CAMBRIDGE - A new report from the Harvard Joint Center for Housing Studies examines lending patterns during the housing boom and current efforts to create a new mortgage market, in the wake of the housing bust.
By the Government Accountability Office
What GAO Found
From 1994 through 2011, the multifamily loan activities of Fannie Mae and Freddie Mac (the enterprises) generally increased. In this period, Fannie Mae held a lower percentage of multifamily loans in its portfolio than Freddie Mac. While the enterprises’ multifamily business operations generally were profitable, both enterprises reported losses in 2008 and 2009.
Citywide Financial Services Community Event (City of Chicago, West Side)Open A “Second Chance Bank Account" for $25 at any of the participating banks BRING $15 - THEN $10 WILL BE ADDED TO OPEN AN ACCOUNT Qualify for a $25 Match Deposit After 60 Days Join
Open a “Second Chance Bank Account" for $25 at any of the participating banks BRING $15 - THEN $10 WILL BE ADDED TO OPEN AN ACCOUNT; Qualify for a $25 match deposit after 60 days join the STABLE project homebuyers club & qualify for a $500 grant at the second chance banking, know your credit score, and homebuyers club event.
This is the first release of the DePaul University Institute for Housing Studies (IHS) Cook County House Price Index and reflects house price changes on properties with repeat sales from the first quarter of 1997 through the second quarter of 2012. The IHS Cook County House Price Index breaks out price trends separately for the four main residential property types found in Cook County: single family detached homes, condominium units, small multifamily rental buildings with two-to-four units, and larger multifamily rental buildings with five or more units.
Please join us for Moving Forward Together, a special networking event to address the Chicago and Milwaukee regional foreclosure and housing crisis. 500 bank, government and real estate executives are expected to attend.
Tuesday, October 2nd
3:00 p.m. – 4:00 p.m. General Networking Reception
4:00 p.m. - 6:00 p.m. Program
6:00p.m. – 7:30 p.m. Exclusive Sponsor Reception Read more »
Registration is now open for the Illinois Asset Building Group's 2nd Biannual Statewide Conference! This two-day conference will bring together community-based practitioners, researchers, advocates, decision makers, and financial institutions to lift up promising practices and move a comprehensive asset agenda forward in Illinois. An agenda for the conference will be posted in September. However, as we begin to confirm speakers, we will post a working agenda.
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Attorney General Lisa Madigan together with the Department of Justice announced a $175 million nationwide settlement with Wells Fargo over allegations that the bank steered borrowers of color into subprime loans more frequently than comparable white borrowers and charged borrowers of color more money for their mortgages than white borrowers were charged. The settlement will provide at least $15 million in restitution to impacted Illinois borrowers, while an additional $7 million will create a fund for down payment assistance.
Leading community organizations, including Chicago’s Woodstock Institute, report evidence of a two-tiered mortgage market characterized by high rates of government-backed loans made both to borrowers in communities of color and to borrowers of color in their new report, “Paying More for the American Dream VI: Racial Disparities in FHA/VA Lending.”
Completed foreclosure auctions in the Chicago six county region more than doubled from the first half of 2011 to the first half of 2012, new data from Woodstock Institute show. New foreclosure filings stayed relatively flat from the first half of 2011 to the first half of 2012, but several low-wealth communities that had seen recent declines in new foreclosures experienced substantial growth over the same time period. Foreclosure filings indicate the beginning of the foreclosure process, but not all filings end in a completed foreclosure auction.
By Woodstock Institute
Data from the Illinois Housing Development Authority (IHDA) show that the Illinois Hardest Hit Fund (HHF) is reaching a broader group of struggling homeowners and offering greater amounts of assistance than in the previous quarter. At the same time, the length of time it takes to process the HHF application is growing.