9 Articles match "Foreclosures","Houses","Illinois"

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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
  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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• Now Homebuilders Face Foreclosure
  
  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. homebuilders the risk of foreclosure through bankruptcy has sharply risen under the pressure of the grim housing market. But for many U.S. This week, Florida-based homebuilder Tousa Inc.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• Credit Card and Mortgage Debt Fuels Foreclosure
  
  No word better describes why millions of Americans are now facing foreclosure. The study showed that consumers carried debt loads that substantially exceeded their income and, as a result, bankruptcy — or foreclosure — were their only reasonable options. Not surprisingly, more than 115,568 properties entered some stage of foreclosure nationwide in October, according to RealtyTrac’s U.S. Debt! Last year, the average American receiving financial counseling earned $27,000 annually and had $38,500 of unsecured debt spread over eight credit cards, according the National Foundation for
  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. Sets forth defenses to foreclosure. 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 for such practices,
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• March Mania and RealtyTrac's Sweet 16 Foreclosure List
  
  This weekend, as the best college basketball players square off, RealtyTrac will tip off its 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? Indianapolis, IN — Opening Bid: $32,400 4) Illinois — 1475 W 71st Pl., 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. EAST REGION SEMIFINAL The dollar
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• As Foreclosures Mount, Candidates React to the Credit Crisis
  
  With mortgage foreclosures at historic highs, Democrats and Republicans are fighting over a political issue that could have major implications in the 2008 presidential campaign. Sensing an opportunity to win votes, the major presidential candidates have come out swinging; proposing a variety of prescriptions to ease the worsening housing slump.Both the White House and Democrat leaders in Congress agree that something must be done to stop the foreclosures. Yearning to retake the GOP-controlled White House next year, the Democrats are clamoring for the federal government to do something, anything, to contain the crisis.
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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• May Home Prices Down 4.8 Percent
  
  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 The East North Central Division, which includes Michigan, Wisconsin, Illinois, Indiana and Ohio, reported a 0.1 quot;It is very hard to draw conclusions from a one-month number, especially in these uncertain times; but the numbers in the Pacific, East and West North Central Divisions may be good signs," said OFHEO Director James B.
  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 . Responding to the public outcry of legislative redlining, equal protection violations, and racial discrimination against minority residents living in certain Chicagoland areas, Illinois Gov. 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. Rod Blagojevich suspended the law
  www.foreclosurepulse.com - Tuesday, December 16, 2008
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