The report, “The Case for Banning Payday Lending: Snapshots from Four Key States,” describes state and local battles against the payday lending industry, comparing experiences of states that ban payday lending through strong state usury caps with states that permit payday lending.
The U.S. Department of the Treasury recently released a report to Congress outlining three options for the future structure of the housing finance system. Panelists will discuss current challenges facing mortgage lending and the impacts of potential changes to housing finance on access to credit for affordable housing, rental housing, traditionally underserved groups, and more.
At Woodstock’s annual Community Investment Reception to be held in Spring 2011, we would like to recognize the accomplishments of community-based organizations, financial institutions, and the media that exemplify what it means to work locally with a national impact.
Please consider taking a moment to share with us those members of the economic justice community for this important award.
Woodstock Institute Senior Vice President Geoff Smith presented the findings of a new report that found that thousands of foreclosed, vacant homes in the City of Chicago are likely poorly maintained, lack clear ownership, and threaten to destabilize neighborhoods. “The steward relationship between loan servicers and the homes in our neighborhoods is broken,” noted Smith.
The data show that:
Growth in new foreclosure filing activity continues to be concentrated in the region’s middle- and upper-income urban and suburban communities.
• Counties with the greatest increases in new foreclosure filings between 2009 and 2010 include McHenry County (33 percent increase) and Will County (21.4 percent).
The foreclosure crisis has exacerbated ongoing concerns about the impacts of vacant homes on communities.
Like the Grinch of Whoville fame, the Payday Grinch can put a real damper on the holiday season. Instead of stealing gifts and holiday ham, the Payday Grinch offers short-term financial products with high fees that can sap working families’ assets and threaten their financial security. Families are struggling to make ends meet, between the weak economy and the pressures of holiday shopping, so the temptation to visit the Payday Grinch can be particularly strong.
That’s the question that journalist and filmmaker Danny Schechter asks in his latest film, “Plunder: the Crime of our Time.” “Plunder” argues that the financial crisis was built on a foundation of criminal activity in the housing market, not just poor underwriting or unsustainable mortgage products.