Organizing Access to Capital: Advocacy and the Democratization of Financial Institutions PDF
Preview Organizing Access to Capital: Advocacy and the Democratization of Financial Institutions
Organizing Access to Capital CopyrightedMaterial CopyrightedMaterial Organizing Access to Capital Advocacy and the Democratization of Financial Institutions EDITED BY Gregory D. Squires TEMPLE UNIVERSITY PRESS PHILADELPHIA CopyrightedMaterial TempleUniversity Press, Philadelphia 19122 Copyright© 2003 byTempleUniversity Allrights reserved Published2003 PrintedintheUnitedStatesofAmerica i§Thepaperusedin this publicationmeets therequirementsofthe American National StandardforInformationSciences-Permanence ofPaperfor PrintedLibraryMaterials, ANSI Z39.48-I984. LibraryofCongressCataloging-in-PublicationData Organizingaccess to capital: advocacyandthe democratizationof financial institutions/ editedbyGregoryD. Squires. p. cm. Includes bibliographicalreferencesandindex. ISBN 1-59213-025-9 (cloth: alk. paper)-ISBN 1-59213-026-7 (pbk. :alk. paper) I. Bankloans-UnitedStates. 2. Financialinstitutions-United States. 3. Communitydevelopment-UnitedStates-Finance. 4. Economicassistance, Domestic-UnitedStates. 1. Squires, GregoryD. HGI642.U5 074 2003 332.I'2-dc2I 2002035273 24 6 897 3 I CopyrightedMaterial Contents In Memory of Gale Cincotta vii Acknowledgments ix I. INTRODUCTION: THE ROUGH ROAD TO REINVESTMENT I GregoryD. Squires 2. WHERE THE HELL DID BILLIONS OF DOLLARS FOR REINVESTMENT COME FROM? 27 Joe Mariano 3. GIVING BACK TO THE FUTURE: CITIZEN INVOLVEMENT AND COMMUNITY STABILIZATION IN MILWAUKEE 43 William R. Tisdale and Carla J. Wertheim 4. TAKING IT TO THE COURTS: LITIGATION AND THE REFORM OF FINANCIAL INSTITUTIONS 55 John P. Relman 5. FROM LIVING ROOMS TO BOARD ROOMS: SUSTAINABLE HOMEOWNERSHIP DEALS WITH BANKS AND INSURERS IN BOSTON 72 Thomas Callahan 6. A CITYWIDE STRATEGY: THE PITTSBURGH COMMUNITY REINVESTMENT GROUP 85 StanleyA. Lowe and John T Metzger CopyrightedMaterial vi CONTENTS 7. FILLING THE HALF-EMPTY GLASS: THE ROLE OF COMMUNITY ADVOCACY IN REDEFINING THE PUBLIC RESPONSIBILITIES OF GOVERNMENT-SPONSORED HOUSING ENTERPRISES 102 Allen J. Fishbein 8. FIGHTING PREDATORY LENDING FROM THE GROUND UP: AN ISSUE OF ECONOMIC JUSTICE 119 Maude Hurd and Steven Kest 9. COMMUNITY REINVESTMENT IN A GLOBALIZING WORLD: TO HOLD BANKS ACCOUNTABLE, FROM THE BRONX TO BUENOS AIRES, BEIJING, AND BASEL 135 Matthew Lee 10. RESEARCH, ADVOCACY, AND COMMUNITY REINVESTMENT 154 Malcolm Bush and Daniel Immergluck I I. THE ESSENTIAL ROLE OF ACTIVISM IN COMMUNITY REINVESTMENT 169 John Taylor and Josh Silver 12. PROTEST, PROGRESS, AND THE POLITICS OF REINVESTMENT 188 Peter Dreier 13. EPILOCUE: WHERE DO WE GO FROM HERE? 221 Gregory D. Squires About the Contributors 225 Index 229 CopyrightedMaterial In Memory of Gale Cincotta Organizingandadvocacyeffortshavetransformedneighborhoods throughout the United States by turning the financial services industry from an engine of redlininginto an agent of reinvestment. One person stands out as the pio neer who brought these problems to the public's attention and devised effec tive remedies. Gale Cincotta, the mother of the Community Reinvestment Act, is truly one of the few heroes of our age. Sadly, Gale died on August 15, 2001, whilewewerewritingthisbookand, moreimportantly, engaginginfur thering neighborhood reinvestment. As chairperson of National People's Action and director of the National Training and Information Center, Gale took an idea that came out of the neighborhoods and turned it into a move ment. Thisbookisdedicatedtoher, tothevitalworkshedid, andto theincal culable influence she had on everybody engaged in reinvestment around the country. Gale probably would not have cared much about this book one way or another. She was driven far more by the exercise of power to achieve desired results. She excelled at simple statements: "We want it, they got it, let's go getit." "Wehavefoundtheenemyanditisn'tus." "Weworkmiraclesbecause it's part of the program." These comments, coupled with her ability to run rings around the bankers and others she faced down over negotiating tables and at the front doors of their homes and offices through the years, were part of her combination of toughness and sensibility. Someofthecontributors to thisvolumewereclosepersonalfriends andcol leagues of Gale. We were all transformed and inspired by her work. Gale led the effort that created a federal ban on redlining, produced the evidence that showed the world what was going on in the financial services world, and trained the cadreoforganizers around the countryto make these tools work. Ihope thatin some smallway this bookwill honorhermemory, buildonher legacy, and improve the lives of families in all communities. CopyrightedMaterial CopyrightedMaterial Acknowledgments Many individuals and organizations have made this book possible. As editor, Iwant to thank all of the contributors for their work, andnot just that which went into this book. The Department of Sociology at George Washington Universityhasprovidedasupportiveenvironmentthathas enabledmeto con tinue my work on organizing and advocacy. We would all like to thank the Charles Stewart Mott Foundation for its generous support of this project. CopyrightedMaterial
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