Industry NewsMortgage

Lenders shun areas covered by anti-predatory-lending law

New law requires some in 10 Chicago ZIP codes to get counseling
Published on Sep 18, 2006

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by CareyBot

A new law that requires some Chicago residents in 10 ZIP codes to get counseling before obtaining a mortgage loan is scaring lenders away from those areas, critics claim.

A spokesman for one of the law's sponsors, Illinois Speaker of the House Mike Madigan, said the allegations are part of a continuing campaign against the new regulations by "predatory lenders and their allies."

The Predatory Lending Database Pilot Program -- commonly referred to after the legislation that created it, Ho ...