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4 Articles match "GOV","Homes","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. But opponents
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. 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
As Foreclosures Mount, Candidates React to the Credit Crisis
Meanwhile, the rising flood of foreclosures promises to become a major presidential campaign issue in the weeks and months ahead because an alarming 2 million American homeowners could lose their homes by November 2008. Hillary Rodham Clinton wants to put an end to prepayment penalties for home mortgages and to set up a $2 billion federal fund to help homeowners avoid foreclosure. 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
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. But opponents
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. 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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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 in Lending
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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As Foreclosures Mount, Candidates React to the Credit Crisis
Meanwhile, the rising flood of foreclosures promises to become a major presidential campaign issue in the weeks and months ahead because an alarming 2 million American homeowners could lose their homes by November 2008. Hillary Rodham Clinton wants to put an end to prepayment penalties for home mortgages and to set up a $2 billion federal fund to help homeowners avoid foreclosure. 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
www.foreclosurepulse.com
- Tuesday, December 16, 2008
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