mortgage lending

Safety in Numbers: Creating a Fairer Housing Market

Written by Janis Bowdler, National Council of La Raza and Dory Rand, Woodstock Institute on September 10, 2010 - 7:23pm

The Home Mortgage and Disclosure Act (HMDA) requires mortgage lenders to provide detailed reports of their lending activities to regulators and the public.  HMDA data have long served as a powerful mechanism that identifies unfair lending practices, such as discriminating against minority families, women, and low-income borrowers.  HMDA is 35 years old, however, and Congress recognized it was time for a tune-up.

Learn how to hold mortgage lenders and bank regulators accountable by improving the Home Mortgage Disclosure Act

Regulators are holding a series of public hearings, including one in Chicago on September 16, on possible revisions to HMDA. HMDA data collection must be more comprehensive in order for regulators and the public to prove abusive discriminatory lending practices and hold lenders accountable.

Why update HMDA? Why now?

Why we must modernize CRA: More and more financial activity is taking place at non-CRA-regulated institutions

The percentage of assets deposited in banks and thrifts, which have community reinvestment obligations under CRA, has declined dramatically. When the CRA was enacted in 1977, households held 25 percent of their financial assets at CRA-regulated institutions. By 2007, that share had declined to 15 percent.

Why we must modernize CRA: assessment areas no longer reflect how banks do business

Regulators are in the process of re-examining CRA through a series of hearings throughout the country. We will be recommending key changes that must be made to CRA at the August 12 hearing at the Federal Reserve Bank of Chicago.

Woodstock co-sponsors South Side training for upcoming CRA modernization hearings

The hearing will include testimony from policymakers, community organizations, and financial services leaders. Attendees not presenting oral testimony will have the opportunity to ask questions during several open mic sessions. Both panelists and speakers at the open mic must register in advance. If you are registering to testify and have not received a confirmation, contact:

Regional HOPI Plenary investigates different ways of combating foreclosure crisis, looks to the future

At the Regional Home Ownership Preservation Initiative (RHOPI) 2010 Annual Plenary on July 15, more than 80 representatives from the public, private, and nonprofit sectors came together to hear leading practitioners explain how they are meeting those challenges—and worked together to come up with proposals to address persistent problems.

Click here to see the agenda.

Strong financial reform bill up for consideration in House and Senate

While the bill is not perfect, it creates, for the first time, an independent agency dedicated to ensuring that consumers’ interests are protected. Homeowners struggling because of job loss, illness, or other hardship will be eligible for help with their mortgage. Mortgages will subject to important new anti-predatory lending protections. And regulators and the public will be newly empowered with data that will allow them to make sure financial institutions are fulfilling their commitments to their communities.

TARP-Supported Banks Reduced Lending in Chicago, New Data Show

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.

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