Posts tagged "subprime mortgages"

Lisa Madigan credits Reporter with initiating largest discriminatory lending settlements in U.S. history

Lisa Madigan credits Reporter with initiating largest discriminatory lending settlements in U.S. history
Journalism that is having its rightful impact. That’s what Illinois Attorney General Lisa Madigan called the work of The Chicago Reporter Thursday evening when she gave the publication credit for initiating the largest discriminatory lending settlements in the history of the United States. In a series of investigative stories, the Reporter uncovered that Countrywide Home... Read more »

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 »

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 »
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In Auburn Gresham, can anyone afford their mortgage?

In Auburn Gresham, can anyone afford their mortgage?
In our final entry in our series examining where we live, Chicago Reporter Publisher Alden Loury talks about what the foreclosure crisis has done in his neighborhood. What’s going on where you live? We want to know. Take a look at your census tract with the New York Times’ slick map and tell us what... Read more »

Chicago family refuses to leave home after foreclosure fraud

Silva Tellez remembers holding the phone in her hand and dialing the number that came on the letter about her mortgage. It rang and rang, she says, but finally a machine picked up. “It said, ‘Your loan modification is denied,’” she says. “That was it.” Tellez was shocked. She and her husband, Alvaro, hadn’t missed... Read more »

How segregation caused the housing crisis

How segregation caused the housing crisis
It used to be extremely difficult to get a home loan if you weren’t white. Especially if you lived in a black neighborhood. Banks created maps to show which neighborhoods they would not give home loans to, a process coined here in Chicago in the 1960s called “redlining.” Black families could rent a house, but... Read more »
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Chicago: Ahead of LA and NYC in foreclosures

Think Chicago is the forlorn second city? Think again. We’ve got LA and NYC beat in one department: foreclosures. More on chicagoreporter.com The Center for Housing Policy recently released its website – foreclosure-response.org, which has a wealth of recent data on foreclosures and delinquent loans for metropolitan areas all over the nation. Among the data... Read more »

Lisa Madigan drops another discrimination lawsuit on Wells Fargo

Last month, The Chicago Reporter raised the question: “If Baltimore sued Wells Fargo, why aren’t we?” Today, the Illinois Attorney General became the latest in a growing line of folks to charge the lending giant with discriminatory lending practices. After raising that question, the Reporter revealed that among the nation’s 10 largest lenders, black borrowers... Read more »