To understand why some parts of Philadelphia continue to struggle to attract investment in businesses it is critical to know about the city’s history of redlining and segregation. “Redlining” was the practice of barring lending in certain areas of cities based not just on the physical factors of the neighborhood and its housing stock, but […]
Philadelphia and business disinvestment Read More »
At the national level, disparities in the proportion of minority-owned and white-owned businesses have been narrowing over time. A 2012 survey of business owners indicated that while nearly 71% of businesses were white-owned, black and Hispanic entrepreneurship increased from 7.1% and 8.3% in 2007, to 9.5% and 12.2%, respectively. Unfortunately, the number of black and
Minority entrepreneurship in Philadelphia Read More »
For years, advocates have known that the Community Reinvestment Act, or CRA, helps low and moderate income communities gain access to financial services, loans, and community development investments that would otherwise be unavailable. Since 1996, over $2 trillion in community development, mortgage, and business loans were made by banks obligated to invest in their communities
What the Community Reinvestment Act means to lending in Philadelphia Read More »
With $45 billion in annual funding over 10 years, the progressive senator is proposing a solution that would fund a massive investment in creating more affordable housing.
Fast Company: Elizabeth Warren has a plan to help end the housing crisis Read More »
While much in the OCC’s initial draft raises concerns, there is an opportunity to take a good, but incomplete law and make it better.
American Banker: OCC should improve CRA, not gut it Read More »
White borrowers pay down their education debt at a rate of 10 percent a year, compared with 4 percent for black borrowers, a study finds.
CNBC: Racial wealth inequality is worsened by student debt, study finds Read More »
The American Housing and Economic Mobility Act of 2018 addresses housing supply, discrimination, financing, zoning, and taxes.
Curbed: Senator Warren has a $450 billion plan to fix the housing crisis Read More »
“The foreclosure crisis really started as a subprime lending crisis,” Van Tol said, referring to the extremely risky loans lenders made to borrowers with less-than-stellar credit in the lead up to the crisis. “Low-and-moderate income people and people of color were disproportionately targeted for these bad loans.”
Market Watch: A decade after the housing crisis, foreclosures still haunt homeowners Read More »
For those who aren’t rich and white, the American dream of home ownership is too often out of reach.
Media Planet: 3 key ways to fight lending discrimination Read More »
Government should help low-income buyers and give cities incentives to boost housing construction.
Bloomberg: America needs to revive the American dream of homeownership Read More »
Jesse Van Tol, CEO of the National Community Reinvestment Coalition, believes the bill’s reform of the CRA is essential and that banks need to be held accountable when they loan to low-income communities and communities of color.
The Atlantic: Elizabeth Warren’s ambitious fix for America’s housing crisis Read More »
“This bill presents a vision for updating the Community Reinvestment Act that places the well-being of communities at the center of it,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition.
American Banker: Warren wades into CRA overhaul with revamp plan of her own Read More »
ISPs are painting over US broadband problems, and the FCC is letting it happen.
The Verge: How bad maps are ruining American broadband Read More »
More than half of all mortgages issued last year came from non-bank lenders, up from 9 percent in 2009 and higher than non-banks’ market share before the financial crisis.
Washington Post: Non-bank lenders are back and even bigger than before Read More »
WASHINGTON, D.C. – Today, Senator Elizabeth Warren announced a new bill tackling discriminatory lending, Community Reinvestment Act modernization, affordable homeownership and relief for families still recovering from the Great Recession. Jesse Van Tol, CEO of the National Community Reinvestment Coalition (www.ncrc.org), made the following statement: “Senator Warren is proposing a bold vision for addressing financial
Senator Warren proposes new vision for affordable housing and economic opportunity Read More »
