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6 Articles match "2007","2008","Illinois"
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The Latest from RealtyTrac
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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. One such
www.foreclosurepulse.com
- Tuesday, December 16, 2008
Credit Card and Mortgage Debt Fuels Foreclosure
Among the hardest-hit states were California, Florida, Texas, Michigan, Illinois and Ohio. Considering that the housing market is expected to continue to be slow through 2007, there could be increases in mortgage delinquencies — especially among high risk subprime loans. Debt! No word better describes why millions of Americans are now facing foreclosure.
www.foreclosurepulse.com
- Tuesday, December 16, 2008
Governor Suspends Controversial Law Affecting Investors
Responding to the public outcry of legislative redlining, equal protection violations, and racial discrimination against minority residents living in certain Chicagoland areas, Illinois Gov. Rod Blagojevich suspended the law on January 19, 2007. As we move forward in 2007, with the local market in the doldrums, this would be one of those areas around the nation that it would be worthwhile It was controversial when it took effect, and it remained controversial until public officials decided enough was enough – roughly a little more than a year later. But House Bill 4050 (renamed
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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The Best from RealtyTrac
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MORE
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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. One such
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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Now Homebuilders Face Foreclosure
in Illinois. “We’re in the worst housing recession in modern history,” Antonio B. percent in 2007, the industry’s biggest drop in four decades, the Commerce Department said. But many homebuilders — both publicly and privately held — will become extinct in 2008. If 2007 was the year of the extinction For millions of Americans facing foreclosure, the Federal Reserve’s interest rate cut this week was welcome news that could possibly help save thousands of homeowners from default by giving them the opportunity to refinance their adjustable-rate loan into a fixed-rate mortgage with a lower interest rate.
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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May Home Prices Down 4.8 Percent
percent from May 2007. percent decline in home prices from May 2007. The East North Central Division, which includes Michigan, Wisconsin, Illinois, Indiana and Ohio, reported a 0.1 Home prices were down again in May, but a few regions of the country experienced a ever-slight uptick in prices from the previous month, giving officials at the Office of Federal Housing Enterprise Oversight (OFHEO) a chance to be cautiously optimistic in the press release announcing the numbers. "It quot;It is very hard to draw conclusions from a one-month number, especially in these uncertain times;
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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Credit Card and Mortgage Debt Fuels Foreclosure
Among the hardest-hit states were California, Florida, Texas, Michigan, Illinois and Ohio. Considering that the housing market is expected to continue to be slow through 2007, there could be increases in mortgage delinquencies — especially among high risk subprime loans. Debt! No word better describes why millions of Americans are now facing foreclosure.
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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Governor Suspends Controversial Law Affecting Investors
Responding to the public outcry of legislative redlining, equal protection violations, and racial discrimination against minority residents living in certain Chicagoland areas, Illinois Gov. Rod Blagojevich suspended the law on January 19, 2007. As we move forward in 2007, with the local market in the doldrums, this would be one of those areas around the nation that it would be worthwhile It was controversial when it took effect, and it remained controversial until public officials decided enough was enough – roughly a little more than a year later. But House Bill 4050 (renamed
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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Mortgage Reform to Calm Foreclosure Storm
Called The Mortgage Reform and Anti-Predatory Lending Act of 2007, the bill ( H.R. Illinois House Bill 4050, a pilot program for 10 Chicago zip codes that was enacted in September 2006, was suspended by Gov. Earlier this month, Blagojevich took another shot at the issue, signing into law a new bill that incorporates many of the provisions of 4050 , but applies to all of Cook County and in some cases all of Illinois. 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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