4 Articles match "2006","Chicago"

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• Legislating Lower Foreclosure Rates?
  
  An Illinois law intended to help reduce foreclosures is drawing cries of discrimination from some of the people it is trying to protect, according to the Chicago Defender newspaper. “Nearly 60 days after Illinois House Bill 4050 went into effect to supposedly protect consumers from predatory lenders, a coalition of Black and Latino city residents say the new law is actually destroying property values in select minority communities.” The law is a pilot program that is being applied in 10 Chicago zip codes chosen for their high foreclosure rates, among other factors. But opponents
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Foreclosures Fade in World Series Spotlight
  
  Detroit’s Wayne County reported 4,190 properties entering foreclosure in September, the second most only behind Chicago’s Cook County (whose fans didn’t have any team to cheer in the playoffs this year). Fans of the city are hoping that temporary boost can become the beginnings of an economic turnaround reminiscent of the 2006 Tigers. The Detroit Tigers are the feel-good story of this year’s World Series, having made it to baseball’s big dance only three years after posting 119 losses — one of the worst records in history. The Tigers have given local fans a chance to momentarily
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Bernanke: Free Market Can Curb Foreclosures
  
  In remarks he made yesterday in Chicago, Federal Reserve Board Chairman Ben S. Bernanke was not overly optimistic about the near-term future of the housing market, pinpointing the "cooling of the housing market" as a major contributor to the economys slowdown in 2006. Bernanke talked extensively about how he believes the Federal Reserve Board should respond to rising foreclosures — specifically in the subprime mortgage market. His conclusion came down in favor of the free market: "Credit market innovations have expanded opportunities for many households.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Mortgage Reform to Calm Foreclosure Storm
  
  Illinois House Bill 4050, a pilot program for 10 Chicago zip codes that was enacted in September 2006, was suspended by Gov. Although foreclosure filings in Cook County increased from the third quarter to the fourth quarter of 2006, foreclosure activity in the third quarter of 2007 is down 5 percent from a year ago. In an attempt to address the recent downturn in the real estate market — evidenced by rising foreclosures and falling home prices and which many believe may threaten to undermine the overall economy — the House of Representatives yesterday passed a bill that imposes more stringent regulatory oversight of the mortgage industry.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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