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.
New foreclosure filings in the Chicago six county region rose 21 percent from 2008 to 2009 despite federal, state, and local programs designed to curb the foreclosure crisis, says a new Woodstock Institute report. During the fourth quarter of 2009, the region saw 24,053 new foreclosure filings—the highest quarterly number observed since 2005.
Refund anticipation loans (RALs), which allow borrowers to receive their expected tax refunds in one to three days, cost Illinoisans more than $114 million in 2006, according to a new report. Tax filers in African-American communities were 3.5 times more likely to use RALs than were tax filers in other communities. Over 23 percent of tax filers in African-American communities used RALs to access their refund early, while only 6.8 percent of all tax filers statewide used RALs.
Community development financial institutions (CDFIs), a critical source of credit in lower-wealth communities, need more stable and consistent sources of lending capital to have an impact on the recovery of markets most impacted by the economic crisis, says a report from Woodstock Institute published by the Federal Reserve Bank of San Francisco’s Center for Community Development Investments.
Checking accounts with high-cost overdraft fees are increasing older persons’ economic vulnerability, says a new report from Woodstock Institute, “Improving Economic Security Later in Life: Meeting the Credit and Financial Services Needs of Older Persons.” The controversial overdraft fees, recently under fire from Senator Chris Dodd (D-CT), particularly burden beneficiaries of Social Security payments and low-income older persons.
Vacant, lender-owned properties are concentrated in African American communities, go unsold longer, and incur greater losses to the lender, says a new report from Woodstock Institute entitled Roadblock to Recovery: Examining the Disparate Impacts of Vacant Lender-Owned Properties in Chicago.
Housing counselors are struggling to keep up with strong demand for foreclosure prevention services, while some communities lack counseling resources all together, according to a new report by Housing Action Illinois, a counseling advocate, and Woodstock Institute.