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Journal Article
Insurance and asset building
Coussens, Michelle; Newberger, Robin G. (2008-05)
This study explores the connections between insurance, wealth building/wealth preservation, and access to financial services (hereafter financial access) for low- and moderate-income consumers. It examines the needs, attitudes, and practices that these consumers have regarding insurance, and considers whether and how information or more direct access to insurance might complement the strategies and goals of organizations that help low-wealth consumers to build and protect their assets. Many of the same population groups who are less likely to use mainstream financial institutions are also ...
Profitwise , Issue May , Pages 1-12

Journal Article
Pre-implementation findings from the neighborhood stabilization program
Newberger, Robin G. (2010-11)
In 2009, states, counties and cities across the country applied for approximately $3.9 billion from the United States Department of Housing and Urban Development (HUD) to confront the problems of foreclosures and property abandonment. The Neighborhood Stabilization Program (NSP) is the principal federal response to address the impact of foreclosed properties on neighborhoods. NSP provides federal grants to every state and certain local communities to purchase foreclosed or abandoned homes and rehabilitate, resell or redevelop them to stem the decline of values of neighboring homes. Under ...
Profitwise , Issue Nov

Journal Article
Bankruptcy: three Years after the Bankruptcy Reform Act of 2005
Mirza, Helen (2009-06)
On October 17, 2005, a major U.S. federal bankruptcy reform law took effect. This change (the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a.k.a. the Bankruptcy Reform Act of 2005) had been over 10 years in the making and represented the culmination of years of effort on the part of both consumer advocates and lenders, as well as regulators and others. This act amended the 1978 bankruptcy code, and was the most significant and sweeping change since that date. We summarized this seminal change in bankruptcy, focusing on nonbusiness filing ramifications, in the April 2006 ...
Profitwise , Issue Jun , Pages 12-17

Journal Article
An informed discussion of the earned income credit--Milwaukee
Kuehl, Steven (2004-01)
The Earned Income Tax Credit (EITC) continues to be a controversial public benefit tool. The EITC was last highlighted in the Profitwise Winter 2003 edition, available at: www.chicagofed.org/community-development/profitwise.cfm.
Profitwise , Issue Jan , Pages 16-19

Journal Article
Engaging corporate leaders and promoting economicdevelopment Milwaukee
Cannistra, Mary Jo (2010-12)
The Federal Reserve Bank of Chicago, Milwaukee Urban Entrepreneur Partnership, and the University of Wisconsin?s Center on Business and Poverty convened a series of meetings over the past year to discuss how corporate and civic leadership can be engaged to promote economic development in Milwaukee, Wisconsin.The meetings focused on forging greater links between corporations and small- and minority-owned businesses in the community, and on employment based programs that help provide for the health and wealth of working families and help sustain communities.
Profitwise , Issue Dec , Pages 27-34

Journal Article
Competitiveness of Ethnic Minority Neighborhoods in Metropolitan Areas in the Seventh District
Toussaint-Comeau, Maude (2017)
This article by senior business economist Maude Toussaint-Comeau explores employment change in ethnic minority neighborhoods in the Seventh District in comparison to job growth within their regions before and after the Great Recession. Among the high-level findings is that ethnic neighborhoods in economically growing metro areas tend to have high job growth, underscoring the value of policies that promote economic inclusion
Profitwise , Issue 4 , Pages 4-25

Journal Article
Community banks: what is their future and why does it matter?
DeYoung, Robert; Newberger, Robin G. (2005-03)
The U.S. banking system has undergone a dramatic restructuring since the 1970s. One of the biggest changes is the reduced number and market share of community banks. The number of banks with less than $1 billion in assets ? a common definition of community bank ? has declined from approximately 14,000 in 1980 to about 7,000 today. Concurrently, the proportion of assets held by the ten largest bank holding companies increased from less than 25 percent to more than 75 percent, while community banks? share fell from about one third of the market to well under one fifth
Profitwise , Issue Mar , Pages 9-11

Journal Article
RHOPI perspectives: neighborhood housing services of Chicago
Wiggins, Christen (2009-12)
Over seven years ago, Neighborhood Housing Services of Chicago (NHS) increased substantially its focus on working to help victims of predatory lending avoid foreclosure. Well before the ?foreclosure crisis? was a national phenomenon, home owners, mostly in lower-income communities, were facing foreclosure at an increased rate due to the predatory practices of mortgage brokers peddling subprime loans with high interest rates. NHS identified this issue through its network of neighborhood offices, neighborhood staff, and advisory councils, and initiated the Home Ownership Preservation Initiative ...
Profitwise , Issue Dec , Pages 8-10

Journal Article
Determinants of Housing Values and Variations in Home Prices Across Neighborhoods in Cook County
Lee, Jin Man; Toussaint-Comeau, Maude (2018)
From 2007 to 2009, the U.S. underwent one of the worst recessions in its history, a recession triggered by an unprecedented, international financial crisis that resulted from institutional portfolio concentration in securities backed by home mortgages, and the collapse of that securities market. The period saw a wave of defaults and foreclosures that spared almost no communities in metropolitan areas throughout the country (Bajaj and Story, 2008). Loan defaults and foreclosures, which had tended to be concentrated in lower-income and minority neighborhoods, spread to new and diverse ...
Profitwise , Issue 1 , Pages 1-23

Journal Article
Nontraditional mortgages: appealing but misunderstood
Chiu, Shirley (2006-12)
Nontraditonal mortgages offer potential benefits for home buyers in strong, stable housing markets. Various payment options increase flexibility and enable borrowers to significantly reduce payments in the short term. In rapidly appreciating housing markets, these options also allow borrowers with certain needs, such as those who must live in areas defined by their employers (e.g., police, municipal workers, etc.), to make home purchases where real estate price increases have outpaced their capacity to buy using conventional financing. These mortgages typically feature lower initial monthly ...
Profitwise , Issue Dec

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