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Journal Article
Strategies for selling smaller pools of loans
McCarthy, John (2006)
Proceedings of the Conference on the Secondary Market for Community Development Loans <p> In September 2006, the Federal Reserve hosted a conference on secondary markets for community development loans. A theme that emerged was that techniques, programs, and structures that work for large loans do not necessarily work for small ones. In this article, I briefly outline why smaller deals can be more difficult to finance, and describe two ways in which the Community Preservation Corporation (CPC) has used unrated transactions to overcome these obstacles. Finally, I suggest that a broad secondary ...
Community Development Investment Review , Issue 2 , Pages 40-43

Journal Article
The secondary market for community development loans
Erickson, David J. (2006)
Proceedings of the Conference on the Secondary Market for Community Development Loans. At the Federal Reserve?s September conference in Washington, D.C., one participant remarked, ?There are lakes of capital and lakes of need.? How to channel one to the other was the central question we wrestled with at the two-day conference. This article attempts to capture the major themes and ideas from those discussions. It starts with an overview, then explores why community development finance needs to evolve, and concludes with strategies to achieve next steps.
Community Development Investment Review , Issue 2 , Pages 08-23

Journal Article
Turning uncertainty into risk: why data are the key to greater investment
Tingerthal, Mary (2006)
Proceedings of the Conference on the Secondary Market for Community Development Loans. <p> The role of data dominated much of the discussion at the Federal Reserve?s Secondary Market for Community Development Loans Conference. In our discussions of how to attract new investors to the field, the group reviewed all the things that investors are looking for: volume, geographic diversity, homogeneous assets, etc. But what became clear was that, above all, investors need data. Any investment is possible only if the investor has the necessary information?the data?to decide whether to make an ...
Community Development Investment Review , Issue 2 , Pages 24-30

Journal Article
Bridging the information gap between capital markets investors and CDFIs
Seidman, Ellen (2006)
Proceedings of the Conference on the Secondary Market for Community Development Loans The problem of efficiently matching buyer and seller is both ancient and ubiquitous. It is, of course, the source of the concepts of brokerage and intermediation. The situation in which sellers are small, traditional and local and buyers large, sophisticated, and national or, indeed, global, is an especially difficult one to get right?especially from the perspective of the sellers. But it is also the situation in which modern technology may be most useful. This ancient dilemma resembles the problem of ...
Community Development Investment Review , Issue 2 , Pages 36-39

Journal Article
Growing pains
Winn, Douglas (2006)
Proceedings of the Conference on the Secondary Market for Community Development Loans. <p> Much has been said about the challenges of selling pools of loans into the capital markets via securitization or other techniques. In our experience, the actual sale is often the least difficult part of the process. The reason is that organizations can draw on the skills of a range of experts who can help with that part of the process. Attorneys are available who can guide organizations through the complexities of securities law; financial consultants offer advice regarding the proper accounting under ...
Community Development Investment Review , Issue 2 , Pages 31-35

Journal Article
The struggle to establish a vibrant secondary market for community development loans
Erickson, David J. (2006)
Securitization of loans and their sale to long-term investors has revolutionized many areas of finance: real estate, autos, consumer credit; but despite many efforts, it has not taken hold in community development financing. The obstacles to creating a secondary market for community development loans are similar to obstacles other markets faced: lack of data, standardization of documents and loan process, and loan volume. Other markets have managed to overcome these obstacles. Yet despite recent advances, such as Community Reinvestment Fund?s recent issuing of rated securities in November ...
Community Development Investment Review , Issue 1 , Pages 17-34

Journal Article
Check your guns at the door: how to get together to establish a secondary market
Dolan, Catherine (2006)
Proceedings of the Conference on the Secondary Market for Community Development Loans <p> Most organizational development professionals are familiar with Spencer Johnson?s book Who Moved My Cheese? Johnson?s tale is simple but insightful and reveals profound truths about change. The four characters in the story live in a maze and they need to look for cheese to nourish them and make them happy. The characters are Sniff, Scurry, Hem, and Haw. ?Cheese? is a metaphor for what you want in life, and ?maze? is where you look for what you want. In the story, the characters face unexpected change, ...
Community Development Investment Review , Issue 2 , Pages 44-45

Working Paper
Creating a marketplace: information exchange and the secondary market for community development loans
Choi, Laura (2007)
There is a lack of information exchange between community development lenders and capital investors that limits the growth of a secondary market for community development assets. This obstacle limits the ability of community development lenders to tap into the virtually endless capital resources of the secondary market, thereby limiting the valuable services these organizations provide to underserved communities.
Community Development Investment Center Working Paper , Paper 2007-01

Working Paper
Peer-to-peer lending and community development finance
Galloway, Ian (2009)
Peer-to-peer (P2P) networks directly connect computer users online. Popular P2P platforms include eBay and Craigslist, for example, which have transformed the market for used consumer goods in recent years. Increasingly popular, however, are P2P lending sites that facilitate debt transactions by directly connecting borrowers and lenders on the Internet. In the summer of 2008, the Center for Community Development Investments assembled a working group of community development leaders, investors, and Prosper Marketplace, the largest P2P lending platform in the world, to discuss the potential ...
Community Development Investment Center Working Paper , Paper 2009-06

Working Paper
Shifting ground: Can community development loan funds continue to serve the neediest borrowers?
Rubin, Julia Sass (2009)
Community development financial institutions (CDFIs) are designed to improve economic conditions for low-income individuals and communities by providing a range of financial products and services that often are not available from mainstream lenders and financiers. ; Part I of this paper reviews CDLF origins, structures, and current activities. Part II discusses the field?s historic sources of subsidized capital and why they have shrunk. Part III reviews potential new sources of capital and the organizational ways that CDLFs are responding to their changed environment. The paper concludes with ...
Community Development Investment Center Working Paper , Paper 2009-01

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