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Illinois Joins Multi-State Settlement with Five National Banks

CHICAGO, IL - February 13, 2012 - (RealEstateRama) -- Governor Pat Quinn today announced that Illinois mortgage regulators have joined with their counterparts across the country to accept the terms of a national settlement with five of the nation’s largest banks. Under the settlement, more than $1 billion will go to help struggling Illinois homeowners and those affected by improper foreclosures.

Metro-East Woman Sentenced on Mortgage Loan Fraud and Tax Fraud Offenses

December 15, 2011 - (RealEstateRama) -- A metro-east resident was sentenced yesterday, December 13, 2011, in the United States District Court in East St. Louis, for participating in a conspiracy to defraud the United States and evade the payment of federal income taxes and for making false statements on a mortgage loan application, the United States Attorney for the Southern District of Illinois, Stephen R. Wigginton, announced today. Belinda Cheri McKinney, 43, was sentenced to 37 months’ imprisonment.

RE/MAX Agents Report that Buyers Face New Challenges – and Opportunities – When Applying...

Chicago, IL - December 5, 2011 - (RealEstateRama) -- In a recent study of RE/MAX agents in northern Illinois, agents reported that although this remains a great time to buy a home due to ample inventory and mortgage interest rates at a historic low, earning approval for mortgage financing has become a longer and more difficult task.

Quigley Moves to Increase Fairness in Mortgage Credit Levels

WASHINGTON, DC - October 6, 2011 - (RealEstateRama) -- U.S. Representatives Mike Quigley (IL-05) introduced The Mortgage Credit Availability Act of 2011 (H.R. 3084), which authorizes the Director of the Federal Housing Finance Agency (FHFA) to temporarily increase the conforming loan limits for mortgages that originated in high-cost areas.

Governor Quinn Announces $345 MillionMortgage Assistance Program in Illinois

CHICAGO, IL - September 16, 2011 - (RealEstateRama) -- Governor Pat Quinn today announced a program to help approximately 15,000 Illinois homeowners threatened by foreclosure. The Illinois Hardest Hit program utilizes $345 million in federal funds to support working families having trouble making mortgage payments due to unemployment or under-employment.

Couples Guilty of Tax and Mortgage Fraud Offenses

August 15, 2011 - (RealEstateRama) -- Three metro-east residents recently pled guilty in United States District Court in East St. Louis, for participating in a conspiracy to defraud the United States and evade the payment of federal income taxes, the United States Attorney for the Southern District of Illinois, Stephen R. Wigginton, announced today. Robert Todd McKinney, 42, and his wife Belinda McKinney, 43, pled guilty on August 11, 2011. John Quinn McKinney, 39, pled guilty on August 9, 2011; while his wife, Chamethele McKinney, 36, pled guilty on August 3, 2011. Robert (Todd) McKinney and John McKinney were both convicted of conspiracy to commit tax evasion, tax evasion, and making false statements to federal officials. Belinda McKinney was convicted of conspiracy to commit tax evasion and loan application fraud. Chamethele McKinney was previously convicted of conspiracy to commit tax evasion, loan application fraud, and federal food stamp fraud.

Governor Quinn Proclaims Homeownership Month

CHICAGO, IL - June 20, 2011 - (RealEstateRama) -- Governor Pat Quinn has proclaimed June as Homeownership Month in Illinois. Quinn issued the proclamation to raise awareness about state-sponsored affordable homeownership programs and foreclosure prevention assistance available across Illinois to meet the needs of residents in this economy

Quigley, Walz, Peters Introduce Bill to End Subsidies for Luxury Yachts

WASHINGTON, DC - May 3, 2011 - (RealEstateRama) -- Today, U.S. Representative Mike Quigley (IL-05), along with Reps. Tim Walz (MN-1) and Gary Peters (MI-9), introduced legislation to eliminate taxpayer subsidies for yachts. The Ending Taxpayer Subsidies for Yachts Act will amend a tax provision that allows boat owners to write off their mortgage interest payments if they classify their boats as second homes.

Quigley to Host Housing Information Fair

CHICAGO, IL - April 29, 2011 - (RealEstateRama) -- This Saturday, U.S. Representative Mike Quigley (IL-05) will host a Housing Information Fair for constituents to answer questions and assist local families with housing issues including loan modifications, mortgage fraud, and the foreclosure process

Chicago Area Man Arrested, Charged with Bank Fraud in Mortgage Scheme

URBANA, IL - April 8, 2011 - (RealEstateRama) -- A Chicago-area man, Salvatore DiBenedetto, 52, of Downers Grove, appeared in federal court in Urbana today after his arrest on a 16-count indictment charging him with defrauding an Arcola, Illinois bank of approximately $2.5 million from April 2008 to February 2010. The indictment had remained sealed pending DiBenedetto’s arrest and court appearance. DiBenedetto was ordered detained in the custody of the U.S. Marshals Service pending a hearing scheduled on Apr. 12.

Optimal Buyer Market Conditions Linger in the Illinois Housing Market January Sales Up or...

SPRINGFIELD, IL - February 23, 2011 - (RealEstateRama) -- Buyer market conditions remain in most Illinois housing markets as low mortgage interest rates helped spur some early buying in January despite typical slower sales for the winter month. More than half of Illinois counties reported year-over-year increases or no change in home sales for January

Durbin Writes to Governor Quinn About Protecting Illinois Servicemembers from Excessive Mortgage Fees and...

WASHINGTON, D.C. - January 28, 2011 - (RealEstateRama) -- U.S. Senator Dick Durbin (D-IL) wrote to Illinois Governor Pat Quinn today, pledging to work together to protect Illinois servicemembers from excessive mortgage fees and foreclosure. Recent news reports have raised concerns that servicemembers are being overcharged for the mortgages and foreclosed upon in violation of their legal rights. Durbin asked Quinn to do all that he can to ensure servicemembers are aware of their rights and the resources available to them.

Rep. Rush Responds To Sun-Times Article About Alleged Mortgage Problems

CHICAGO, IL - November 4, 2010 - (RealEstateRama) -- The office of Congressman Bobby L. Rush (D-IL) released the following statement regarding today's Sun-Times article on an alleged lawsuit filed by New City Bank. This amended statement, though given to the reporter after being reached for comment after 8 PM Wednesday, read in part

High Affordability Conditions for September’s Illinois Housing Market Sales Down for the Month, Stronger...

SPRINGFIELD, IL - October 25, 2010 - (RealEstateRama) -- Record low mortgage interest rates and more affordable home prices benefited buyers in September, although the Illinois housing market remains subdued after the tax credit without stronger signals from the economy in the areas of jobs and improved consumer confidence. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in September 2010 totaled 8,024, down 4.7 percent from August’s 8,419 home sales; year-over-year home sales are down 23.4 percent compared to September 2009 sales of 10,470 homes. Year-to-date sales remain positive, up 4.9 percent January through September 2010 with 81,669 home sales compared to 77,860 home sales for the same period in 2009

HUD APPROVES $31.2 MILLION FINANCING PLAN TO REPLACE CRITICAL ACCESS HOSPITAL IN MONTICELLO, ILLINOIS

WASHINGTON, DC - October 5, 2010 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) today announced a commitment to insure a mortgage loan to the John & Mary E. Kirby Hospital in Monticello, Illinois. The $31.2 million loan is made possible through the Federal Housing Administration’s (FHA) Section 242 Hospital Mortgage Insurance Program.

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Investigation by CHA and HUD Inspectors General ends with guilty plea...

The Chicago Housing Authority will receive restitution for money stolen by a former contractor and her husband after the pair pleaded guilty to stealing funds intended for the Housing Choice Voucher (HCV) program, a crime that was exposed following an investigation by the CHA’s Office of the Inspector General.

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CHA Board approves funding to support development of Southbridge – formerly...

The CHA Board of Commissioners Tuesday approved up to $24.8 million in funding for the first two development phases at Southbridge, a contemporary mixed-use, mixed-income community on the footprint of the former Harold Ickes Homes.