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Journal Article
RHOPI perspectives: the Federal Reserve Bank of Chicago

The Chicago Fed and the Federal Reserve System have a longstanding interest in the causes and ramifications on unstable housing markets and high foreclosure rates, The Federal Reserve System helped to establish what is now known as NeighborWorks America, the umbrella organization for national nonprofit housing enterprise with 250 offices of which Neighborhood Housing Services of Chicago (NHS) is an affiliate, one that is nationally recognized for its work in revitalizing neighborhoods, and more recently, stemming foreclosures. A member of the Federal Reserve Board of Governors, currently ...
Profitwise , Issue Dec , Pages 1-4

Journal Article
Economic development in rural Wisconsin: developing a 21st century response to compete in today’s global marketplace

In October 2011, the Federal Reserve Bank of Chicago?s Community Development and Policy Studies division co-sponsored a two-day conference that explored and discussed policies that speed, strengthen, and enhance economic development in Wisconsin?s rural areas to increase their competitiveness in today?s global economy. This article summarizes key points from presentations and discussions at the symposium. ; Over 150 participants, representing community banks in the Seventh Federal Reserve District, economic development/finance agencies, small business owners, researchers, and policymakers, ...
Profitwise , Issue Nov

Journal Article
From Classroom to Career: An Overview of Current Workforce Development Trends, Issues and Initiatives

Earlier this year, Community Development and Policy Studies (CDPS) staff at the Federal Reserve Bank of Chicago released a report on its Industrial Cities Initiative (ICI).[1] The report features a quantitative assessment of ten Midwestern “industrial cities” that is augmented by more than 175 interviews with city leadership. The report explores whether – and to what extent – these cities have been able to withstand a decline in manufacturing employment since the 1960s. Workforce development was the most common and ...
Profitwise , Issue Fall , Pages 1-37

Journal Article
Addressing the financing needs of small businesses in the Seventh Federal Reserve District

Addressing the Financing Needs of Small Businesses is a Federal Reserve System initiative designed to inform policymakers on the issues that restrict the flow of credit and opportunities to improve the flow of credit to small businesses. A widely held view among policymakers and other observers is that economic recovery and prospects for job growth will falter if small businesses cannot meet payroll, pay suppliers and invest in innovation and expansion. ; As part of this national initiative, the Community Development division of the Federal Reserve Bank of Chicago held meetings in Davenport, ...
Profitwise , Issue Dec , Pages 2-22

Journal Article
From pathways to policy: an overview of green collar jobs advocacy

The term "Green Collar Job" for many of those who use it, represents more than a label describing environmentally friendly occupations. In particular, the expression tends to evoke a hopeful vision of economic development that combines inclusive prosperity and environmental stewardship in complementary ways. Yet even supporters who admire the term's ability to inspire acknowledge its ambiquity and unwieldiness from a technical perspective. Others have even wondered whether the phrase is anything more than a "trendy term for politicians and others to bandy about."
Profitwise , Issue Sep , Pages 2-8

Journal Article
CEDA (Community and Economic Development of Association): celebrating 40 years of building community partnerships to improve lives

After President Lyndon Johnson declared an ?unconditional war on poverty?1 in 1964, the Economic Opportunity Act2 was drafted, and numerous organizations quickly formed to wage battle in communities around the country. The Community and Economic Development Association of Cook County, Inc. (CEDA)3was one such group. Established in 1966, CEDA began at the grassroots level ? in schools, churches, storefronts, and community centers. It is now one of the largest private nonprofit organizations in the U.S., with over 200 offices throughout Cook County. With a staff of 700, over 4,500 volunteers, ...
Profitwise , Issue May , Pages 8-10

Journal Article
Nonprime loans: a view from the local level

This article presents information on the location of subprime and Alt-A mortgages ("nonprime" loans) in the five states within the Federal Reserve Bank of Chicago?s district (Illinois, Indiana, Iowa, Michigan, and Wisconsin). The purpose is to identify the zip codes and communities most affected, or at risk of being affected, by foreclosures. We present a series of maps that show the zip codes with the highest numbers and highest concentrations of subprime and Alt-A loans, as well as the past-due and foreclosure rates in these neighborhoods. For illustration purposes in the print version ...
Profitwise , Issue Jun , Pages 1-11

Journal Article
Bankruptcy in America: where are we seven years after reform?

While economic worries, including high unemployment and high rates of foreclosure, persist in America, one indicator that receives relatively little media attention is household bankruptcy. While bankruptcy, particularly Chapter 7 bankruptcy, offers a fresh financial start to the petitioner, certain types of obligations, such as child support, tax liens, and security interests in automobiles and homes, remain the responsibility of the petitioner (i.e., the person seeking bankruptcy protection). For the debt that is discharged, all efforts by creditors to recover or collect from the bankrupt ...
Profitwise , Issue Dec , Pages 5-8

Journal Article
Residential Mortgage Lending for Underserved Communities: Recent Innovations

As the United States continues to recover from its worst financial crisis since the 1930s, housing finance leaders from both the public and private sectors have diligently worked to develop programs, products, and services to safely expand access to affordable homeownership. Despite persistently low interest rates, relatively modest growth in home prices, and a strengthening labor market, purchase mortgage volume remains low compared to the pre-crisis and pre-bubble years, and the homeownership rate continues to fall. Factors contributing to the homeownership decline include the still ...
Profitwise , Issue 1 , Pages 11-19

Journal Article
Seventh District Workforce Development Programs That Serve Marginalized and Disadvantaged Populations

In 2011, the Community Development and Policy Studies (CDPS) division of the Federal Reserve Bank of Chicago launched the Industrial Cities Initiative (ICI) to take a close look at 10 former industrial/manufacturing hubs and their economic evolution over the last 50 years.
Profitwise , Issue 2 , Pages 10-15




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