Poll: Mass. Banks Could Win Over Low Income Consumers
New polling commissioned by an advocacy group says Massachusetts’ banks have a market opportunity if they can win low-income residents’ trust.
Harris Wants to Offer $25K Down Payment Assistance Grants. Will They Help?
If the state’s housing supply doesn’t also get a significant boost, some worry that a pulse of new aspiring homebuyers might only send demand – and thus prices – higher and higher.
Boston Mortgage Payments Are Outstripping Income Gains
While home prices continue to rise, first-time buyers are finding that more pressure is being put on their pocketbooks even though incomes rose region-wide during the pandemic.
Community Benefits Agreements ‘Good Business’ for Banks
TD Bank recently announced it was planning to spend $20 billion on a community benefit plan aimed at helping low- to moderate-income and minority communities in Boston and elsewhere. So, how are these big plans crafted, and where exactly do these funds go?
Banks Have a Powerful Tool Many Aren’t Using
With rules around special purpose credit programs now clarified, big names in the industry are turning to this 50-year-old tool to make a big difference in the lives of New England families.
Report: Promising Tool to Close Wealth Gaps ‘Left in the Toolbox’ for 50 Years
Most banks are ignoring what could be a key tool to give equal credit access to people of color and narrow racial wealth gaps, a new report by the Boston-based nonprofit Partnership for Financial Equity argues.
New CRA Rules Could Make Banks More Careful with Growth
After the release of the new Community Reinvestment Act rules last month, community groups say banks must be careful in expanding too fast, and instead should focus on improving lending and investments in low- to moderate-income communities in areas they already serve.
Advocate Says Not Enough Mortgage Companies Offer FHA Alternatives
A new analysis of Home Mortgage Disclosure Act data shows too many Black and Latino first-time homebuyers are still using expensive FHA loans when much cheaper local options exist, a major housing advocacy group says.
Pandemic Dramatically Boosted Mass. Minority Homebuying
A new analysis of Home Mortgage Disclosure Act data shows the low interest rates homebuyers enjoyed in 2020 and 2021 had an outsized impact on efforts to close the racial home ownership gap in Massachusetts.
First Republic’s Local Impact By the Numbers
Prior to its failure and sale to JPMorgan Chase early Monday morning, First Republic Bank had been among Massachusetts’ top residential mortgage lenders.
New Name for Familiar Part of Boston’s Banking Scene
The Massachusetts Community & Banking Council changed its name to the Partnership for Financial Equity, and it’s on the move, continuing to advance the MCBC’s 32-year legacy of working towards fairness and best practices in the financial sector.
