10 Articles match "Chicago","Houses"

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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.
  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 . Although its intent was to reduce foreclosures in certain blighted areas in Chicago, the law stirred up a public outcry from the get-go due to the pilot program zeroing in on 10 zip codes chosen for their high foreclosure rates, but heavily populated by minority communities — especially African Americans and Hispanics. 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.
  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.” interest rate cuts may be needed to shore up economy in the face of a prolonged housing slump. 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 of the economy’s condition. “We
  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). But for at least five games, the city has pushed concerns about the housing market and the economy to the backburner and chosen to focus on baseball: “The local news media have started calling Detroit "Tiger Town." 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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• How Can Financially-Troubled Homeowners Prevent Foreclosure?
  
  Or consider contacting the National Training and Information Center (NTIC) , a Chicago-based nonprofit community network. Department of Housing and Urban Development has a pamphlet called “How to Avoid Foreclosure” at: http://www.hud.gov/foreclosure/index.cfm . 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 foreclosure pipeline in September, the answer is simple: Talk to your lender at the first sign of trouble.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• March Mania and RealtyTrac's Sweet 16 Foreclosure List
  
  Trenton, NJ — Opening Bid: $83,700 MIDWEST REGION SEMIFINAL With bank-owned houses cheaper than a used car in Detroit, Michigan and Columbus, Ohio, why not buy the whole block? 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 free throw investment opportunities. 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. This weekend, as the best college basketball
  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. Still, he ended on a positive note: "All that said, given the fundamental factors in place that should support the demand for housing, we believe the effect of the troubles in the subprime sector on the broader housing 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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• Mayors Predict Rising Foreclosures in 2008
  
  That will worsen the already sharp housing downturn, with ripple effects on hiring and spending. billion, Dallas and Washington at $4 billion each, and Chicago at $3.9 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. Conference of Mayors .
  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. The White House issued a Statement of Administration Policy on H.R. Called The Mortgage Reform and Anti-Predatory Lending Act of 2007, the bill ( H.R. 3915 ) claims to "amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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