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TARP-Supported Banks Reduced Lending in Chicago, New Data Show



A report released by a multi-state collaboration of regional research, policy and advocacy organizations documents the dramatic decrease in low-cost home loans made between 2006 and 2008, and highlights that communities of color were hardest hit by the drop-off in lending.

The report, Paying More for the American Dream IV, examines the mortgage lending patterns of banks, including the nation’s four largest financial institutions, in seven metropolitan areas in the United States: Boston, Charlotte, Chicago, Cleveland, Los Angeles, New York City, and Rochester, NY. Read more...  

Related: Online Community Lending Fact Book


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Chicago region sees jump in completed foreclosures

An increasing number of Chicago area homes were lost to foreclosure in the first three months of 2010, according to new foreclosure data released by Woodstock Institute. In the first quarter of 2010, there were 9,302 completed foreclosure auctions in the region, the largest number of completed auctions recorded in a quarter since the beginning of the mortgage crisis in 2006. In the Chicago six-county area, the number of completed foreclosure auctions in the first quarter of 2010 increased by 56 percent when compared to the first quarter of 2009. The region also saw a nearly 80 percent increase in completed foreclosure auctions from the fourth quarter of 2009 to the first quarter of 2010. Read more...

Related: HAMP activity drops in Chicago as well as nationally: April

Related: Chicago area permanent HAMP modifications on the rise, but total activity flatlines: March

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Speakers announced for "Beyond Foreclosures: The Impact of the Financial Crisis on the Wealth Gap and Economic Opportunity"

Woodstock Institute is excited to announce the schedule of presenters for "Beyond Foreclosures: The Impact of the Financial Crisis on the Wealth Gap and Economic Opportunity." The forum will explore how the economic and foreclosure crisis has changed the landscape of access to financial services and, in particular, how it has affected credit scores and bankruptcy rates in communities of color. Kilolo Kijakazi of the Ford Foundation will deliver the keynote address. Click here to see the full lineup.

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Woodstock Institute thanks departing board members for service
It's a year of big transitions for Woodstock Institute's board of directors. Eight board members are moving on due to term limits or other obligations. Woodstock Institute extends a heartfelt thank you to the board members who have shared their expertise with the Woodstock staff and board over the years and wishes them the best in future endeavors:

• Robert Chaskin, PhD, University of Chicago
• Pamela Daniels-Halisi, The PrivateBank
• Charles M. Hill, Sr., Charles Hill & Associates, Inc.
• Daniel Immergluck, Georgia Institute of Technology
• Mary Nelson, PhD, Consultant
• Stephen A. Perkins, PhD, Center for Neighborhood Technology
• Gail Schechter, Interfaith Housing Center of the Northern Suburbs
• Ada Skyles, PhD, JD, University of Chicago

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Looking for information on the foreclosure crisis in the Chicago metro area?

Visit the Regional Home Ownership Preservation Initiative's website at www.regionalhopi.org. The RHOPI site is a one-stop shop for foreclosure information in the Chicago region, such as success stories of local efforts to forge solutions to the foreclosure problem, events, resources for homeowners and renters in trouble because of foreclosure, regional and national research, and data and indicators.

New at RHOPI: Families enjoy NSP-rehabbed homes in Cicero

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