This fact sheet looks at Illinois SB 2804 on wage assignments, which Governor Bruce Rauner signed into law on August 26. Our fact sheet discusses the rights afforded borrowers under the new law, and provides contact information should borrowers have any questions.
This Fact Sheet examines the terms of loans from major online lenders to small businesses. This analysis revealed that non-bank “fintech” loans to small businesses lack transparency regarding costs and terms, have effective interest rates up to over 350%, and include junk fees averaging $795 per loan. These loans, which resemble payday loans and the toxic subprime mortgage loans that led to the Great Recession, are made without regard to small business borrowers’ ability to repay and often trap borrowers in debt.
This fact sheet looks at the gender disparities in mortgage lending in the Chicago area. Woodstock Institute research found that most female mortgage applicants are less likely to receive a mortgage than male applicants. Woodstock recommends that banks look into to their mortgage lending processes to determine and correct any gender disparities. Woodstock also recommends regulators further investigate potential gender discrimination in the mortgage lending process.
This fact sheet summarizes the Unresolved Foreclosures: Patterns of Zombie Properties in Cook County report, which examines the extent to which mortgage servicers are filing for foreclosure and then not pursuing the case to resolution in different types of communities in Cook County, Illinois. The report defines a zombie property as a property with a foreclosure filing that has not been resolved for more than three years. Because neither the borrower nor the servicer has clear control of the property, neither has an incentive to assume responsibility for the property. Zombie properties, therefore, are likely to threaten neighborhood stability by being poorly maintained or blighted, especially in lower-income neighborhoods, The report concludes with recommendations to reduce the negative impact of zombie properties on communities in Cook County.
This policy brief looks at the Consumer Financial Protection Bureau’s (CFPB) online consumer complaint database and compares Illinois complaints by issue and product with the national complaint data. Using data from the CFPB’s July 2013 report and Illinois complaint data from June of 2011 through August 15, 2013, this brief looks at how consumers submitted complaints to the CFPB, which financial products received the most complaints, what the biggest issues were under each broad category of complaint, and which financial institutions received the most complaints.
This white paper compiles the lessons from a discussion on scattered site rental strategies convened by the Chicago Community Trust and the Regional Home Ownership Preservation Initiative.
This fact sheet highlights findings and recommendations from "Struggling to Stay Afloat: Negative Equity in Communities of Color in the Chicago Six County Region." It finds that negative equity is disproportionately concentrated in the Chicago region’s African American, Latino, and majority minority neighborhoods, and that borrowers in communities of color have much lower equity than do borrowers in predominantly white communities.
This fact sheet outlines Woodstock Institute's concerns with Capital One's proposed acquisition of ING Direct. These concerns include the institutions' unsatisfactory records of meeting community needs and potential for systemic risk.
This policy brief summarizes the Consumer Financial Protection Bureau's authorities in the absence of a confirmed director.
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.