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Bank of America Starts Shaving Customers' Mortgage Principal

Bank of America Starts Shaving Customers' Mortgage Principal
This week, some Bank of America mortgage customers will receive letters in the mail describing the process by which they can attempt to reduce the principal on their home loans. The letters are the result of last week’s notice of settlement, whereby Bank of America would avoid more severe penalties for its role in the... Read more »
By mazeklaw,
May 14, 2012 at 9:36 am
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I'll Have a 15-Pack of Mac & Cheese and a Mortgage

I'll Have a 15-Pack of Mac & Cheese and a Mortgage
Costco rolled out a full-service mortgage program on Friday, adding an unusual item to its bulk-sales enterprise. The company tested the mortgage program for about a year before its launch last week via its website. The program promises great rates and lower closing costs compared to most lenders. The company partnered with 11 lenders to... Read more »
By mazeklaw,
April 30, 2012 at 9:14 am
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Ad Firm Wants to Pay Your Mortgage For Ad Space

Ad Firm Wants to Pay Your Mortgage For Ad Space
Would you make your home a billboard? What if doing so allowed you to stay in your home a bit longer and avoid foreclosure? These are the questions some homeowners are asking themselves in light of the program launched by marketing firm Brainiacs From Mars, based in northern California. The company will offer to pay... Read more »
By mazeklaw,
March 5, 2012 at 1:14 pm
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Cost of Ilinois Corruption? $38.85 Per Resident

Cost of Ilinois Corruption? $38.85 Per Resident
Former Chicago Alderman and current Head of the UIC Political Science Department Dick Simpson shed some light on just how corrupt Chicago is recently. On Feb. 15, Simpson, his colleagues and students published a comprehensive report on the lengthy conviction history of Chicago and Illinois. The research was presented before the City Council, and could... Read more »
By mazeklaw,
February 27, 2012 at 9:27 am
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What Will Illinois' $1B Robo-Signing Settlement Mean For You?

What Will Illinois' $1B Robo-Signing Settlement Mean For You?
Probably nothing, yet. But it does provide some hope for a large number of Illinois residents who owe more than their mortgage is currently worth. Last week, Illinois joined several other states in a $25 billion settlement with five leading lenders: Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Bank, formerly GMAC. Illinois... Read more »
By mazeklaw,
February 13, 2012 at 11:34 am
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Same-Sex Marriage Bill Filed, But Its Future Uncertain

Same-Sex Marriage Bill Filed, But Its Future Uncertain
Last June, Illinois made civil unions legal with the Illinois Religious Freedom Protection and Civil Union Act. Yesterday, a trio of Illinois legislators vowed to take the next step by filing the Religious Freedom and Marriage Fairness Act, which is a full-fledged same-sex marriage statute. Same-sex marriages are currently banned by statute in Illinois. In... Read more »
By mazeklaw,
February 9, 2012 at 7:40 am
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Forbes: Chicago Sixth Most Miserable City

Forbes: Chicago Sixth Most Miserable City
In the type of story designed to generate page views and arguments, Forbes released its list of America’s Most Miserable Cities, and Chicago is No. 6 on the list. A bit further down on the list, Rockford comes in at No. 9, while Miami was deemed the most miserable city in America. The list takes... Read more »
By mazeklaw,
February 3, 2012 at 11:41 am
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Madigan Joins National Mortgage Fraud Unit

Madigan Joins National Mortgage Fraud Unit
Illinois Attorney General Lisa Madigan on Jan. 27 formally joined a national team tasked with holding lenders more accountable for acts that led to the country’s housing crisis. The group, President Obama’s Financial Fraud Enforcement Task Force, will closely investigate questionable lender acts. She joins U.S. Attorney General Eric Holder, Housing and Urban Development Secretary... Read more »
By mazeklaw,
February 1, 2012 at 9:06 am
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Under Water, Without a Paddle

Under Water, Without a Paddle
The  Chicago Tribune yesterday reported that data through June of this year shows that about 1 in every 4 Chicago homeowners is under water on a mortgage, or owes more on their loan than the value of the property. It’s consistent with first-quarter figures, but it’s still a remarkable ratio to see in print. The... Read more »
By mazeklaw,
September 14, 2011 at 10:06 am
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Get Foreclosed, Get Paid?

Get Foreclosed, Get Paid?
Today’s typical foreclosure results in the property being sold at a sheriff’s sale for less — often, much less — than what the bank was owed on the previous mortgage. But that isn’t always the case. Although it’s rare, sometimes the sheriff’s sale fetches a sale price higher than the note, which results in a... Read more »
By mazeklaw,
August 26, 2011 at 8:56 am
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