HomeMy WebLinkAbout03-24-09
City of Lakeville
Community and Economic Development
Memorandum
To: Economic Development Commission
From: David L. Olson, Community and Economic Development Director
Copy: Steve Mielke, City Administrator
Adam Kienberger, Economic Development Specialist
Date: March 20, 2009
Subject: March Director's Report
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The following is the Director's Report for March of 2009.
Building Permit Report
The City issued building permits through February with a total valuation of $5,950,233. This
compares to a total of $7,922,835 in 2008. Included in this valuation were commercial and
industrial permits with a total valuation of $794,500. This compares to a total commercial /
industrial valuation of $188,000 in 2008.
The City issued permits for 5 single family homes in February (Same as in January) with a
total valuation of $1,529,000. This compares to 16 single family home permits in February
of 2008 with a total valuation of $4,258,000. The City issued permits for 4 townhome and
condo units in February which compares to 0 townhome and condo permits issued in
February of 2008.
City Council Resolution Reaardina Stored Rail Cars
Attached is a copy of the resolution recently passed by the City Council regarding the
storage of rail cars on the existing rail line from Dodd Blvd. to north. of 185th Street. The
City has received a significant number of complaints from residents living near the tracks.
While usage of existing rail lines is regulated by the Federal Railroad Administration, the
Council's resolution requests that Congressman John Kline and Senator Amy Klobuchar
consider initiating legislative action to enact laws that would preclude the storage of rail cars
in urbanized residential areas. StafF will provide updates to EDC on this issue as they
develop.
Page 2
Business Closing in Airlake Industrial Park
StafF was informed last week that Pinnacle Products Inc. has ceased operations at their
facility located 21401 Hemlock Avenue in Airlake Industrial Park. Pinnacle was a
manufacturer of dental equipment and supplies and has operated in Lakeville since 1997.
The company employed between 6 - 14 employees.
Business Retention Visit to Ryt-way Industries
Mayor Dahl, City Administrator Steve Mielke and I recently participated in a business
retention visit to Ryt-way Industries. It provided the opportunity to meet with the new CEO
David Finch and COO Larry Muma. Ryt-way is hosting a Chamber event on March 30th at
which Governor Pawlenty will be the featured speaker.
Dakota Electric Association Partners in Progress Event
Dakota Electric Association held its annual .Partners in Progress event on this past
Wednesday, March 18th. A number of EDC members along with the Mayor and several
Council members were in attendance.. I have attempted to include a copy booklet that was
distributed by Dakota Electric at the event. If for some reason you did not receive one,
please let me know. As the booklets indicate, Lakeville's development statistics in 2008
compared favorably to the other cities in Dakota County.
Development Update
The new Subway Restaurant in Crossroads East located on Dodd Blvd., east of Cedar
Avenue, has recently opened. The new KinderCare pre-school adjacent to the Subway in
Crossroads East is also nearly complete. Uponor plans to be operational in their building in
First Park Lakeville located at Dodd Blvd. and County Road 70 by April 15t. Construction
continues on the Primrose Daycare building on Co. Rd. 46 adjacent to Lakeview Bank.
EDC Appointment
The City Council has recently approved the appointment of Sheila Longie to the EDC. Sheila
is the president of Document Destruction Service located in Airlake Industrial Park and has
been active in the Lakeville Area Chamber of Commerce for a number of years. On behalf
of staff, we wish to welcome Sheila to the EDC.
Foreclosure Update
Attached is the monthly update on foreclosures in Dakota County provided by the Dakota
County CDA. There have been 17 Sheriff Sales as a result of foreclosures in Lakeville in
February. The Building Inspection Department is currently monitoring approximately 177
vacant foreclosed homes in the City.
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CITY OF LAKEVILLE
RESOLUTION NO. Q9-16
RESOLUTION REQUESTING FEDERAL ACTION TO LIMIT THE STORAGE OF
RAIL CARS IN, OR AD7ACENT TO, URBANIZED RESIDENTIAL AREAS
WHEREAS, an active but little-used section of freight rail track runs through the
City of Lakeville; and
WHEREAS, a majority of the track runs through residential neighborhoods or is
adjacent to residential homes; and
WHEREAS, the tracks are being used for storage of inactive rail cars in
accordance with current Federal authority without any limits as to the amount of time. that
they may be stored; and
WHEREAS, there are detrimental effects on the adjacent homes and
neighborhoods due to the storage of these- rail cars including visual blight, impacts on
residential home values, safety of children, and genera! welfare of the community; and
WHEREAS, the ability to regulate rail activity rests with the Federal government.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Lakeville, Minnesota that the City Council does hereby implore the Federal government to
take action to stop the ability of rail companies to store rail cars in urbanized residential
neighborhoods without the express written consent of the city government; and
BE IT FURTHER RESOLVED that the City Council of the City of Lakeville hereby
requests that Minnesota's Federal Congressional Representatives initiate Legislative actions
to create such laws or rules that will stop this current practice of storing cars.
APPROVED this 2nd day of March, 20Q9.
A
Charlene Friedges, City
Page 1 of 3
Olson, David
From: MN Department of Employment & Economic Development
[StateOfMinnesota@ngwmail.des.state.mn.us]
Sent: Thursday, March 19, 2009 10:21 AM
To: Olson, David
Subject: February Employment
If ycau cannot read this message, please c
For Immediate Release
March 19, 2009
Contact: Kirsten Morell, 651-259-7161
Kirsten. Morell (a7 state.mn. us
State Unemployment Hits 8.1 Percent in February
Minnesota employers cut 13, 300 jobs during month
ST. PAUL -The Minnesota unemployment rate reached a seasonally adjusted 8.1.percent in
February, matching the U.S. rate for the month, according to figures released today by the
Minnesota Department of Employment and Economic Development (DEED).
State employers eliminated 13,300 jobs in February, while U.S. employers cut 651,000 jobs.
Both Minnesota and the country are shedding jobs at about the same rate, with Minnesota
losing 3.2 percent of its jobs in the past year and the U.S. losing 3.1 percent of its jobs.
"The global recession has touched nearly all business sectors, here and elsewhere in the
country," said DEED Commissioner Dan McElroy. "But we saw some signs of improvement
in Minnesota in February, including a slowdown in the number of jobs lost and a slightly
better labor force participation rate."
January surpassed February in jobs lost, with 18,500 positions eliminated statewide, while the
labor force participation rate in February was 72.6 percent, up from. 72.4 percent in January.
The overall U.S. labor force participation rate in February was 65.6 percent.
The state's strongest-performing sector last month was education and health care services,
which added 2,100 jobs. Government grew by about 200 positions, while logging and mining,
and other services held steady.
03/19/2009
Page 2 of 3
Education and health care services added 2,100 jobs in Minnesota during the month, while
government grew by about 200 positions. Logging and. mining, and other services held steady.
Job losses were posted by manufacturing (down 5,100), professional and business services
(down 4,200), trade, transportation and utilities (down 2,700), construction (down 1,400),
leisure and hospitality (down 900), information (down 700) and financial activities (down
600).
Education and health, services added jobs in the past year, gaining 15,600 positions.
Job losses year-over-year occurred in professional and business services (down 27,600),
manufacturing (down 25,700), construction (down 19,000), trade, transportation and utilities
(down 15,500), leisure and hospitality (down 9,300), other services (down 2,800), government
(down 700), information (down 500), logging and mining (down 200), and financial activities
(down 100).
In the state's Metropolitan Statistical Areas, job losses occurred in the Minneapolis-St. Paul
MSA (down 3.4 percent), Duluth-Superior MSA (down 2.3 percent), Rochester MSA (down
0.2 percent) and St. Cloud MSA (down 1.2 percent). Data for the Fargo-Moorhead MSA and
the Grand Forks-East Grand Forks MSA will be available when the information is released in
North Dakota .
For additional information on -the February employment information, please visit
www.po sitivelyminnesota. com.
Seasonall ad'usted Not seasonall ad'usted
Unemployment
Rate February
2009 January
2009
Minnesota 8.1 7.5
U.S. 8.1 7.6
Employment February
2009 January
2009 February'08-
February'09
Level Chan a .February `08-
February `09
Percent Chan e
Minnesota 2,690,500 2,703,800 -85,900 -3.2
U.S. 133,768,000 134,419,000 -651,000 -3.1
Over The Year Em to ment Growth b Indust Sector SA
OTY Job
Chan a OTY Growth
Rate % U.S. OTY
Growth Rate
Total NonFarm Em to ment -85,900 -3.2 -3.1
Lo in and Minin -200 -3.7 3.8
Construction -19,000 -19.5 -11.9
Manufacturin -25,700 -7.7 -9.0
Trade, Trans and Utilities -15,500 -3.0 -4.0
Information -500 -0.9 -4.1
Financial Activities -100 -0.1 -3.7
Prof and Business Services -27,600 -8.5 -5.4
03/19/2009
Page 3 of 3
Ed and Health Services 15,600 3.6 2.5
Leisure and Hos itali -9,300 -4.0 -2.4
Other Services -2,800 -2.4 -1.6
Government -700 -0.2 0.6
Metro olitan Statistical Area OTY Employment
Chan e # NSA OTY Employment
Chan e % NSA
Minnea olis-St. Paul MN-WI MSA -60,900 -3.4
Duluth-Su erior MN -WI MSA -3,100 -2.3
Rochester MSA -200 -0.2
St. Cloud MSA -1,200 -1.2
Mankato-North Mankato MSA Data available in
2010
Notes:
• All labor force data are subject to revision.
• The unemployment rate is the percentage of people actively seeking work compared with
those in the labor force (employed plus unemployed).
Upon request, the information in this news release is available in an alternative format I _
such as braille, large print, audiotape or computer disk.
This message-was sent to doison@ci.iakeville.mn,us by:
MN Department of Ernpl~~±ent & Economic De_v_el~~a~nent (mon.te..f~a_nson state.mn..us)
332 Minnesota Street Suite E200 St. Pain€, M(~ 55101-1351 • 500-657-355
Subscribe • ~lnseabscribe
03/19/2009
Finance and Commerce -Sprinkler requirement for new houses off the table in Minnesota.... Page 1 of 2
FINANCE.a~DCOM114EPCE
Construction
March 91, 20(19
Sprinkler requirement for new houses off the table in Minnesota, for now
by Brian Johnson Staff Writer
Minnesota's home builders are cheering a recent decision by state officials to extinguish
- at least temporarily - a proposed code change that would have required new homes to
be equipped with fire sprinklers.
In late February, state building official Steve Hernick and fire marshal Jerry Rosendahl notified builders that the state will not adopt the
2009 edition of the International Residential Code, International Building Code and International Fire Code.
Builders welcome the news because the 2009 IRC includes a requirement for fire sprinklers in new single-family and multifamily
residences. Builders say the mandate would add thousands of dollars to the cost of a home, and provide little in the way of additional
safety benefits.
Pam Weaver, executive vice president of the Builders Association of Minnesota (BAM), said the decision "puts off and possibly
eliminates this requirement."
Hernick and Rosendahl, in their letter to the builders, cited the "drastic slowdown of the construction economy" as a reason for not
moving forward with the adoption of the 2009 codes.
The officials cited several "economic-based factors° behind the decision, including costs for training and new code books/reference
materials, and staff time. Moreover, the letter expressed fear that there might not be enough industry volunteers to serve on code-
related technical advisory committees.
In the letter, the officials said they will "strive to have our advisory committees and the state fire chiefs code committee ready to review"
the 2012 editions of the codes.
BAM officials say the existing residential code is sufficient to protect homeowners, while the sprinkler provision in the 2009 IRC would
place additional burdens on both builders and homeowners.
"What we have now works," BAM president Monte Mraz said in a news release. "There will be no harm to citizens by the delay.°
Mike Swanson, 2009 president of the Builders Association of the Twin Cities, said most deadly fires occur in older homes -not the new
homes that have good wiring, fire separation walls between the garage and the house, hard-wired smoke detectors, and other fire-
safety features.
And then there's the cost factor. A fire sprinkler alone adds about $2 per square foot to the cost of a new home, and that doesn't
include the added costs that may be necessary if the home gets its water supply from a well system, Swanson said.
Combine that with other recent code changes, which have added "$25 here and $100 there," Swanson said, and a home buyer may
have to fork over an extra $5,000 to $8,000 for a typical 2,500-square-foot home.
Moreover, it looks like North Dakota is going to vote down the fire sprinkler requirement, and if Minnesota were to go the other
direction, the border cities would "get hammered," he said. "They are going to build across the state line when we start adding things
like that."
Sprinkler merits debated
The Fire Sprinkler Safety Coalition, aMassachusetts-based nonprofit that's dedicated to what it calls the "life-saving value of home fire
sprinkler protection," says fire sprinklers actually add value for both the homeowner and the builder or developer.
Peg Paul, a spokesperson for the group, said communities such as Scottsdale, Ariz., have had fire sprinkler requirements in effect for
years, with good results.
Some communities work with developers to encourage the use of fire sprinklers. For example, Paul said, city officials may allow
developers to add more housing units in a developments that use fire sprinklers because there's less concern about having ample
space to get fire equipment in and out of the area.
Those same cities also have more resources: to invest in such things as ambulances or first-responder equipment, she said, because
they don't need as many "big red firetrucks."
As for the argument that older homes more urgently need sprinklers than new homes, Paul said the requirement makes sense for new
homes because it's cheaper to integrate fire sprinklers into a new project than to retrofit an existing home.
http://www.finance-commerce.com/print.efin?recID=10413 03/16/2009
Finance and Commerce -Sprinkler requirement for new houses off the table in Minnesota... Page 2 of 2
In any case, she said, new homes will someday be old homes.
"At some point, Minnesota will require it," she added. "The economy is going to change. Whether it's five years from now or 10 years,
it's going to happen."
But most builders don't believe it's necessary. Some argue that the fire sprinkler requirement is more about saving property than
sparing lives.
Swanson said new homes built under the existing code are "extremely safe."Atypical new three-bedroom home requires about eight
smoke detectors with some being just a few feet away from each other.
He said it's not wise to add any more costs to "an already distressed economy, especially when it comes to construction and new
homes."
Copyright 2009 Finance and Commerce All Rights Reserved
U.S. Trust Building Suite 100, Minneapolis, MN 55402 (612) 333-4244
http://www.finance-commerce.com/print.cfin?recID=10413 03/16/2009
Finance and Commerce -Stimulus: Government efforts include $730 million to boost sm... Page 1 of 2
FINANCE:~~~~COM11~1ERCE
Business News
February 27, 2D09
Stimulus: Government efforts include $730 million to boost small business investment
by Mark Anderson Staff Writer
The giant economic-stimulus legislation that became law Feb. 17 included among its
imposing allocations for highways, renewable energy and schools a $730 million pool
aimed at boosting investments in the nation's small businesses.
That provision, a small piece of the overall $789 billion package, will make it cheaper and less risky for business owners and banks to
take part in Small Business Administration (SBA) loan programs, which have driven much of the nation's small business investment in
recent years.
The SBA initiative will lower borrower fees and increase the portion of each loan that the government guarantees. It also provides a
new temporary loan fund to help current SBA borrowers stay on top their payments at a time when their receipts are. probably
declining.
Those new tools should add fuel to a Minnesota market that slowed dramatically in the past 15 months, according to two of the top
community bank SBA lenders in the state.
One of the biggest contributors to the slump here was the loss of wealth that most would-be borrowers experienced -whether through
erosion in their home equity values or losses in 401(k)s and other savings. Those provided much of the collateral that enabled lenders
to underwrite small business loans.
"In the past, those personal assets gave us comfort, but those numbers are down now," said Kim Storey, a senior vice president and
SBA manager at Highland Bank. In that situation, "the new higher loan guarantees [raised to 90 percent from 75-80 percent in the past]
will gives us some added comfort" and make more loans possible, she said.
The other major SBA initiative in the package is a promise to temporarily reduce or eliminate fees that borrowers pay when they obtain
a loan. Those fees range now from 1 percent of the loan amount on small credits up to 3.75 percent on a portion of loans greater than
$1 million. Such existing fee structures add more than $28,000 to the cost of a $1 million loan.
"Those could be wrapped into the loan payments, but they're still pretty significant costs," and contributed to the slowdown in borrowing
in these tight times,. said John Kimball, senior vice president at Park Midway Bank in St. Paul. "Lowering those fees will help
customers."
The new fee structure hasn't been finalized yet, so lenders and borrowers aren't sure of the savings. But Edward Daum, director of the
Minnesota district, said the agency has expedited a process that normally takes months to run through industry and agency reviews,
and he said the SBA will finalize the program soon, getting those better terms out to borrowers quickly.
The SBA component of the stimulus also provided $255 million to provide small "stabilization" loans so that current borrowers could
keep making their loan payments; it added $30 million to expand amicro-lending program for very small startup businesses; and it
created a new opportunity to refinance loans for fixed assets to help owners expand current projects.
Small business lending markets, like every other credit market, slowed dramatically in the past 15 months, declining by 60 percent
nationally during the fiscal year that ended on Sept. 30, and agency representatives said the slump continued this year.
The value of Minnesota SBA loans in fiscal 2008 dropped by 12 percent in fiscal 2008, but even that was well above national trends.
One reason national activity dropped so much faster was that big, non-bank lenders dominate many state markets, but not Minnesota.
Those lenders obtain funds by securitizing their loans and selling them to large investors. But like most secondary loan markets,
demand for SBA loan pools also dried up last year, leaving those large lenders with little cash to lend after early in 2008.
The stimulus package included a small investment in strengthening the secondary market for SBA 504 or real estate loans, and the
Treasury department is working on a plan to boost the rest of the secondary market with investments from the Term Asset-backed
Securities Loan Facility, or TALF.
In Minnesota, the remedies will come primarily through the fee and guarantee enhancements, but those steps should deliver another
boost by restoring confidence among lenders and borrowers, Kimball and Storey agreed.
"The package gives a clear demonstration that this administration supports the SBA program, and that's something we haven't had for
a while," Kimball said. "This is definitely building bankers' confidence in the SBA."
And it should have a similar effect on borrowers, Storey believes: "There's a perception in the business community that there's a hump
to get over in the economy, and I think the stimulus package will help us get there."
http://www.finance-commerce.com/print.cfin?recID=10291 02/27/2009
Finance and Commerce -Stimulus: Government efforts include $730 million to boost sm... Page 2 of 2
Both lenders expect all those factors to translate into an alright year for their SBA shops.
"We think we'll book more loans this year than last year," when Highland originated almost $2 million in SBA loans, Storey said.
"There's some slowdown in demand, but that doesn't include everybody. We have existing customers who are looking at expansions,
and we're looking at three or four that should close in the first quarter."
"We're cautiously optimistic," Kimball said about Park Midway's SBA prospects this year. He added that the 504 program has been
busy, filling a gap left by weakness in the conventional commercial real estate market.
"We think we'll be steady" with last year, when Park Midway originated more than $12 million in SBA loans.
Copyright 2009 Finance and Commerce All Rights Reserved
U.S. Trust Building Suite 100, Minneapolis, MN 55402 (612) 333-4244
http://www.finance-commerce.com/print.cfin?recID=10291 02/27/2009
Dakota County
Community Development Agency..
To: Dakota County Cities
From: Dan Rogness, Director of Community Revitalization
Date: March 16, 2009
Re: Foreclosure Update
`' H~~:~L
C) t~V' N ~ i~ S t°-I ( P
In today's economy and housing market, it is important to remember that there is a Silver Lining.
Foreclosure rates have increased in communities across the nation during the past few years,
and now it's time to begin rebuilding and stabilizing neighborhoods.
To aid in this effort, the CDA has created the Silver Lining Loan Program, which will provide up
to $ 15,000 to homebuyers purchasing bank-owned properties in areas of the county that have
experienced higher than normal levels of mortgage foreclosures.
The program offers up to $ 15,000 in azero-percent interest deferred loan to buyers of
foreclosed residential properties in eligible areas of Dakota County. Silver Lining funds may be
used for up to 50 percent of the required downpayment, the payment of normal and usual
.closing costs, or buy down of the first mortgage principal.
Eligible properties are single family homes, duplexes, townhomes and condominiums located in
eligible areas of Dakota County. The properties must be unoccupied, foreclosed homes that are
beyond the redemption period and are bank-owned.
For more information on eligibilities and participating lenders, visit the CDA's Web site at
www.dakotacda.or~. The Silver Lining Loan Program is funded by the Neighborhood Stabilization Program
through the U.S. Department o f Housing and Urban Development The program is part of the CDA's
Homeownership Connection services that provide homebuyers and homeowners with resources to be successful.
On March 4, 2009, the. Obama administration launched the Home Affordable Plan. The plan is
expected to help 9 million families to refinance or modify their loans to make mortgage
payments more affordable and help stabilize neighborhoods. More information about the plan is
available at www.financialstability.gov.
The CDA held a Foreclosure Counseling & Information Workshop at the Farmington Library
on Saturday, February 21. Twelve people representing 10 households attended the workshop.
Staff is planning to hold another workshop in May in Apple Valley.
~~~t~~E
Dakota County C~ ti``'~~„ L ~~ ~1 ~ P 1
Community'DevelopmentRgency ~.-`"G~IY~i
Dakota County Stats -February 2009
• # of Sheriff Sales in February - 172 (compared. to 168 in February 2008)
• Total Sheriff Sales for 2009 - 3 13 (compared to 396 Jan.-February, 2008)
• # of Notices of Pendency Filed in February - 332
• Total Notice of Pendency's Filed for 2009 - 632
A Notice of Pendency is filed by a mortgage company's attorney as official notification that the
foreclosure process has begun. Not all of these result in sheriff sales. Pages 3 and 4 of this PDF
file have Sheriff Sale and Notice of Pendency statistics for each city.
Mapping Using Dakota County GIS
http://gi s.eo.d akota. m n.usfwebsite/dakotanetgis/
The Dakota County Office of GIS is updating the 2009 Foreclosures and Notice of Pendency
layers on a monthly basis. if you need assistance using this Web page, please call Randy Knippel
or Mary Hagerman with the Office of GIS at (952) 89 I -708 I .
In The News
Provided in this PDF_ file are a few notable foreclosure articles that were published in the last
month. Among the points of interest:
• At the end of January, an Eagan man was sentenced on counts of wire fraud and
aggravated identity theft in connection with a mortgage fraud scheme resulting in losses
of more than $ I million. John M. Rubischko was a mortgage broker who devised a plan
to defraud and obtain money by means. of false and fraudulent pretenses.
• A study released by the Institute on Race and Poverty at the University of Minnesota's
Law School found that minorities in the Twin Cities are more likely to be denied a
mortgage and more likely to pay a higher interest rate if they can get a mortgage.
• Minneapolis group HousingLink announced that the outlook for foreclosure in the Twin
Cities is so uncertain that a projection can't be made for how many may occur this year.
Rising unemployment, more mortgage delinquencies and the resetting of ARMs could
cause foreclosures to increase, but more active intervention and loss-mitigation
activities could help to reduce the number of foreclosures.
If you have any other concerns, please call me at (65 I) 675-4464 or send me an
email at drogness(c~dakotaeda.state.mn.us.
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ThisweekLive-Thisweek Newspapers/Dakota Co. Tribune -Eagan man sentenced for mor... Page 1 of 2
Eagan man sentenced for mortgage #raud
Thursday, 29 January 2009
A 37-year-old Eagan man was sentenced Jan. 28 in federal court on counts of wire fraud and
aggravated identity theft in connection with a mortgage fraud scheme resulting in losses of
more than $1 million.
In Minneapolis, United States District Court Judge Donovan Frank sentenced John M.
Rubischko to 87 months in prison and five years supervised release on one count of wire fraud
and one count of aggravated identity theft. Rubischko was charged on June 16, 2008, and
pleaded guilty on June 27, 2008. Rubischko was a mortgage broker who owned and operated
licensed mortgage broker businesses, including Family First Mortgage, All Fund Mortgage and
MortgageBanc.us. From January 2003 through June 2007, Rubischko devised a scheme to
defraud and obtain money by means of false and fraudulent pretenses.
With the assistance of financial institution employees, Rubischko used the identities and
personal information of other individuals, without their knowledge or authorization, to obtain
approximately $1.8 million in bank loans, bank credit and mortgages. Rubischko used the
funds from these transactions to purchase residences and personal property..
Rubischko directed bank employees to notarize forged documents, create false documents,
misapply funds from bank loans and credit transactions for his benefit, and conceal the
transactions from the individuals whose identities he had used. Rubischko paid the bank
employees for these fraudulent actions. According to the plea, Rubischko used his elderly
mother's name to purchase a Prior Lake property.
This case was the result of an investigation by the Federal Mortgage Fraud Task Force,
including the U.S. Postal Inspection Service and the Federal Bureau of Investigation. It was
prosecuted by Assistant U.S. Attorney Joe Dixon.
- Staff report
http://www.thisweeklive.com/index2.php?option=corn content&task=view&id=6381&pop... 2/5/2009
Study finds bias in Twin Cities mortgages Page 1 of 3
~r~c~CTli'tIJUn~~GOn'1 P-~II~I'~r~.F(~Li~ - '. ~:A[.fL, I'+f~I~r_~i;S~Tr'~
Study finds bias in Twin Cities mortgages
By JIM BUCHTA, Star Tribune
February 11, 2009
Minority members who live in highly segregated neighborhoods in the Twin Cities area
are caught coming and going.
Regardless of their income, they're more likely to be denied a mortgage. And if they can
get a mortgage, they're more likely to pay a higher interest rate. Those issues contribute
to much higher defaults and foreclosures in their neighborhoods.
Those are the conclusions of a study released today by the Institute on Race and Poverty
at the University of Minnesota's Law School, -which analyzed data provided by mortgage
lenders under a federal mandate called the Home Mortgage Disclosure Act (HMDA).
Myron Orfield, an associate law professor and co-author of the study, said that although it
was no surprise that minority members in the Twin Cities area were treated differently by
mortgage lenders, he was shocked at how pervasive the problem is even among high-
income residents.
"It's a piece of a really deep problem of racial segregation we've never come to terms
with," Ofield said.
According to the report, blacks are five times more likely to receive a subprime home
purchase loan than whites, while Hispanics were four times more likely and Asians were
twice as likely. In addition, the report said that high-income black, Hispanic and Asian
applicants have a higher denial. rate for purchases and refinances than even low-income
whites.
Paul Schuster, vice president of Marketplace Home Mortgage and president of the
Minnesota Mortgage Association, said there's no denying that some borrowers have
been overcharged. But he cautioned that HMDA doesn't collect enough information to
draw the conclusions cited in the report.
'Many factors' in loans
"There are many factors that go into a loan and a loan decision," Schuster said. "And the
HMDA doesn't tell the whole story."
In particular, he's concerned that the data don't include critical details that could shed
light on what's really happening in the broader market, such as credit scores, debt-to-
income ratios, how the loan was documented and loan-to-value ratios that can affect the
http://www.startribune.com/templates/Print This_Story?sid=39469597 2/12/2009
Study finds bias in Twin Cities mortgages
Page 2 of 3
cost of a loan. He said .the association has been an advocate of increased regulation in
an effort to weed out unethical behavior.
"There was inadequate regulation in our industry and inadequate enforcement of existing
laws, to some degree," Schuster said. "Our industry supports fair lending in all areas with
no discrimination of any type. If any borrower feels they've been discriminated against,
we encourage them to take the next step and report it."
Orfield agrees that it would be enlightening to include credit score data in the analysis to
get a better understanding of what's happening. He blames the federal government for
not doing a better job of enforcing fair housing laws and punishing those who violate
them.
Prentiss Cox, a University of Minnesota law professor who has spent years researching
lending practices in the Twin Cities, said that even without the credit score information,
the data point to serious problems. At the core of the issue, Cox said, is uneven
enforcement of fair housing laws.
In addition, he said, the mortgage industry has long offered incentives to brokers who
charge a higher interest rate than the best-available. "In those instances, you almost
always see racial discrimination."
Cox compared what has happened in the mortgage industry to discriminatory lending
practices that were found when an analysis of car loans -- which factored in credit scores
-- showed that minority members paid more for financing.
Though the Race and Poverty report found that overcharged borrowers are concentrated
in highly segregated communities, Orfield said it's a concern for everyone. He noted that
there's a strong correlation between high-priced subprime mortgages and the incidence
of foreclosure, and that brings down home values throughout the community. What's
more, he said, prospective employers and businesses are less likely to locate in
communities with. highly segregated neighborhoods and widespread pockets of declining
home values.
"Billions of dollars have been lost in these neighborhoods because of racial segregation,
and that lack of prime credit has contributed to segregation," Orfield said.
He said that there's a contrast between the economic health of segregated
neighborhoods in cities such as Milwaukee, Baltimore and Gary, Ind., and the more
desegregated neighborhoods in cities such as Boston, Seattle and San Francisco.
"Allowing really serious segregation to take root in a neighborhood is a deterrent to the
strength of the economy and the workforce and the wellbeing of the people," Orfield said.
A complete copy of the report is available at www.startribune.com/pdf.
http://www.startribune.com/templates/Print This_Story?sid=39469597 2/12/2009
Foreclosure picture murky for 2009 -TwinCities.com
TwinCities.com
Page 1 of 2
Foreclosure picture
murky for 2®09
By Christ€apher Snowbeck
csnowbeck~a pia~neerpress.com
Updated: 02127/2009 09:46:40 Pfl~t C5T
The outlook for foreclosures in the Twin Cities is so
uncertain that a Minneapolis group says it can't
make a projection for how many might take place
this year.
On the one hand, foreclosures could increase
during 2009 along with rising unemployment, more
mortgage delinquencies and the resetting of
adjustable-rate mortgages for homeowners,
according to a report released Friday by
Minneapolis-based HousingLink.
But more active intervention and loss-mitigation
activities on the part of lenders and mortgage
counselors could help to reduce the number of
foreclosures, the housing group said.
Many of the largest mortgage lenders in the
~untry, including Wells Fargo, have announced in
recent months temporary suspensions in
foreclosures while the federal government develops
a plan to deal with the growing number of
homeowners missing mortgage payments.
2008 both turned out to be too high
For all of last year, the Twin Cities metro area saw
17,268 foreclosures, according to the report
released Friday. That was a 33 percent increase over
the 12,974 foreclosures in the metro during 2007.
The annual rates of increase in the Twin Cities
foreclosure tally were much more dramatic between
2005 and 2007, when they exceeded 80 percent,
according to HousingLink.
As the number of foreclosed homes has grown
dramatically in recent years, those properties have
flooded the market and driven down median sale
prices. But in the past two months, local Realtor
groups have reported a decline in the number of
foreclosed homes and properties subject to short
sales coming onto the market.
In conjunction with the HousingLink report Friday,
officials with the Minnesota Housing Finance Agency
announced the final award of $38.8 million in
federal money to help stabilize neighborhoods hard
hit by foreclosures.
St. Paul Mayor Chris Coleman and Minneapolis
Mayor R.T. Rybak attended the announcement, which
took place at a vacant home in St. Paul's Frogtown
area that a neighborhood development group is
repairing and plans to showcase in the
Minneapolis/St. Paul Home Tour in April.
St. Paul is receiving $6.3 million of that total, in
"Due to greater uncertainty about future economic addition to $4.3 million the city expects to collect
conditions, this supplement report does not include directly from the federal government as part of the
a projection," HousingLink said in its report. Neighborhood Stabilization Program.
Past reports based projections on the assumption
that past patterns would continue into the future. But
the group's initial and revised projections for the
number of foreclosures in the Twin Cities during
The federal money will support the rehabilitation
and redevelopment of foreclosed homes. Overall; the
federal program -which was passed as part of the
Federal Housing and Economic Recovery Act of
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http://www.twincities.com/business/ci 11804561 3/2/2009
Foreclosure picture murky for 2009 - TwinCities.com
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Page 2 of 2
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