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Written by Tom Feltner
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September 03, 2008 |
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As a major tax refund lender seeks to change charters, the Office of Thrift Supervision needs to hold a hearing to give the public a chance to tell its side of the story about high cost refund anticipation lending.
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Written by Tom Feltner
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August 19, 2008 |
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The five key issues that must be addressed to reduce the neighborhood impact of lender-owned properties as investors shun Chicago region foreclosure auctions.
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Written by Tom Feltner
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August 05, 2008 |
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“Bait and switch clauses, double-cycle billing, and cut-off times
designed to rack up late fees––these are the practices that are
specifically prohibited by H.R. 5244,” said Woodstock President Dory
Rand.
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Written by Dory Rand
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July 30, 2008 |
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What kind of contract can be changed at any time for any
reason by one party often to the detriment of the other? Credit card contracts, but hopefully not for
much longer.
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Written by Tom Feltner
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July 28, 2008 |
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Loans at as much as 2,500 percent will still be business as usual for
nearly every major financial institution, with most bank customers
automatically, and often unknowingly, enrolled.
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Written by Dory Rand
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July 25, 2008 |
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Without a doubt, a new financial services disclosure act, enacted by Congress and incorporating what has worked in the Home Mortgage Disclosure Act, is sorely needed. Most nonmortgage lending data is still collected by myriad state agencies. Tracking foreclosures, certainly a national concern, is still a strictly local affair.
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Written by Tom Feltner
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July 11, 2008 |
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A recent proposal by the Federal Deposit Insurance
Corporation (FDIC) would allow many smaller state banks to participate or
assist in financial education programs conducted on school premises, including
the receipt of deposits, payment of checks, or lending of money.
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Written by Tom Feltner
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June 18, 2008 |
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The Board of Directors of Woodstock Institute is pleased to announce the
appointment of Dory M. Rand as its sixth president.
“Dory Rand brings a
wealth of community reinvestment knowledge and proven ability to shape
financial services policy to promote real world benefits for lower-income
people,” says Woodstock Institute Chairperson Ada Skyles.
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Written by Tom Feltner
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June 18, 2008 |
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Foreclosures on multi-family
buildings are clearly a problem, and on an even larger scale than suggested in a recent Chicago Tribune
article (Foreclosure’s
Hidden Victims,” June 8, 2008).
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Written by Tom Feltner
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May 19, 2008 |
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The Ohio General Assembly passed legislation last week
that would cap interest rates on payday loans at 28 percent – following several
other states that have taken steps to drastically curtail the triple digit interest
rates charged by payday installment lenders.
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Written by Tom Feltner
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March 27, 2008 |
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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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Written by Tom Feltner
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March 19, 2008 |
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The Federal Reserve should hold public hearings on the proposed acquisition of Countrywide Financial by Bank of America. It should also extend the public comment period thirty days to give stakeholders the opportunity to review the company's lending data, to be released April 1, 2008.
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Written by Geoff Smith
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March 04, 2008 |
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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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Written by Tom Feltner
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December 11, 2007 |
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The recently announced White House plan to offer
systematic interest rate relief for some borrowers with adjustable rate
mortgages about to reset to a higher rate is a modest, but worthwhile approach
to a growing crisis.
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