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Context for the Bank Branch Challenge Borrowers and communities of color targeted for abusive subprime mortgage products Foreclosure and economic crisis.

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Presentation on theme: "Context for the Bank Branch Challenge Borrowers and communities of color targeted for abusive subprime mortgage products Foreclosure and economic crisis."— Presentation transcript:

1 Context for the Bank Branch Challenge Borrowers and communities of color targeted for abusive subprime mortgage products Foreclosure and economic crisis disproportionately impacts communities of color Government interventions attempt to stabilize banking industry and housing market Banks slow to return to lending, as underwriting criteria tightens, communities of color largely left out Multi-state, seven city study documents patterns New York Community Bank Corp purchased 66 bank branches of Ohio Savings (only purchase of bank branches outside of Metropolitan New York)

2 Ohio Savings ATM No Longer in Service

3 Foreclosure Crisis

4 WOODSTOCK INSTITUTE | MONTH YEAR

5 Origination and Denial Rates in Cuyahoga County by Race/Ethnic Composition of Census Tract for Conventional Home Purchase Applications, 2009 WOODSTOCK INSTITUTE | OCTOBER 2010

6 Origination and Denial Rates in Cuyahoga County by Race/Ethnic Composition of Census Tract for Conventional Refinance Applications, 2009 WOODSTOCK INSTITUTE | OCTOBER 2010

7 WOODSTOCK INSTITUTE | MONTH YEAR

8

9 Ohio Savings Deposits by Branches 6/ East Ninth Street Cleveland 336, Broadview Road Cleveland131, Pearl RdCleveland110, Mayfield Rd Cleveland 96, Cedar RdCleveland 93, Turney RoadCleveland 86, Pearl Road Strongsville 86, Cedar RdBeachwood 84, Center Ridge Rd Rocky River 76, Richmond Rd Cleveland 74, Chagrin BlvdBeachwood 73, Great Northern BlvNorth Olmsted 72, Aurora RoadSolon 69, Farnsleigh Road Beachwood 67, Warren RoadCleveland 66, Royalton RoadNorth Royalton 55, Snow RoadBrook Park 52, Lee RoadCleveland 36, Detroit RoadWestlake 26, Shaker SquareCleveland 22, West 25th Street Cleveland 17,693

10 BANK BRANCH CLOSING OHIO SAVINGS CLOSED ITS BANK BRANCH WITH $23 MILLION IN DEPOSITS IN AN INTEGRATED NEIGHBORHOOD, SERVING LOW AND MODERATE INCOME RESIDENTS OHIO SAVINGS/NEW YORK COMMUNITY BANK HAS PROVIDED NO LOGICAL BUSINESS RATIONALE FOR CLOSING THIS BRANCH, HAVING RECEIVED $2-4 BILLION IN FDIC FUNDS

11 Ohio Savings/New York Community Bank does not participate in the Mortgage Bulletin or the Cuyahoga County Treasurer’s Link Deposit Program

12 NEXT STEPS CRA COMMENT LETTER TO FDIC FILE FAIR LENDING COMPLAINT WITH OHIO CIVIL RIGHTS COMMISSION-HUD FHEO INVOLVE CONGRESSIONAL OFFICES IN FILING CRA COMMENTS ORGANIZE PUBLIC MEETING TO BE HELD AT OUR LADY OF PEACE CHURCH TO DISCUSS BANK DEMANDS


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