No. Toledo United Citizen's Organization
THE PRACTICE OF FINANCIAL INSTITUTIONS DENYING MORTGAGE AND
HOME LOANS TO OLDER NEIGHBORHOODS.
PLEASE FILL OUT THE FOLLOWING TO DETERMINE THE EXTENT OF RED-LINING IN OUR
CHURCH. RED-LINING IS ONE OF THE MAJOR REASONS FOR THE DECLINE OF NEIGHBORHOODS.
Have you recently applied for a home improvement loan? yes
From what bank or savings and loan
One way in which financial institutions Red-line a neighborhood is by offering loans under very difficult conditions, such as high down payment or high interest rates. (More than 20% down 10% interest)
Have you tried to get a loan but found the conditions unreasonable! yes
From what bank or savings and lcan?
Do you know of anyone who has been refused a mortgage or home improvement loan because of the neighborhood? yes
Would you like to help fight this practice of Red-lining through community
WE DO BUSINESS IN ACCORDANCE WITH STATE LAWS ENACTED
TO ASSURE FAIRNESS IN LENDING
IT IS UNLAWFUL FOR ANY STATE-CAHRTERED SAVINGS AND LAON ASSOCIATION TO:
--Deny anyone an opportunity to submit a written loan application.
--Deny anyone any service, financial aid or other benefit, on the basis
of sex, marital status, race, creed, national origin or ancestry.
--Discriminate in fixing the amount, interest rate, duration, application
procedures or other terms or conditions of a loan on the basis of sex,
marital status, race, creed, national origin or ancestry.
--Deny a mortgage loan or discriminate in fixing the amount, interest
rate, duration, application procedures or other terms or conditions
of a mortgage loan, on grounds of the location of the property to be
mortgaged.
IF YOUR LOAN APPLICATION IS REJECTED OR IS ACCEPTED ON TERMS OTHER
THAN THOSE YOU ORIGINALLY APPLIED FOR, YOU HAVE A RIGHT TO A WRITTEN
EXPLANANTION.
IF YOU FEEL THAT THIS ASSOCIATION HAS DISCRIMINATED AGAINST YOU UNLAW-
FULLY OR HAS DENIED YOU ANY LEGAL RIGHT, YOU SHOULD FEEL FREE TO:
--Discuss the matter with the management of this association.
--Send a complaint to the
FAIR LENDING INFORMATION FORM
THIS ASSOCIATION IS PROHIBITED FROM USING NEIGHBORHOOD FACTORS AS A BASIS FOR
DENYING A MORTGAGE LOAN, OR DISCRIMINATING IN THE SETTING OF THE TERMS OR
CONDITIONS OF A MORTGAGE LOAN, EXCEPT TO A LI. ITED EXTENT WHICH MAY BE PEQUIRED
TO AVOID AN UNSCUND BUSINTOS PRACTICE. ARBITRARY DISCRIMINATION ON THE BASIS
OF A PERSON'S AGE IS ALSO PROHIBITED.
IF YOU BELIEVE YOU MAY HAVE BEEN UNFAIRLY DISCRIMINATED AGAINST, YOU MAY FILE A COMPLAINT WITH THE CALIFORNIA DEPARTMENT OF SAVINGS AND LOAN AT EITHER OFFICE BELOW, ASKING FOR A REVIEW OF THE ASSOCIATION'S DECISION.
600 SOUTH COMMONWEALTH AVENUE
15TH FLOOR
LOS ANGELES, CALIFORNIA 30005
TELEPHONE: (213) 736-2798
250 SANSOME STREET
2:10 FLOOR
SAN FRANCISCO, CALIFORNIA 94104
TELEPHONE: (415) 557-3666
IN ADDITION, IT IS ILLEGAL TO DISCRIMINATE BECAUSE OF RACE, COLOR, RELIGION. SEX, MARITAL STATUS, NATIONAL ORIGIN OR ANCESTRY, IN DETERMINING WHETHER AND UNDER WHAT TERMS AND CONDITIONS (e.g., AMOUNT, DURATION, INTEREST RATE. ETC., YOU RECEIVE A LOAN. IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST. YOU MAY FILE A COMPLAINT WITH THE DEPARTMENT OF SAVINGS AND LOAN AT ANY OF THE ABOVE ADDRESSES OF TELEPHONE NUMBERS, OR WITH THE FAIR EMPLOYMENT PRACTICES COMMISSION AT ANY ONE OF ITS OFFICES IN LOS ANGELES, SAN FRANCISCO, SAN DIEGO, SACRAMENTO, FRESNO, SAN BERNARDINO, OR SANTA BARBARA.
Name of Spouse or Other Applicant
Aadress of Property which is Subject of this Application (Street and No., City, State and IP Code)
THE STATE OF CALIFORNIA, NOT THIS ASSOCIATION, REQUESTS THAT YOU PROVIDE THE POLLOWING INFORMATION FOR REVIEW BY GOVERNMENT AUTHORITIES TO ASSURE FAIR TREATMENT OF ALL LOAN APPLICANTS.
Please check the box below which you believe best describes your ethnic identification ("Spanish descent" includes persons of Mexican, Cuban, Puerto Rican, and Central and South American descent).
THIS ASSOCIATION HAS AVAILABLE FOR PUBLIC DISTRIBUTION A PAMPHLET EXPLAINING ITS CRITERIA FOR DECIDING ON LOAN APPLICATIONS. ASK FOR THIS PAMPHLET IF YOU ARE INTERESTED. YOU ARE ALSO ADVISED THAT YOU HAVE A RIGHT TO FILE A WRITTEN APPLICATION FOR A HOME MORTGAGE LOAN.
PLEASE READ ENTIRE FORM AND SIGN BELOW
Signature of Applicant
Signature of Person Administering Form
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Pursuant to the provisions of the Illinois Constitution of
1970, Article VII, Section 6 (a), the Municipal Code of Chicago is hereby amended
in Chapter 7 by repealing Sections 7-30, 7-31, 7-32, 7-33, 7-35, 7-36, 7-37, 7-38
and 7-40, and by substituting therefore the following new Sections to read as
7-30. It shall be the duty of the Comptroller at least once in each year
before the first day of December to advertise for bids from national and
state banks and federal and state savings and loan associations for interest
upon the funds of the City of Chicago and the Chicago Board of Education to
be deposited in banks and savings and loan associations.
Such bids shall be reported by the Comptroller to the City Council for
its information and consideration not later than the 15th day of December of
each year, to the end that an award or awards may be made upon such bids
by the City Council before the beginning of each fiscal year.
Such awards shall be made to the highest and best responsible bidder or
bidders. The City Council shall have the power to reject all bids and to
designate as many depositories as it deems necessary for the protection of
the City's interests. Only regularly organized state or national banks in-
sured by the Federal Deposit Insurance Corporation or federal or state sav-
ings and loan associations insured by the Federal Savings and Loan Insurance
Corporation may be designated as depositories.
7-31. In advertising for bids from regularly established banks and
savings and loan associations for interest upon funds to be deposited in
such banks or savings and loan associations, it shall be the duty of the
Comptroller to inform the prospective bidders that for the protection of
the public interest, awards will be made only to Federally insured natio-
nal and state banks, and to Federally insured federal and state savings and
loan associations located in the City of Chicago.
7-32. It shall be the duty of the Comptroller to ask for special bids
for interest upon time deposits and/or certificates of deposit of City and
school funds.
7-33. It shall be the duty of the Comptroller to obtain with each bid
for interest upon City and school funds copies of the last two sworn state-
ments of resources and liabilities of the bidding bank or savings and loan
association as reported to the state or federal authority charged with the
supervision of such banks or savings and loan associations and to present
said statements to the City Council with such bid. When requested to do so
by the City Council, the Comptroller shall obtain from time to time from the
banks and savings and loan associations to which awards are made copies of
all reports of condition made in response to the regular calls by the state
and federal authorities. Together with the receipt of bids and sworn state-
ment of resources and liabilities as aforesaid, the Comptroller shall require
of savings and loan associations submitting bids such reports, data, and in-
formation as to the financial stability of the bidder as will assist in deter-
mining its compliance with standards promulgated by resolution of the City
Council for savings and loan depositaries.
7-34. With each bid for interest upon City and school funds, the
Comptroller shall obtain, in a form prescribed by him from each bidder,
the lending and deposit information for its home office and for each
branch office or facility the following information:
Residential lending information: The following informa-
tion to be reported on residential loans shall be classi-
fied separately for property containing (1) dwelling units
for not more than four families and condominium and cooper-
ative units; and (2) dwelling units for more than four fam-
ilies in the aggregate. Only loans closed within the
previous calendar year shall be reported.
1) The number and total amount of all loans made on residential property within the City of Chicago.
The number and total amount of all loans made on
residential property outside the City of Chicago.
but located in the six county Chicago Standard
Metropolitan Statistical Area (SMSA), which in-
cludes DePage, Kane, Will McHenry and Lake.
111) The weighted average effective interest rate for
all loans made on residential property within the
City of Chicago.
iv) The weighted average effective interest rate for
all loans made on residential property outside
the City of Chicago, but located in the six coun-
ty Chicago SMSA.
v) The weighted average down payment as a percent of
all loan amounts made (1) within the City of Chicago
as classified by census tract; and (2) outside
the City of Chicago, but limited to the six county
Chicago SMSA.
The weighted average down payment as a percentage of:
conventional real estate loans
The number and total amount of all construction loans
made on residential properties within each consus tract
in the City of Chicago.
The number and total amount of all home improvement or
rehabilitation loans made on residential properties
within each census tract in the City of Chicago.
Consumer lending information:
The number and total amount of all consumer loans made within the City of Chicago.
The number and total amount of all consumer loans made
within the census tract in the City of Chicago.
The number and total amount of all commercial loans made
outside Chicago but limited to the six county SMSA.
Commercial lending information:
The number and total amount of all commercial loans made within the City of Chicago.
The number and total amount of all commercial loans made within each census tract in the City of Chicago.
The number and total amount of all commercial loans made
outside Chicago but limited to the six county SMSA.
Savings and checking account information:
The number of savings accounts and checking accounts and
the total dollar balances in the savings and checking
accounts, stated separately, as of December 31 for each
census tract within the City of Chicago.
Each bidder may submit such additional material that
is deemed relevant to consideration of his bid. For example,
such additional material may include specific information as
to the activity during the preceding calendar year of the
bidder and its corporate affiliates in:
1) The interim financing of low and middle-income housing in the City of Chicago.
11) The purchase of City of Chicago, Board of Education,
and Public Building Commission bonds and Board of
Education tax notes and warrants.
7-34.1. With each bid for interest upon City and school funds, the Comptroller
shall obtain signature by either the Chairman of the Board, Chief Executive Officer,
or an officer acceptable to the City Comptroller, or the bidding bank or savings
and loan association on the following pledge:
We pledge not to arbitrarily reject mortgage loans for residential properties
within a specific geographic area in Chicago because of the location and/or
age of the property, or in the case of proposed borrower to arbitrarily vary
the terms of those loans or the application procedures for those loans because
of race, color, religion, national origin, age, sex or marital status. In addi-
tion, we pledge to make loans available on low and moderate income residential
property in the neighborhoods of the City of Chicago within the limits of our
legal restrictions and prudent financial practices.
7-35. No money shall be deposited in any bank or savings and loan association
until it has been designated by the City Council as a depositary. The City
Treasurer shall deposit, daily, all monies received by him as City Treasurer
during the banking hours and all such monies as he may have received on the day
previous after banking hours, in one of the banks or savings and loan associations
which may have been designated by the City Council as depositaries prusuant to law.
7-36. The Comptroller may designate from time to time, for such period of the
fiscal year as he deems advisable and for the best interest of the City, one or
more of the depositaries selected in accordance with law as an active bank or
active banks and to rescind such selection or selections at any time when in his
judgment such change should be made, but no bank shall be selected as an active
bank unless its aggregate capital stock and surplus at the time it is accepted as a
City depositary is five hundred thousand dollars or more.
7-37. During the period for which any such depositary of City and school funds
shall be designated as the active bank under the provisions of Section 7-36, the
Treasurer shall deposit all monies received by him in such active banks and shall
draw his checks upon such active bank to pay warrants drawn upon him.
School funds may be deposited in any such bank in an account separate from City accounts and the title of the account so established shall appropriately describe the same as school funds.
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