The Chicago metropolitan area led the nation in high-cost loans in 2006, according to an analysis of federal data by The Chicago Reporter, a bimonthly publication focused on race- and poverty-related issues.The analysis was based on Home Mortgage Disclosure Act data recently released by the Federal Financial Institutions Examination Council. The Chicago-Naperville-Joliet metro area ranked highest in the nation with 88,315 high-cost loans last year, the Reporter said. "High-cost loans have become a national problem, and if you want to understand more about high-cost loans, the first place you should look is Chicago," said Alden Loury, senior editor of the publication. "For three years running, Chicago has led the nation in high-cost loans." Ranking just behind Chicago were the metro areas of Los Angeles-Long Beach-Glendale, Riverside-San Bernardino-Ontario (Calif.), Phoenix, and Washington, D.C., according to the Reporter. The publication can be found online at http://www.chicagoreporter.com, and the FFIEC, which sets uniform standards for the examination of financial institutions by federal regulators, can be found at http://www.ffiec.gov.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25