www.illinois.gov

Pat Quinn, Governor

State Links Skip to Content Skip to State Links

 Government
 Business
 Employment
 Education
 Health & Safety
 Family & Home
 Visiting
 About Illinois
 Illinois.gov

Stay Informed

Your Government


Illinois Flag Honors

Inspector General


 IGNN: State/All Press Release

ILLINOIS NEWS
The State of Illinois News page provides access to the Illinois Government News Network and all state press releases.


FOR IMMEDIATE RELEASE
August 30, 2000

Governor Ryan Praises Chicago Predatory Lending Ordinance

CHICAGO -- Governor Ryan commended Mayor Daley and the Chicago City Council for passing a landmark ordinance to crack down on predatory home mortgage lending by requiring financial institutions that want city deposits and other city business to sign a pledge that they and their affiliates do not and will not engage in the practice.

The Governor has directed his Office of Banks and Real Estate to revise the draft rules on predatory lending using the Chicago ordinance as a basis. Governor Ryan signed Senate Bill 355 last May which paved the way for the state to regulate predatory lending. The rules will eventually be submitted to the General Assembly's Joint Committee on Administrative Rules.

"I want to congratulate Mayor Daley and the City Council for showing such leadership in passing an ordinance that will help stop abusive practices that have hurt people least able to defend themselves -- the poor and elderly," Governor Ryan said.

The number of subprime loan foreclosures in Chicago and the suburbs has increased dramatically from 131 foreclosures in 1993 to nearly 5,000 last year.

"Predatory lenders take advantage of people and take away their homes that they have worked their whole life to own," Governor Ryan said. "We must stop these practices that hurt our communities."

The Governor noted that the Chicago ordinance strikes the right balance between discouraging predatory lending and still providing legitimate loans to people with poor credit histories.

"People who are recovering from financial problems still need access to subprime home mortgages otherwise they will be shut out of the housing market," Governor Ryan said. "We can continue to provide that option while curtailing predatory practices."



###

News Categories

 State/All
 Governor's Office
 Lt. Governor's Office
 Agriculture
 Budget/Fiscal
 Business
 Children/Families
 Culture
 Disabilities
 Economic Development
 Education
 Environment
 Flag Honors
 Health/Human Services
 History
 Infrastructure
 Opportunity Returns
 Recovery
 Safety/Security
 Technology
 Tourism/Recreation
 Transportation
 Workforce/Jobs

News Resources

 Search the News
 IIS Radio News
 RSS News Feeds
 e-News Subscriptions
 Communications Office
 Privacy Statement

Features

Sign up for an e-news subscription
Copyright © 2014 State of Illinois Site Map | Illinois Privacy Info | Kids Privacy | Web Accessibility | Contact Us