Tuesday, December 4, 2012

Illinois - Mile After Magnificent Mile (of Foreclosed Houses)

"In the past, the FHFA charged the same guarantee fee in Texas or Arizona as it did in Illinois, New York and Florida, where judicial review is required and delays are most pronounced. The efficient states were subsidizing those with higher default costs. That could change soon.

Since Fannie Mae and Freddie Mac guarantee most mortgage loans made across the country, the fee increase would have an immediate impact. New borrowers in Illinois would pay a higher amount for their loans. That in turn would put one more drag on the local housing market.

Instead of acting to fix the problem, Illinois political leaders are fuming." - Kenny Bing translation, acting like petulant children.

from the Chicago Tribune

"Lawmakers have made matters worse. Last year, Chicago aldermen adopted an ordinance requiring the FHFA to pay a $500 registration fee for vacant properties and conduct monthly inspections to ensure the properties are maintained. If the agency fails to comply, Chicago could impose financial penalties. The agency has sued to block the ordinance."

I used to hang my hat in Southern Illinois which is a world of difference from the greater Chicagoland.  Make no mistake, there was a fair amount of hubris in ALL Illinois towns and cities during the run-up in real estate values (whatever that word is supposed to mean anymore).  Everyday people thought they had somehow magically become King & Queen Shit of Turd Mountain just because they owned a shack with a bloated mortgage owed upon it...well oh how the mighty have fallen, huh?  Well... Merry Christmas and Eat Shit and Die Chicago ho-ho-ho-moaners.

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