Collins letter
State Senator Jacqueline Collins (D—Chicago) called the other day to say how glad she is that the Governor has changed the rules and reformulated HB 4050, The State of Illinois Predatory Lending Database.
“I am very passionate about engaging people on discussing financial literacy. It is an ongoing battle. This is not a panacea, but it did shine a spotlight on the problems (with subprime lending),” she said.
“There has to be some kind of financial literacy,” Collins said. “I was greatly appreciative of going through an 8 week session on homeownership. Let’s move forward and try to get the capacity for more counselors” and therefore reach more homeowners.
I haven't heard from the other side of the camp on this one, but all reasoned viewpoints are welcome here. Let's discuss.
We’ll be reporting on this and legislative approaches to subprime lending here and in the paper soon.
Meanwhile, you can read her letter, which might have appeared elsewhere, here.
