Woodstock Institute staff work with the press to provide research and policy expertise on issues ranging from foreclosures to predatory lending to banking reform and more. To reach a Woodstock expert, contact Drew Dickerson at 312-368-0310.
The Department of Education released final rules today that limit the eligibility of for-profit colleges for federal loans and aid if they fail to adequately prepare students for gainful employment.
Today, the Department of Defense released a proposed rule updating the Military Lending Act, which protects military servicemembers from predatory lending practices. The proposed rule closes several key loopholes that previously allowed lenders to trap servicemembers in a high-cost cycle of debt.
Completed foreclosure auctions decline gradually
Lack of access to credit could limit economic opportunity in disinvested communities
CHICAGO—There are significant disparities with respect to both race and neighborhood income in access to credit for businesses in the Chicago six county region, a new report from Woodstock Institute found. From 2008 to 2012, the business loan gap (that is, the difference between the total amount of loans made and proportional distribution of loans) in majority minority communities was estimated to be nearly $1.5 billion, and the gap in low-income communities exceeded an estimated $817 million.
Chicago – Today, Governor Pat Quinn signed HB 5622, legislation instituting strong consumer protections for Illinois workers who receive their wages on payroll cards. Sponsored by Sen. Kwame Raoul and Rep. Art Turner, and championed by Attorney General Lisa Madigan, the bill passed with bi-partisan support during the spring legislative session and, with the Governor’s signature, will now become law. Woodstock Institute and its partners in the Illinois Asset Building Group advocated for the expansion of consumer protections for payroll cards.
CHICAGO—The Director of the Federal Housing Finance Agency, Mel Watt, will visit Chicago today to urge homeowners to apply for the Home Affordable Refinance Program (HARP). HARP provides refinance opportunities to homeowners who are current on their mortgages and whose homes are worth less than the outstanding mortgage debt (also known as being underwater). In the absence of a program such as HARP, mortgage lenders do not typically approve refinances for homeowners with underwater homes.