Not displaying properly? Click here.

header.png


Woodstock Developments

A monthly update on new research, analysis, and advocacy from Woodstock Institute

May 21, 2010

 

From the President: Woodstock addresses Chase CEO at Shareholder Meeting in NYC 

 
Dory RandChase CEO Jamie Dimon has refused requests of Woodstock Institute and colleagues for a meeting to discuss the deleterious effects of its consumer lending and mortgage loan modification practices on our communities, but I finally got a chance to speak to him directly at the Chase shareholder meeting in New York on May 18. When I got my turn at the microphone, I explained that, as a customer of Chase and its predecessor banks in Chicago for nearly 28 years, I want to be proud of the bank where I do business.

Read more...

Back to Top

Consumer advocates cheer as Chase exits refund anticipation loan business

Woodstock Institute and consumer advocate allies cheered when they learned on April 27 that JP Morgan Chase is exiting the business of providing about 1.5 million high-cost consumer loans annually based on expected income tax refunds (refund anticipation loans, or RALs). Chase stated its reasons for exiting are that these products are not “a strategic fit” with its business and that it faced “increased regulatory scrutiny.” Woodstock commends Chase for (finally) doing the right thing. Read more...

Back to Top

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


Back to Top

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

Back to Top

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.

Back to Top

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:



Back to Top

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

Back to Top

In this issue

  Recent Work

File IconPaying More for the American Dream IV: The Decline of Prime Mortgage Lending in Communities of Color
May 2010 

File IconGovernment Interventions Have a Limited Impact on Chicago Area Foreclosure Activity in 2009
February 2010 

File IconDiverted Opportunity: Refund Anticipation Loans Drain Wealth from Low Wealth Tax Filers and Communities of Color
January 2010  

  [+] View All Publications

  Upcoming Events

Beyond Foreclosures: The Impact of the Financial Crisis on the Wealth Gap and Economic Opportunity
June 3, 2010
8:30am-12:30pm
Federal Reserve Bank of Chicago



29 E. Madison, Suite 1710 | Chicago, Illinois 60602-4566 | (312) 368-0310 tel | (312) 368-0316 fax