Despite lawsuits, regulations, and federal assistance, the effects of the foreclosure crisis are lingering in some Illinois communities -- particularly among minorities and the poor, which U.S. Sen. Dick Durbin (D-Ill.) says were some of the targets for subprime mortgage lenders that caused the collapse of the housing market.
Durbin says if you want to see the consequences of not helping those homeowners, go visit East St. Louis. “It’s a city devastated by these foreclosed homes, finally torn down, turned into vacant lots and the poor city suffers still to this day,” Durbin said of his hometown. “We don’t want to let that happen to a great city like Chicago or Aurora or many of the other cities that are facing this mortgage foreclosure crisis.”
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Many of the struggling homeowners are paying mortgages signed before the crisis, but Durbin and others have warned that no one should be signing a mortgage without first speaking to a housing counselor certified by the U.S. Department of Housing and Urban Development.
The Spanish Coalition for Housing is hosting an event in Chicago Saturday to connect current or potential homeowners with HUD-certified counselors.