3 Articles match "2008","Illinois","Residential"

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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. A statement released by Dean Martinez, Secretary, Department of Financial and Professional Regulation, explained the decision to suspend the law by stating, “the Secretary received and reviewed information that suggests that the prior designation may be detrimental to the Pilot Program’s purpose, namely, to curb predatory lending practices in areas with high rates of foreclosure on residential home
www.foreclosurepulse.com - Tuesday, December 16, 2008
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Foreclosure Filings Soar 90 Percent
Meanwhile, the Mortgage Bankers Association, in its quarterly snapshot of the mortgage market released today, reported that the percentage of payments that were 30 or more days past due for one-to-four unit residential properties was 4.84 The Top 10 was rounded out by seventh place Illinois with 6,824 filings, Colorado with 6,321, Arizona with 5,918 and Nevada with 5,235 foreclosure filings. A growing number of American homeowners across the country are getting foreclosure notices, according to new data released this week by RealtyTrac. U.S.
www.foreclosurepulse.com - Tuesday, December 16, 2008
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Mortgage Reform to Calm Foreclosure Storm
3915 ) claims to "amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators, to provide certain minimum standards for consumer mortgage loans, and for other purposes." Some of the primary components of the bill: Prohibits steering incentives to mortgage originators, including incentive compensation and any yield spread premium based on, or varying with, the terms of a residential mortgage loan. 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
READ MORE
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  • Mortgage Reform to Calm Foreclosure Storm
    3915 ) claims to "amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators, to provide certain minimum standards for consumer mortgage loans, and for other purposes." Some of the primary components of the bill: Prohibits steering incentives to mortgage originators, including incentive compensation and any yield spread premium based on, or varying with, the terms of a residential mortgage loan. 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
    READ MORE
  • 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. A statement released by Dean Martinez, Secretary, Department of Financial and Professional Regulation, explained the decision to suspend the law by stating, “the Secretary received and reviewed information that suggests that the prior designation may be detrimental to the Pilot Program’s purpose, namely, to curb predatory lending practices in areas with high rates of foreclosure on residential home
    www.foreclosurepulse.com - Tuesday, December 16, 2008
    READ MORE
  • Foreclosure Filings Soar 90 Percent
    Meanwhile, the Mortgage Bankers Association, in its quarterly snapshot of the mortgage market released today, reported that the percentage of payments that were 30 or more days past due for one-to-four unit residential properties was 4.84 The Top 10 was rounded out by seventh place Illinois with 6,824 filings, Colorado with 6,321, Arizona with 5,918 and Nevada with 5,235 foreclosure filings. A growing number of American homeowners across the country are getting foreclosure notices, according to new data released this week by RealtyTrac. U.S.
    www.foreclosurepulse.com - Tuesday, December 16, 2008
    READ MORE