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Research Reports Indepth analysis of persistent problems in the field of community development. Woodstock's research reports contribute to the body of knowledge used by policymakers and community development practitioners.
DocumentsDate added
Paying More for the American Dream IV: The Decline of Prime Mortgage Lending in Communities of Color
05/12/2010
This report, released by a national coalition of research, policy and advocacy organizations, examined mortgage lending patterns of banks in seven metropolitan areas and found a dramatic decrease in prime home purchase and refinance loans to communities of color. The report includes appendices for each metropolitan area and policy recommendations. 
Government Interventions Have a Limited Impact on Chicago Area Foreclosure Activity in 2009
02/03/2010
Geoff Smith and Sarah Duda This report summarizes key foreclosure trends in the Chicago region for 2009 and updates Woodstock Institute reports and fact sheets released previously that illustrated key aspects of the foreclosure crisis, such as the spread of the crisis to suburban communities, the growing number of condominium foreclosures in Chicago, and the accumulated impact of the crisis on lower-income communities. The report includes detailed appendices with data for City of Chicago community areas and municipalities in the Chicago Six County Area, as well as DeKalb, Winnebago, and Kendall County. Geoff Smith, Sarah Duda, and Katie Buitrago This report found that high-cost refund anticipation loans (RALs), which allow borrowers to receive their expected tax refund in one to three days, cost Illinoisans more than $114 million in 2006, with tax filers in African-American communities 3.5 times more likely to use RALs than the state average. The report is based on an analysis of 2006 tax data and recommends policy changes, such as a RAL fee cap and better funding of free tax preparation, to reduce the negative impact of RALs on low-wealth communities.
Geoff Smith, Sean Zielenbach, Jennifer Newon, and Sarah Duda
This study examines the nature of the interaction of banks and community development financial institutions (CDFIs) in small business lending. We examine the experience of six different CDFIs that vary by size, corporate structure, and market. We explore how they both collaborate and compete with regulated lenders, and how changes in local and national market dynamics affect their activities. Our case studies are not necessarily representative of the CDFI industry, but they offer insights on the factors that shape CDFIs’ interactions with and responses to more mainstream institutions. Our findings are therefore more descriptive than prescriptive, although we offer suggestions for both CDFI practice and future research.
This report examines financial products that take advantage of the economic vulnerability of older persons and highlights key features of some alternatives. It is based on extensive conversations with leading members of the policy and advocacy community, financialservices industry, and bank regulatory agencies. The report concludes with recommendations for both bank regulatory andfinancial institution policy to advance financial products that protect the economic security of older persons.
Roadblock to Recovery: Examining the disparate impact of vacant lender-owned properties in Chicago
09/29/2009
Geoff Smith and Sarah Duda This report analyzed Chicago region foreclosure auction and property transfer data and found that vacant, lender-owned properties are heavily concentrated in African American communities, go unsold longer, and incur greater losses to the lender than similar properties in predominantly white communities.
This report found that much of South Suburban Cook County, McHenry County, and parts of Northwest Will County have gaps in foreclosure counseling services. Even in areas where several agencies actively provide foreclosure prevention counseling, four out of every five new foreclosure cases in 2008 did not access counseling services.
Geoff Smith, Sarah Duda, and Malcolm Bush This report demonstrates that measuring how well a bank provides basic banking services to low-wealth consumers could be done using existing data. Using proprietary data collected from two bank branches located in low-wealth communities, it shows that the type of transaction level data, previously thought to be unavailable to regulators and costly to collect for financialinstitutions, is routinely collected by at least one large bank for marketing purposes.This report analyzes 2007 Home Mortgage Disclosure Act data and finds that, in low- and moderate-income communities, depositories with CRA obligations originate a far smaller share of higher-cost loans than lenders not subject to CRA. It also finds that lenders covered by CRA are much less likely to make higher-cost loans in communities of color than lenders not covered by CRA. Tom Feltner and Sarah Duda This report analyzes detailed, loan level data and describes the terms and conditions, borrower demographics, and default characteristics of loans made by consumer installment lenders in Illinois. |
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