Posts tagged "mortgages"

Kelly speaks Friday on the article that set off a $335 million lawsuit

Kelly speaks Friday on the article that set off a $335 million lawsuit
Before the housing bubble burst, before Illinois Attorney General Lisa Madigan sued Countrywide for discriminatory lending practices and before the word foreclosure became as common as the word mortgage, if you were a black family in Chicago looking to buy your first home and the rates seemed unreasonably expensive, you might just assume that it... Read more »

New vacant property ordinance: Will it be effective in Chicago neighborhoods?

In late July, the Chicago City Council passed an ordinance designed to clean up the thousands of vacant properties left decaying in the wake of foreclosure crisis. That ordinance would hold lender and mortgage servicers accountable for the maintenance of vacant homes, declaring them responsible for the property even before they legally took ownership when... Read more »

Wells Fargo Bank deceived, but did it discriminate?

Wells Fargo Bank deceived, but did it discriminate?
Nearly 9,000 homeowners facing foreclosures will get help paying off their loans after they were allegedly swindled into high-cost mortgages by lender Wells Fargo Bank. But the hundreds of families who lost their homes because the same company charged them more interest based on the color of their skin are still waiting for justice. More... Read more »
Advertisement:

From homeowners to worker drones?

What’s the American Dream? A job, a family, a little house in the suburbs? Some are suggesting that the third should get axed. Or so says Time magazine, in its article “The Case Against Homeownership.” Certainly, in this economy, the idea of owning a home doesn’t take on the same glow it once did. With... Read more »

Home sales take a nose-dive to lowest level in 15 years

Home sales plummeted by 27.2 percent in July compared to June, hitting the lowest level in 15 years. The drop, which is the biggest monthly dive since 1968, enforced fears that the economy continues to slow down.  The end of a tax credit given to first-time buyers contributed to the fall, according to NPR. While... Read more »

Is ShoreBank getting in on the predatory lending game in Chicago?

For a small community bank on Chicago’s South Side, ShoreBank Corp. has been the subject of some recent high-profile media coverage. Exactly why deep-pocketed Wall Street bankers have swooped in to bail out the troubled lender is the subject of plenty of speculation. But the fact that they did is good news for the predominantly... Read more »
Advertisement: