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Jury Convicts Decatur Real Estate Broker of Mortgage Loan Fraud

URBANA, IL - October 4, 2010 - (RealEstateRama) -- A federal jury deliberated approximately five and one-half hours before returning guilty verdicts on all nine counts of fraud charged against Decatur real estate broker Terry Hart for his participation in a real estate “flipping” scheme Hart’s sentencing is scheduled on Jan. 20, 2011. Trial began in Urbana federal court on Sept. 21.

Fannie Mae Opens Chicago Mortgage Help Center

WASHINGTON, DC - July 29, 2010 - (RealEstateRama) -- Fannie Mae (FNMA/OTC) today announced the opening of a new mortgage help center in Chicago to provide counseling and other services for struggling homeowners in the greater metro area with loans owned by Fannie Mae. The Chicago Mortgage Help Center (Center) is the second facility and third announced partnership in a series of planned mortgage help centers across the country. Fannie Mae is partnering on this initiative with Neighborhood Housing Services of Chicago, major mortgage servicers, and civic and community leaders from across the region.At the Center, borrowers will meet directly with dedicated, on-site English- and Spanish-speaking staff and experienced housing counselors to discuss their mortgage situation. These face-to-face meetings will help borrowers better understand the range of foreclosure prevention options available to them and help them to better manage their relationship with their servicer

Illinois Fourth Quarter Home Sales Finish Strong, Up 35.6 Percent Buyer Market Conditions Continue...

SPRINGFIELD, IL - February 11, 2010 - (RealEstateRama) -- Fueled by the tax credit incentive, home sales rebounded in the latter half of the year with Illinois buyers gaining some long-awaited confidence bolstered by low mortgage interest rates and moderating home prices. According to the Illinois Association of REALTORS® (IAR) fourth quarter 2009 report, Illinois home sales (which include single-family homes and condominiums) totaled 29,822 in the fourth quarter, up 35.6 percent from 21,986 home sales in the same period a year ago. For the year 2009, total sales were down 1.4 percent with 107,613 homes sold compared to 109,195 sales in 2008

Illinois Moves to Nationwide Mortgage Licensing System

CHICAGO, IL - December 30, 2009 - (RealEstateRama) -- The Illinois Department of Financial and Professional Regulation (IDFPR) announced today that starting January 4, 2010 mortgage brokers and mortgage bankers will use the Nationwide Mortgage Licensing System (NMLS) for license applications and renewals. Loan originators will also begin transitioning onto the NMLS for their new individual licensing credentials required in 2010. The national data base ensures that any mortgage loan professionals moving to Illinois will be able to demonstrate competency and a record clear of disciplinary actions in any other state in the nation.

Four Suburban Men Charged in Mortgage Fraud Scheme

December 18, 2009 - (RealEstateRama) -- Robert D. Grant, Special Agent-in-Charge of the Chicago office of the Federal Bureau of Investigation (FBI) and Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois, announced today the filing of criminal charges against four west suburban men in connection with a mortgage fraud scheme.

Quigley Hears Constituent Horror Stories, Drafts Measure Demanding Honesty from Mortgage Lenders

Amendment to Wall Street reform bill will shine light on loan modification process, help working families get straight answers, and prohibit egregious delay tactics or non-disclosure. WASHINGTON, DC - December 10, 2009 - (RealEstateRama) -- Today, Congressman Mike Quigley (D-IL) offered an amendment to provide greater fairness and transparency to homeowners who may have been improperly denied a loan modification on their mortgage without any explanation. The measure, an amendment to H.R. 4173 – the Wall Street Reform and Consumer Protection Act of 2009, was in direct response to horror stories shared by constituents and taxpayers across the country. Quigley’s amendment has the strong support of a broad coalition of consumer advocates, including the NAACP, AFL-CIO, and National Fair Housing Alliance

$1.4M Grant to Provide Free Foreclosure Mitigation Counseling to Struggling Homeowners

CHICAGO, IL - November 20, 2009 - (RealEstateRama) -- Today, the Illinois Housing Development Authority (IHDA) Board of Directors approved allocating a $1.4 million federal grant to fund free foreclosure counseling help for homeowners throughout Illinois

Durbin Discusses Next Steps to Address Foreclosure Crisis

CHICAGO, IL - September 3, 2009 - (RealEstateRama) -- U.S. Senator Dick Durbin (D-IL) today met with members of the Southwest Organizing Project (SWOP) to discuss the state of the foreclosure crisis on Chicago’s southwest side and to discuss a several legislative proposals he is considering introducing in the Senate this fall. One proposal would give homeowners facing foreclosure the right to temporarily remain in their homes by paying fair-market rent to the bank, another would provide funding to support mandatory arbitration programs in which homeowners and banks sit down face to face to work out loan modifications, and a third would extend the tax credit for first time home buyers enacted earlier this year to further reduce excess housing inventory that is dragging down sale prices.

Governor Quinn Announces Outreach Event to Help Struggling Homeowners Homeowners can apply onsite...

CHICAGO, IL - August 17, 2009 - (RealEstateRama) -- August 15, 2009. In an effort to help struggling homeowners, Governor Pat Quinn today announced an outreach program to give Chicago area homeowners face-to-face guidance when applying for lower mortgage payments through President Obama’s Making Home Affordable Program.

President Signs Into Law Three Biggert-Inspired Provisions: Housing Counseling, Anti-Mortgage Fraud Funds, and Housing...

Washington, DC - May 21, 2009 - (RealEstateRama) — Three measures that topped U.S. Representative Judy Biggert’s (R-IL-13th) list of priorities for 2009 were included in two bills signed into law by President Obama today. Biggert attended the signing ceremony at the White House where the President signed into law S.386, the Fraud Enforcement and Recovery Act of 2009, and S. 896, the Helping Families Save Their Homes Act.

Illinois Home Sales Improve as First Quarter Closes Statewide First Quarter Median Price at...

SPRINGFIELD, IL - May 12, 2009 - (RealEstateRama) — March sales showed sizeable gains over February, yet tighter lending standards had a resounding effect on first quarter home sales, according to the Illinois Association of REALTORS® (IAR). Home sales (which include single-family homes and condominiums) totaled 16,748, down 23.5 percent from 21,902 home sales in the first quarter of 2008. The first quarter median home sale price was $146,000, down 21.1 percent from $185,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.

Durbin Bill to Stem Record Foreclosures Included in Obama’s Housing Plan

CHICAGO, IL - March 03, 2009 - (RealEstateRama) — U.S. Senator Dick Durbin (D-IL) today called for passage of his Helping Families Save Their Homes in Bankruptcy Act, a bill he re-introduced in early January and named one of his top legislative priorities of the year.

Agreement Reached With One of the Country’s Biggest Mortgage Lenders on Bankruptcy Reform

WASHINGTON, D.C. - January 12, 2009 - (RealEstateRama) — U.S. Senator Dick Durbin (D-IL), with Congressman John Conyers (D-MI), Senator Chris Dodd (D-CT), Chuck Schumer (D-NY) and Congressman Brad Miller (D-NC) announced that an agreement was reached with Citigroup today, on legislation that will allow homeowners at risk of foreclosure to alter the terms of their mortgages in bankruptcy

Durbin Introduces Bill to Stem Record Foreclosures

WASHINGTON, D.C. - January 09, 2009 - (RealEstateRama) — U.S. Senator Dick Durbin (D-IL) today introduced the Helping Families Save Their Homes in Bankruptcy Act, announcing that its passage is a top priority this year. Durbin's bill could help millions of at-risk homeowners prevent foreclosures by allowing them to modify the terms of their mortgages in bankruptcy proceedings.

Durbin Holds Hearing on Looming Foreclosure Crisis in Illinois and Nationwide

CHICAGO, IL - December 04, 2008 - (RealEstateRama) — U.S. Senator Dick Durbin brought the Senate Appropriations Committee to Illinois today in order to...

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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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New law cuts red tape for real estate professionals, businesses; ...

Gov. Bruce Rauner today signed legislation to reduce burdensome licensing requirements for real estate businesses. The new licensing program is expected to save the state money by reducing a duplicative and unnecessary licensure structure that provides no benefit to the public and discourages business creation and growth.