high of 37 percent. |
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A Gallup Poll survey released in early 2004 reported an average outstanding balance among individual credit cardholders of $3,815. |
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There were over 1,400 “High Risk” home loans originated in the Chicago Area and that over 60 percent of these loans were originated in areas with above average foreclosure rates. |
In the Chicago region, 38 percent of all Earned Income Tax Credit recipients
used refund anticipation loans to receive their refunds faster, paying
$48,282,872 million in tax preparation and loan fees. Click here for
more information.
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The difference of a few percentage points on a home mortgage
can dramatically increase the interest payments over the life of the loan. On a $100,000 loan, a borrower with a 10
percent APR will pay over $76,000 more than a borrower with a 7 percent
interest rate.
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In 2002, CDFIs provided $2.6 billion in construction financing,
assisted or financed 7,800 businesses that created or maintained more
than 34,000 jobs, and offered nearly 4,800 alternatives to payday loans.
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Between 1993 and 2000, banks regulated under CRA had a higher share
of prime loans in their assessment areas than non-CRA regulated lenders. |
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Banks covered by the Community Reinvestment Act have a 20 percent higher share of loans to African-American and 16 percent higher share of loans to Hispanics than non-CRA regulated lenders. |
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Some poor communities are densely populated, have a thriving economic life, and have a per-acre purchasing power higher than very wealthy communities. |
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More than 20% of workers cash out their tax-deferred retirement accounts when changing jobs. |
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According to the U.S. General Accounting Office, over 20 million households lack basic retail accounts. |
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Banks say that 80 percent of retail accounts (checking and savings
accounts) lose money but that they make up their money by cross-selling
(selling the same customer multiple products). |
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When ranked by total domestic deposits, the top 5 US banks control $1.59 trillion in deposits, or 29 percent of total deposits. |
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Personal bankruptcies per 100,000 people have increased from 120 in 1980 to 290 in 1990 to 530 in 2002.
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Average credit card debt in 2002 was $8,367 among families with at least one card, compared to $3,332 in 1992.
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