The Right Place

Today, we had an excellent package of stories on mortgage rescue fraud, which is on the rise. Sandra tells the stories of two women who were snared and are fighting back; reports on a study that has found women increasingly are paying more than they should for their mortgages; reports on legislative solutions that are pending in Illinois; and offers suggestions for help if you find yourself in a bad situation.

Continue reading "Snared! by subprime mortgage" »

Posted by Sally Duros at 05:17 PM | Permalink | Comments (0) | TrackBacks (0)

There’s always more information than I can include in a my column. Appraiser Tim McCarthy and I also discussed software companies that marry public data, digital photography and an appraiser. And then we started discussing the Cook County Assessor’s website.

Continue reading "Cook County Gets Praise" »

Posted by Sally Duros at 11:02 PM | Permalink | Comments (0) | TrackBacks (0)

This week I wrote about how many Chicagoans are experiencing early warning defaults on their mortgages in The Right Place.

I'll be adding more info related to this soon.

Continue reading "54,000 Chicago households caught in sub-prime perfect storm" »

Posted by Sally Duros at 10:09 AM | Permalink | Comments (0) | TrackBacks (0)

The fraud continues and so do the laws.

Hope this new one from The Illinois Attorney General's office makes a difference.

Continue reading "Law targets mortgage "rescuers"" »

Posted by Sally Duros at 05:23 AM | Permalink | Comments (0) | TrackBacks (0)

Here’s some excellent reporting from Business Week that provides useful context on the big picture nationwide related to the controversial use of adjustable rate mortgages (ARMs) by individuals and the real estate industry. The cover story ran Sept. 11, 2006.

Business Week’s "Map of Misery," shows the percentage of new and refinanced mortgages carrying loans with payment options. The map shows that 7.8% of Chicago’s loans appear to carry these kinds of payment options. This is a low percentage compared with the much higher percentages in other areas nationwide, such as 27.5% in Los Angeles/Long Beach.

The use and abuse of ARMs is front and center in the reasons why the HB4050 law was passed.

Continue reading "Context on ARMs and HB4050" »

Posted by Sally Duros at 07:00 PM | Permalink | Comments (0) | TrackBacks (0)