Tag: banks

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 »

Poor will bear the brunt of new debit card fees. Who's to blame?

Poor will bear the brunt of new debit card fees. Who's to blame?
Late last week, Bank of America made an announcement: they’re going to start charging their customers $5 a month to use their debit cards. Needless to say, the response wasn’t positive. Bank of America serves about 1 out of every 2 Americans, and nobody seems pleased about having to pay an extra $5 a month... Read more »

Bank merger battle hits Chicago

Bank merger battle hits Chicago
Among those who gathered yesterday at the Federal Reserve Bank of Chicago to testify about Capital One bank’s proposed acquisition of ING: federal regulators, corporate attorneys, nonprofit developers, policy analysts, community revitalization advocates, housing directors, small business operators and investment managers. The acquisition is a huge deal after all, quite literally: the $9 billion deal... Read more »

Illinois lawmakers to banks: 'Secure your vacant properties'

It’s been more than three years since Chicago’s City Council adopted a vacant buildings ordinance that set standards intended to prevent neighborhoods hit with thousands of foreclosures from turning into junkyards. But like municipalities across Illinois, the city has struggled to hold the owners accountable. And as a Chicago Reporter investigation recently found, it’s some... Read more »

News Roundup: DePaul accused of racism in tenure review

DePaul University faculty members are calling for an investigation into whether race was the issue in a June decision by board members to deny tenure to two minority professors. According to a university appeals board, the tenure review process is biased and has violated academic freedom in at least one case. At the same time when the two... Read more »

News roundup: Chicago banks refinance their bailout for cheaper Fed program

The first four of Chicago’s small banks to pay back the federal government for the Troubled Asset Relief Program funds they received turned around and refinanced with a cheaper  federal bailout program, despite the fact that all but one were profitable during the first half of the year. The banks, including Hanover Park’s First Eagle... Read more »

Shore Bank fails, and a vacuum in lending is left behind in low-income communities

Shore Bank customers talk about the significance of loans they used to rehab houses and revitalize low-income areas, loans that they would not be eligible for at an ordinary bank. Now that Shore Bank has gone under, they worry what type of economic investment will be available in already struggling Chicago neighborhoods hit hard by... Read more »

When will Chicago take on bankers over foreclosures?

The Chicago City Council’s Buildings Committee was back in session today, this time taking up a pretty straightforward question: who is responsible for keeping people out of the thousands of vacant, bank-owned properties left in the wake of the foreclosure crisis? While the phrase “bank owned” seems like a pretty good clue to us, aldermen are... Read more »