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Journal Article
Insurance and asset building
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 less likely to have various types of insurance, although these populations may be particularly vulnerable to financial setbacks that could (potentially) be mitigated by insurance.
AUTHORS: Coussens, Michelle; Newberger, Robin G.
DATE: 2008

Journal Article
Pre-implementation findings from the neighborhood stabilization program
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 NSP1, HUD allocated the money to 308 eligible state and local governments (50 states plus 258 cities and counties). Direct entitlement grantees (those that received the funds directly from HUD) also had the authority to re-allocate these funds to other cities and towns that did not receive an NSP grant from HUD. ; This article analyzes the experiences of launching an NSP project at three NSP sites in the Federal Reserve Bank of Chicago's district. The sites are Milwaukee, Wisconsin, Lafayette, Indiana and the southern suburbs of Cook County, Illinois. At each of these sites, the local foreclosure problem was (self) described as "severe" and each received about the same amount of NSP funds to stabilize the impacted neighborhoods. But these sites were also a diverse group in terms of the geographic scope of their projects and the process by which they received NSP funding: Milwaukee was an entitlement city, Lafayette was a sub-grantee of the state of Indiana and the suburban Cook County program received its NSP1 funding from the county, which itself was a direct grantee from HUD.
AUTHORS: Newberger, Robin G.
DATE: 2010

Journal Article
Bankruptcy: three Years after the Bankruptcy Reform Act of 2005
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 edition of Profitwise News and Views (PNV).
AUTHORS: Mirza, Helen
DATE: 2009

Journal Article
An informed discussion of the earned income credit--Milwaukee
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.
AUTHORS: Kuehl, Steven
DATE: 2004

Journal Article
Engaging corporate leaders and promoting economicdevelopment Milwaukee
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.
AUTHORS: Cannistra, Mary Jo
DATE: 2010

Journal Article
Competitiveness of Ethnic Minority Neighborhoods in Metropolitan Areas in the Seventh District
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
AUTHORS: Toussaint-Comeau, Maude
DATE: 2017

Journal Article
Community banks: what is their future and why does it matter?
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
AUTHORS: DeYoung, Robert; Newberger, Robin G.
DATE: 2005

Journal Article
RHOPI perspectives: neighborhood housing services of Chicago
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 (HOPI) formally in 2003. The idea behind the effort was to engage the new players in the mortgage market, including subprime lenders and servicers, who were playing an increasingly significant role as foreclosure rates grew, to help stem the rise in foreclosures.
AUTHORS: Wiggins, Christen
DATE: 2009

Journal Article
Determinants of Housing Values and Variations in Home Prices Across Neighborhoods in Cook County
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 communities, including higher income communities, resulting in broad-based, deep declines in home prices.
AUTHORS: Lee, Jin Man; Toussaint-Comeau, Maude
DATE: 2018

Journal Article
Nontraditional mortgages: appealing but misunderstood
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 payments, or the option to make lower payments for some period, compared with traditional fixed or adjustable rate mortgages. However, these lower payments can increase significantly if the borrower initially makes only the minimum payment, which may comprise less than the interest due. Nontraditional mortgage products can be effective tools for borrowers who are financially sophisticated and understand the risks of payment shock and negative amortization.1 Less financially savvy and less credit-worthy borrowers may not necessarily understand the terms and consequences of these products. In some instances, borrowers have found they owe more than their house is worth, even in appreciating markets, as a result of negative amortization.
AUTHORS: Chiu, Shirley
DATE: 2006

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