Posts in category "Government"

Homeowners Push For Short Sales As Debt Forgiveness Act Nears Expiration

Homeowners Push For Short Sales As Debt Forgiveness Act Nears Expiration
Americans are not only counting down the number of shopping days this holiday season. As the Mortgage Forgiveness Debt Relief Act draws to a close on Dec. 31 — barring an expected extension — homeowners who are under contract to sell their homes via short sale are getting anxious too. The Mortgage Forgiveness Debt Act,... Read more »

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 »

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 »
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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 »

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 »

Experts Predict End of 30-Year Mortgage

The New York Times recently published an article discussing what might happen to the lending market if the government formally elects to shut down Fannie Mae and Freddie Mac in the coming years. The loss of these two government-run lending powerhouses, the article supposes, could signal the end of borrower luxuries like low interest rates,... Read more »
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