Illinois governor resurrecting anti-predatory-lending program 

After suspending a controversial counseling program aimed at reducing predatory lending in some Chicago neighborhoods, Illinois Gov. Rod Blagojevich proposes revamping the program and expanding it to include the entire city and surrounding county.

The Illinois Predatory Lending Database Pilot Program, which took effect Sept. 1, required some residents living in 10 Chicago ZIP codes to obtain financial counseling before obtaining a home loan.

Critics said the program amounted to state-sponsored redlining, because it dampened housing sales in mostly minority neighborhoods.

more...

To view this premium content sign in to your Premium Member account.

Premium Members have full access to all news archives & premium content.

Purchase Professional Membership for $199/year OR
Premium+ Membership for $149/year OR
News Membership for $69/year

Buy Now

Advertise with Inman

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.