“If I try to sell this house,” Froylan Sr. says. “They won’t even give me a stick of gum for it.”
Ninety-five percent of the completed foreclosures became lender-owned instead of selling to a third-party buyer at auction. Lender-owned foreclosed properties often stay vacant for a significant period of time.
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Condominium foreclosures comprise an increasingly large share of new filing activity in suburban Cook County. New filings on condominiums grew most dramatically in North and Northwest Cook County, growing by 77 and 76 percent, respectively, from the first half of 2009 to the first half of 2010. New filings on condominiums in the City of Chicago grew by 38 percent over the same time period, although the City had the largest number of filings on condominium units in the first half of 2010.
Over the past two years, dozens of Chicago region consumer and community organizations called their legislators, participated in and convened roundtable discussions, signed on to letters, and went to Washington to call for real financial reform. They sent a clear message to Illinois legislators–the patchwork consumer protections that failed to prevent the foreclosure crisis and allowed widespread abuse in the consumer credit markets cannot continue.
Angel Beltran is the vice president of the MB Financial Community Development Corporation and a community development officer at MB Financial Bank in Chicago. Mr. Beltran has more than ten years of experience in Community Reinvestment Act (CRA) and community development banking products and services and has served on many nonprofit boards.
“Capping rates for short-term loans was our number one priority,” said Woodstock Institute Vice President Tom Feltner. “These reforms, passed overwhelmingly by the General Assembly with bi-partisan support, succeed in doing this and will ensure that borrowers are not stuck in long-term, 700 percent loans.”