10 Articles match "Chicago","Homes","Real Estate"

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• New Illinois Housing Law Draws 2nd Suit
  
  Two law suits have been filed against a controversial Illinois law that mandates financial counseling for certain consumers obtaining mortgages or refinancing loans in 10 ZIP code areas in Chicago. The suits — filed by eight consumers and the real estate community — seek to halt the implementation of Illinois House Bill 4050, which took effect September 1. "It's a discriminatory law," said Julie Santos, a Chicago Realtor and co-chair of the Coalition to Rescind HB 4050, a group formed from several community organizations who are collecting signatures in an attempt to repeal the
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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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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• Recession Risk Rising
  
  We can’t take growth for granted,” Bush said last week in Chicago, acknowledging that “recent economic indicators have become increasingly mixed.” With foreclosures rising and home values plunging, Bush is considering a series of economic measures, but it isn’t clear what kind of package would pass Congress in an election year. But according to the Wall Street Journal : “the Federal Reserve can’t flip its easy-money Amid fears the economy could be slipping into a recession , President George W. Bush abandoned his usually sunny rhetoric last week and painted a darker picture
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Governor Suspends Controversial Law Affecting Investors
  
  But House Bill 4050 (renamed Public Act 94-280) is now null and void, which should be a relief to real estate investors and prospective homebuyers looking for bargain property in south Chicago . 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
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• March Mania and RealtyTrac's Sweet 16 Foreclosure List
  
  Each spring brings the beginning of the real estate sales season and the end of college basketball, culminating with March Mania and the much awaited NCAA Sweet 16 playoff. That will buy you a two-story home with three bedrooms and one bath. Chicago, IL — Opening Bid: $85,000 WEST REGION SEMIFINAL Savvy buyers west of the Rockies don’t have to read any John Wooden books to spot these easy This weekend, as the best college basketball players square off, RealtyTrac will tip off its Sweet 16 foreclosure list. EAST REGION SEMIFINAL The dollar goes a long way in
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• How Can Financially-Troubled Homeowners Prevent Foreclosure?
  
  Lenders want to keep troubled borrowers in their homes and out of foreclosure. Remember, banks are in the money-lending business, not real estate. If you can’t reach your lender or they are making unreasonable financial demands from you, consider contacting a local community group. Or consider contacting the National Training and Information Center (NTIC) , a Chicago-based nonprofit community network. When you miss several mortgage payments and your lender sends you a notice of default, where do you turn for relief? For the 112,210 Americans who entered the
  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). The marquee at the State Theatre — just a short walk from Comerica Park, the teams home field — reads: "Lets Party Like Its 1984," a nod to the last time the Tigers won the series. “ In addition to raising the spirits of the city’s residents, the World Series has likely given a temporary boost to the local economy with a sizeable infusion of tourist dollars. 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.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Mayors Predict Rising Foreclosures in 2008
  
  Mounting home foreclosures will lead to “profound” effects on the economy next year, bleeding billions of dollars in lost tax revenues, shrinking job growth and reducing consumer spending in the nation’s major metropolitan areas, according to a new report released this week by the U.S. Prepared by forecasting and consulting firm Global Insight , the report said weak residential investment, lower spending and income in the construction industry and curtailed consumer spending because of falling home values will combine to hold back the nation’s economic activity. Conference of Mayors .
  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 conceded that implementing rules, which the Home Ownership Equity Protection Act (HOEPA) gives the Federal Reserve the authority to do, may be necessary in some cases as long as the rules are "drawn sharply, with bright lines and address practices that are never, or almost never, legitimate." Still, he ended on a positive note: "All that said, given the fundamental factors in place that should support the Bernanke talked extensively about how he believes the Federal Reserve Board should respond to rising foreclosures — specifically in the subprime mortgage market.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Mortgage Reform to Calm Foreclosure Storm
  
  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. Illinois House Bill 4050, a pilot program for 10 Chicago zip codes that was enacted in September 2006, was suspended by Gov. Called The Mortgage Reform and Anti-Predatory Lending Act of 2007, the bill ( H.R. 3915 ) claims to "amend the Truth
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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