Consumer Lending Reform - Research
On November 3, Jody Blaylock from IABG and Spencer Cowan from Woodstock Institute hosted a webinar on the findings of our new report, No Right Turn: Illinois' Auto Title Loan Industry and Its Impact on Consumer.
This study examines women’s access to mortgages in the Chicago six county region to determine whether female mortgage applicants may be disadvantaged in securing financing to either purchase a home or refinance one already owned. This research examines additional factors, beyond the race or ethnicity of the applicant, which may be contributing to the disparities in origination rates. Using HMDA data for the period 2011 to 2013, the research explores three factors that may be correlated with disparities in origination rates for female applicants: 1) the income level of the borrower; 2) the type of loan applied for; and 3) the geographic location of the property within the Chicago region. In addition, we analyzed data from all lenders that reported receiving at least one percent of all applications for the study period to see if there were differences in origination rates among the institutions.
For years, community groups and advocates around the country have waged pitched battles to eliminate payday lending in their respective states. Notwithstanding extensive documentation of the payday lending debt trap and the billions of dollars payday lenders have systematically stripped from low-income families and communities, especially those of color, the payday lending industry has cannily built and exerted its political power in state capitols throughout the U.S. As a result, many states permit usurious payday lending, with often dire consequences for millions of payday loan borrowers already struggling to make ends meet.
This fact sheet highlights findings and recommendations from "Bridging the Gap II: Examining Trends and Patterns of Personal Bankruptcy in Cook County’s Communities of Color." The report found that women make up a larger share of individual bankruptcy filers in all communities, and a dramatically larger share in African American communities, than men do.