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Increasing and protecting monetary assets of low income individuals and communities .ItвЂ™s an organization of tiny size six regular staffers but big achievements. The Woodstock Institute creates research and analysis to greatly help enhance the access, supply and prices of lending options such as for example checking records, house mortgages, and small company loans for folks of low and moderate incomes.
Started in 1973 to counter вЂњredliningвЂќ training in low earnings and minority communities, Woodstock attempted to explore public and personal policy alternatives that could end discriminatory housing and investment habits when you look at the Chicago metropolitan area. Soon it became clear that the organizationвЂ™s work had nationwide applications.
Minimal earnings communities in America face significant barriers to increasing and saving their assets that are financial. Each year through predatory mortgages, payday loans and other lending abuses in fact, current estimates suggest that they are stripped of approximately $25 billion in wealth. Specialists state that the economic problems addressed by Woodstock tend to be more urgent and extensive than whenever you want inside their three years of presence.
Located in Chicago, Woodstock has assisted protect the strong, federal Community Reinvestment Act the foundation of greater than $4 trillion in loans and opportunities for low and income that is moderate even while regulators and banking institutions have actually attempted to damage it. Woodstock has promoted strict tips to suppress lending that is predatory nationwide banking institutions. This has increased customer defenses against payday financing abuses. (more…)