State should stop predatory lending now
The city's residential real estate boom is adding big dollars to the personal wealth of thousands of homeowners as they cash in on their homes' increased value through loans that refinance their mortgages.
Many borrowers are getting cheated, too.
Foreclosures on loans by subprime lenders are skyrocketing as a result of deals "loan sharks" are making in unprecedented numbers with unsuspecting homeowners who are led to believe that interest rates and other charges on their refinanced mortgages are fair.
In 1993, there were 69 foreclosures on subprime non-FHA or VA loans in Chicago. Last year, the number rose to 2,382, …
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