Woodstock Institute Senior Vice President Geoff Smith presented the findings of a new report that found that thousands of foreclosed, vacant homes in the City of Chicago are likely poorly maintained, lack clear ownership, and threaten to destabilize neighborhoods. “The steward relationship between loan servicers and the homes in our neighborhoods is broken,” noted Smith.
“Payday Loans, Payday Loans
It’s Christmas Time in the city
Hear them ring, ring-a-ling
Soon there will be bankruptcies!”
Debt settlement companies negotiate with creditors to reduce the amount of debt a borrower owes, unlike debt management companies or credit counselors, who work to achieve an affordable monthly payment. Consumer complaints about debt settlement companies to the Illinois Attorney General have skyrocketed in recent years. Consumers reported that many debt settlement companies promised to reduce debts substantially and charged high up-front fees but had low success rates in achieving debt relief.
At the Regional Home Ownership Preservation Initiative (RHOPI) 2010 Annual Plenary on July 15, more than 80 representatives from the public, private, and nonprofit sectors came together to hear leading practitioners explain how they are meeting those challenges—and worked together to come up with proposals to address persistent problems.
Click here to see the agenda.
Sponsored by Sen. Kimberly Lightford (D-4) and Rep. Lou Lang (D-16), the proposal passed the Illinois Senate on May 5 by 58-1 and the House by 118-1 on May 26.
These are the kind of sobering statistics that experts presented to more than 100 representatives from community, research, financial, regulatory, and government groups at “Beyond Foreclosures: The Impact of the Financial Crisis on the Wealth Gap and Economic Opportunity.” Indeed, a staggering number of consumers lack sufficient access to banking services that would help them build wealth, do not have opportunities to build a positive credit history, and must resort to the costly and stigmatizing process of bankruptcy.
Click below to see photos from the conference.