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Woodstock Developments

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

June 17, 2010

 

From the President: Expanding our time horizons 

Dory RandIn a Washington Post article entitled “From the oil spill to the financial crisis,” U.S. Court of Appeals Judge and author Richard Posner described some of the reasons why we don’t adequately prepare for risks.

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Ask Governor Quinn to sign HB537 and put an end to 700 percent payday loans

Consumer advocates scored a significant victory today as the Illinois General Assembly passed strong consumer protections for high-cost installment loans and closed the payday loan loophole that allowed some payday companies to operate almost completely unregulated. As we move forward, we need your help to contact Governor Quinn and ask him to sign HB537, which puts an end to 700 percent payday and payday installment loans. Read more...

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“Beyond Foreclosures” starts discussion on the wealth gap and how to address it



More women will declare bankruptcy than get college degrees this year. Over one quarter of U.S. households are unbanked or underbanked, and 85 percent of these consumers are people of color. For every dollar that white Americans have, Latinos have 12 cents and African-Americans have 10 cents.

These are the kind of sobering statistics that experts presented to more than 100 representatives from community, research, financial, regulatory, and government groups at “Beyond Foreclosures: The Impact of the Financial Crisis on the Wealth Gap and Economic Opportunity.”

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Financial reform passes Senate, moves to negotiations

The federal financial reform bill passed the Senate last month, and members of the House and Senate are now in conference to negotiate the final bill. We must ensure that bill stays strong throughout negotiations. This means that it must include a strong and independent consumer financial protection agency; consumer protections that are a floor, not a ceiling; and no carve-outs for any financial service provider. Read more...

Related: Woodstock’s Tom Feltner joins Sen. Dick Durbin in celebrating passage of financial reform

Related: Financial reform shouldn't include loopholes for auto dealers

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New initiatives could boost small business lending

As unemployment continues to remain high, we must look for ways to allow small businesses to expand and create jobs. Small businesses are engines for job creation—they create 80 percent of new jobs—but the recession has taken a toll on small business owners’ ability to access the credit they need to expand their businesses. A number of initiatives have the potential to increase small business lending to sound borrowers. Read more...

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It’s easier than ever to stay in touch with Woodstock Institute

Have a question about Woodstock research? Want to keep up with the latest on foreclosures, financial reform, mortgage lending, asset building, and more? Woodstock Institute is now bringing you important research, analysis, multimedia, and news on Twitter, Facebook, YouTube, Flickr, and RSS.

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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: 2010 Regional HOPI Annual Plenary

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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  

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