Posts tagged "mortgage"

Fast-track foreclosure bill for abandoned homes signed into law

Fast-track foreclosure bill for abandoned homes signed into law
This train is now running express. Under a bill signed into law this month by Gov. Pat Quinn, abandoned homes can be fast-tracked to foreclosure. That means their upkeep becomes the lenders’ responsibility before they fall apart and drag down a neighborhood’s economy and security. The bill will also force banks to pay a fee... Read more »

Poll: Americans say raise taxes on the rich rather than cut programs for the poor

Poll: Americans say raise taxes on the rich rather than cut programs for the poor
Take from the rich to feed the poor? That’s what looks good to most Americans when it comes to negotiations over the so-called fiscal cliff. A recent Pew Research Center poll showed that a whopping 69 percent of people approve of President Barack Obama’s proposal to raise taxes on Americans making over $250,000 a year.... Read more »

Chicago's use of eminent domain to save homes could be longshot

Chicago's use of eminent domain to save homes could be longshot
Despite impassioned testimony from housing advocates and a cameo appearance by actor John Cusack, it’s far from certain that the city will use eminent domain  to keep troubled borrowers in their homes. To start, Mayor Rahm Emanuel has already stated he opposes the idea, which could mean it’s all but a dead issue. After all,... Read more »
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Race, poverty and politics: first meeting of the infrastructure trust; city council mulling eminent domain to help troubled homeowners

Rahm Emanuel’s infrastructure trust had its first meeting Thursday. According to Crain’s Chicago Business, the board chairman, a retired Boeing executive, put forward rules to organize the operation of the trust. The group’s activities are expected to be subject to Freedom of Information Act requests. Eventually, the trust will need about $200 million to take... Read more »

New law bans some predatory lending practices that had hurt vulnerable communities

New law bans some predatory lending practices that had hurt vulnerable communities
The practice of giving high risk home loans to minorities and financially vulnerable communities is alive and well, says a legislator behind a bill that seeks to ban two types of tricky lending practices. SB1692, passed in May and signed by Gov. Pat Quinn on July 25th, would ban prepayment penalties and balloon payments. Written... Read more »

Race, poverty and politics: City passes new gun law, OKs $7M in police torture settlements; CTU, CPS agree on longer day with more teachers; Chick-fil-A not on Logan Square's menu

Chicago Inspector General Joseph Ferguson and 14th Ward Ald. Ed Burke are in a feud that went public Thursday over Burke’s refusal to release information on the city’s workers compensation program. Ferguson wants to look into reports of a number of police officers and firefighters abusing the city’s disability pay programs. Burke, as chair of... Read more »
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Race, poverty and politics: Obama halts deportations; Rahm backs decriminalizing small amounts of pot; CTU vote means hot summer ahead; Cook to boost set-asides

President Obama bypassed Congress Friday and announced the U.S. will stop deporting undocumented immigrants who are currently under 30 years old, who came to the U.S. before they turned 16 and have lived here at least five years. To be eligible, they also can’t have a criminal record, have earned a high school diploma or... Read more »

Race and poverty roundup: George Zimmerman charged; subprime lending is back; Derrick Smith indicted

What’s moving in the world of race and poverty, on Chicago Muckrakers weekly.  The announcement that George Zimmerman will be charged with second degree murder was welcomed by advocates who felt that letting Zimmerman go free, despite there being little question that he had shot Florida teenager Trayvon Martin, was a travesty of justice. Rep. Derrick... Read more »

Happy birthday, Wells Fargo: older but wiser?

Happy birthday, Wells Fargo: older but wiser?
Protesters around the country came out Monday to wish Wells Fargo a happy 160th birthday, and to remind the San Francisco bank that getting older doesn’t mean they’re getting any wiser. “We went out there to let them know that we are going to bring attention to the fact that Wells Fargo still does not... Read more »
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The devastated housing market on Chicago's South and West sides during the Daley era

Former Mayor Richard M. Daley will be remembered for the rise of shiny, new downtown condominiums and the fall of towering public housing buildings. But his tenure should also be remembered for declining homeownership and the dramatic rise of cost-burdened renters and home owners in many of Chicago’s South and West side communities. In a... Read more »