Foreclosure Research - Press

August 14, 2012
  Mayor Rahm Emanuel said Tuesday that he does not support the idea of using eminent domain to seize underwater homes and then refinance those mortgages to more affordable terms.   He made the statement as Chicago aldermen were in a committee hearing trying to understand the proposal floated by a...
August 14, 2012
By Odette Yousef August 14, 2012   New figures show that while the number of properties with foreclosure filings in the greater Chicago area didn’t change significantly from the first half of 2011 to the first half of 2012, the number of foreclosed homes sold at auction jumped dramatically....
August 13, 2012
By Fran Spielman August 13, 2012   Should Chicago use its sweeping condemnation powers to help stem the foreclosure epidemic — paving the way for underwater mortgages to be written down and repackaged under terms more affordable to struggling homeowners?   The City Council’s most powerful alderman...
August 10, 2012
By Nick Moroni August 21, 2012   Tweaks to Illinois' 1987 Residential Mortgage License Act, signed into law last week by Gov. Pat Quinn, will give the state's regulatory department more resources to combat shady mortgage lenders who engage in fraud, according to the bill's supporters.   Under the...
August 9, 2012
By David Lee Matthews August 9, 2012     More than a third of all home sales in Kendall County since 2010 have been by banks, the highest rate in the seven-county area, a new report shows.   Kendall, about 50 miles southwest of downtown, was one of the fastest-growing counties in the Chicago area...
August 2, 2012
By Peter Ricci August 2, 2012   Mortgage complains reigned supreme in the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congress, comprising 43 percent of the 55,300 complaints the agency received from consumers in its first 11 months of existence.   The make-up of those...
August 1, 2012
By Ellyn Fortino August 1, 2012   Twice as many Chicago home buyers in communities of color were issued government-backed loans in 2010 compared to borrowers in white communities, a new report from the Woodstock Institute reveals.   In the report, “Paying more for the American dream VI: Racial...
August 1, 2012
By Mary Ellen Podmolik August 1, 2012   Financially strapped borrowers whose mortgages are backed by Fannie Mae and Freddie Mac will not be allowed principal reductions to help save their homes from foreclosure, a decision that will impact consumers as well as communities.   Federal Housing...
July 30, 2012
By Micah Maidenberg July 30, 2012   Chicago's City Council is wading into the debate about whether governments should use their eminent domain power to save borrowers from foreclosure.   Under a controversial plan pitched by a San Francisco-based investment firm, municipalities and counties would...
July 26, 2012
By Steven Ross Johnson July 25, 2012   A racial divide continues to perpetuate among those seeking a mortgage loan, according to a new study. The report alleges that mortgage lenders have steered more black and Latino borrowers towards government-backed home loans by limiting their access to more...
July 24, 2012
By Sheryl Harris July 25, 2012     Black and Latino homebuyers nationwide are significantly more likely to wind up with government-backed mortgages than white homebuyers, according to the Woodstock Institute's latest look at disparities in mortgage lending. In Cleveland, the study found, 85...
July 24, 2012
By Kate Berry July 24, 2012   Black and Latino borrowers received government-backed loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs significantly more often than white borrowers, raising concerns about redlining, a new study has found.   The...
July 24, 2012
By Brian Collins July 24, 2012   Seven affordable housing groups are urging the Department of Justice, HUD and federal regulators to investigate whether the prevalence FHA and VA lending in minority neighborhoods—and the low percentage of conventional lending—is a result of racial steering.   Read...
July 19, 2012
By David Lee Matthews July 19, 2012     The state's drawn-out foreclosure process has gotten even longer.   It now takes lenders an average of 647 days to repossess a foreclosed home in Illinois, according to second-quarter data from Irvine, Calif.-based RealtyTrac Inc., an online listing firm for...
July 19, 2012
By Thomas Adams July 19, 2012   Some 86 percent of mortgages in Rochester’s minority communities in 2010 were backed by government entities at higher interest rates, the highest percentage among seven cities included in a report released Thursday.   The report, Paying More for the American Dream...
July 19, 2012
By Nick Timiraos July 19, 2012     Seven consumer advocacy groups say their analysis of mortgage data raises questions about whether lenders are steering minority borrowers into government-backed loans that are slightly more expensive than conventional mortgages.   The report looked at lending data...
July 19, 2012
By Emma Fidel July 19, 2012   Black and Latino homeowners received significantly more government-backed loans than white homeowners in 2010, suggesting that racial discrimination persists in the mortgage industry, according to a joint report by seven community development advocacy groups.   Black...
July 19, 2012
By Jon Prior July 19, 2012   The American Bankers Association urged regulators to limit lending discrimination cases to only those in which banks admit intent.   In a white paper submitted by the ABA and prepared by financial law firm Buckley Sandler, the group said previous Supreme Court rulings...
July 18, 2012
By Mary Ellen Podmolik July 18, 2012   The Federal Housing Administration said Wednesday it has tapped the Chicago area, along with three other housing markets hit hard by foreclosures, for a pilot program designed to stabilize neighborhoods and slow the increase in abandoned homes.   The agency's...
July 5, 2012
By Safiya Merchant July 5, 2012   In 2011 alone, 6,274 homes in the city of Chicago went through the final stage of foreclosure and were auctioned off, according to data from Woodstock Institute. A vast majority, 94 percent, ended up in the hands of banks.   Thousands are still sitting vacant....
June 25, 2012
By Rob Wildeboer June 25, 2012     Davinia Davis loves the small '60s-era bungalow she rents in Englewood.   “It's nice.  It's cozy, it's homey, it's just big enough,” she says. She laughs as she proclaims herself a homebody.   Davis grew up in Englewood and she’s comfortable there, but she seems...
June 25, 2012
By Anna Maria Andriotis June 25, 2012   The most promising news for housing may not be rising sales, but falling foreclosures.     While sales of new single-family homes jumped 8% in May, according to data released by the Commerce Department Monday, experts say homeowners may benefit more from the...
June 20, 2012
By Matthew Blake June 21, 2012   Five years after the housing bubble disastrously burst, federal and local government has tried, with limited success, to address each new wave of the foreclosure crisis. In Chicago and Cook County, the focus is increasingly on the surging number of properties...
June 20, 2012
By Deb Quantock McCarey June 20, 2012   On a recent Saturday morning, Doris, 46, is sitting in the auditorium at Michele Clark High School, 5101 W. Harrison St. in Chicago, chatting with a friend.     The long-time Austin resident is among 50-some other homeowners from the area, and as far away as...
June 14, 2012
June 14, 2012   Illinois foreclosure filings shot up 29 percent in May compared to the previous month and are 54 percent higher than May 2011, according to data provided by Irvine, California-based RealtyTrac. Illinois has the fifth-highest foreclosure rate nationally.   The discouraging month-by-...
May 3, 2012
By Odette Yousef May 3, 2012   An initial review suggests that Chicago’s revised vacant property ordinance is bringing in a lot cash to the city, and that it’s helping city officials keep better count of the number of homes sitting vacant. The statistics, contained in a letter from Chicago Mayor...
April 26, 2012
By Martha Bridegam April 26, 2012   The Chicago-based Woodstock Institute is understandably exercised about an Illinois state legislative proposal that, if passed, would declare a property to be "abandoned" for quick-foreclosure purposes if it has residents but they aren't authorized to be there....
April 12, 2012
By Francine Knowles April 12, 2012   Foreclosure filings in the Chicago metropolitan area jumped 18.5 percent in March from a year earlier and edged up 1.8 percent from February, according to the latest report from RealtyTrac released Thursday.   The report showed 12,818 homes received foreclosure...
April 11, 2012
By Dennis Rodkin April 11, 2012   A new federal report has provided yet another sign that Chicago’s housing market is in the slow lane on the road to recovery. The report, issued last week with the government’s monthly housing scorecard, noted that, during the past year, the area saw a 1.5 percent...
April 11, 2012
By Jon Prior April 11, 2012   A growing percentage of conventional, fixed-rate mortgages end up in foreclosure, according to the Woodstock Institute, whose report focused on the Chicago metro area.   In 2011, 68.2% of foreclosed homes came from Federal Housing Administration and Veterans Affairs...

Pages