Posts tagged "predatory lending"

Connecting the dots between predatory lending, the vacant property crisis and school closings

Michael Tidmore and I recently met front of Daniel S. Wentworth Elementary School, a hulking brick building that sits on a residential block in Englewood. He wondered what’s going to happen to school buildings like this when they’re closed next year under Chicago Public Schools’ plan to shutter 61 facilities while consolidating students and staff.... 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 »

Alderman Foulkes: Englewood doesn't trust the Trust -- or Rahm

Alderman Foulkes: Englewood doesn't trust the Trust -- or Rahm
Fifteenth Ward Alderman Toni Foulkes was one of seven council members to vote “nay” on Mayor Rahm Emanuel’s controversial $1.7 billion infrastructure trust last week, in large part because of, well, trust. After the ordinance sailed through city council, Foulkes told the Chicago Sun-Times that residents of Englewood–who comprise a big chunk of her ward–simply... Read more »
Advertisement:

Struggling IL homeowners, renters to get $20 million piece of big mortgage settlement pie

Struggling IL homeowners, renters to get $20 million piece of big mortgage settlement pie
Illinois Attorney General Lisa Madigan announced Wednesday that $20 million will make its way to statewide programs aimed at keeping folks in their homes and providing mortgage relief. That’s thanks to Madigan’s involvement in a national lawsuit against some of the country’s biggest lenders, which ended in a $26 billion settlement earlier this year–the second... Read more »

Predatory lending, the mortgage meltdown and a $335 million settlement

Here’s yet another example of why investigative reporting matters. Today, Illinois Attorney General Lisa Madigan credited The Chicago Reporter for spurring a lawsuit that led to a $335 million settlement by Countrywide, a subsidiary of Bank of America, which deliberately steered well-heeled Latino and African-American homebuyers into subprime loans even though they qualified for better terms.... 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: