Friday, January 26, 2007

Blago halts predatory lender law

Are u guys following this South/Southwest side predatory lender law fight? Interesting politics. Here's a brief story. You'll recall that this legislation required Buyers in various zip codes on the South and Southwest sides to get credit counseling if they had low credit scores. I think it had slowed real estate transactions a bit. I know the title companies had to change policies quite a bit when these properties were at issue. The alleged purpose for the legislation was to provide greater oversight on transactions because many of these neighborhoods were heavy fraud areas.

Why have all the players do all the learning and policy changes if Blago's going to stop it like 4 months into implementation? One meeting with Jesse Jackson and he caves.

Rich Miller has an interesting op-ed in the Sun-Times today about how PISSED Speaker Madigan is about this...it's his district down there.

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