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November 1, 2007
A Panel Discussion hosted by the
GCI Community Economic Development Research Cluster
 
Title
The Mortgage Lending Crisis:
Implications for Our Communities
   
Speakers
Panelists:
    Harry Pestine
    Community Affairs Program Director
    Federal Reserve Bank of Chicago

    Ellen Seidman
    Executive Vice President, National Policy and Partnership Development, ShoreBank Corporation
    Director of the Financial Services and Education Project
    Asset Building Program, New America Foundation

    Geoff Smith
    Research Director
    Woodstock Institute

    Mike Van Zalingen
    Director, Homeownership Services
    Neighborhood Housing Services of Chicago
Moderators:
    Philip Ashton
    Assistant Professor, College of Urban Planning & Public Affairs

    Janet Smith
    Associate Professor, College of Urban Planning & Public Affairs
    Co-Director, Nathalie P. Voorhees Center for Neighborhood and Community Improvement
   
Location CUPPA Hall, Room 110
412 South Peoria, Chicago, IL 60607

RSVP Appreciated: (312) 996-8700

Anyone picking up a newspaper over the past several months will have noticed that we are in the midst of a dramatic period in US mortgage markets. On top of a downturn in housing markets nationwide, lenders specializing in nontraditional or subprime mortgages -– loans with unconventional terms or structures, or those that were made to borrowers with poor credit histories –- have found themselves with exploding levels of delinquencies, defaults, and foreclosures.

This event convened a panel of experts to provide a deeper perspective on the mortgage crisis and to draw out implications at the national, regional and local levels. Of particular concern were the implications of these developments for low-income and minority homeownership and neighborhood revitalization in Chicago, and the difficult decisions faced by advocates and policymakers as they search for solutions to the problems of high cost lending.

Download key facts (PDF) about the mortgage lending crisis and resources for more information. (Available as a Microsoft Word document here.)

Podcasts of the entire event are available for download:

Ellen Seidman segment
Geoff Smith segment
Mike VanZalingen segment
Harry Pestine segment
Question & Answer session
View the slide presentation given by Geoff Smith of Woodstock Institute; the presentation details graphically the extent of the subprime mortgage crisis. Accessible descriptions of the slides are available, in PDF format or Microsoft Word format.

This event was organized by the Community Economic Development Research Cluster of the Great Cities Institute at UIC -- a working group of researchers and programs that encourages, enhances, and sustains scholarship and new partnerships in the areas of community and economic development.