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Illinois Attorney General Subpoenas Countrywide
As reported today in The New York Times, citing recent data from the Reporter, Illinois Attorney General Lisa Madigan has subpoenaed Countrywide Financial. Reporter data show Countrywide to be the Chicago region's largest high-cost mortgage lender. At a Nov. 29 Chicago Reporter event, Madigan pledged to continue her office's efforts related to the mortgage foreclosure crisis.
DATA: Click here to see a list of top 25 local high-cost lenders.
Illinois Attorney General Lisa Madigan has subpoenaed Countrywide Financial as part of its investigation into questionable lending practices throughout the region. Click "here" to read "Countrywide Subpoenaed by Illinois" by The New York Times.
The move comes on the heels of a Nov. 29 event in which the Reporter revealed that Countrywide had given the most high-cost loans in the region. In August, the Reporter's investigation showed that, over the last three years, the Chicago region has led the nation in the number of high-cost loans.
Madigan, who headlined the November forum, pledged her support to investigate unfair business practices among lenders as the foreclosure crisis continues to unfold. The forum was sponsored by the Reporter, the Community Renewal Society and the Chicago Urban League.
In addition to Madigan's investigation, the state of Illinois has opened a separate investigation into possible discriminatory practices in the way loans were given. Officials from the Illinois Department of Financial and Professional Regulation met with Reporter staff Dec. 4 to discuss their investigation in order to hold lenders accountable for wide racial disparities in mortgage rates, as revealed by the Reporter. The meeting came after Gov. Rod R. Blagojevich announced Dec. 2 that his Mortgage Fraud Task Force, which was launched about two years ago, would examine possible discriminatory practices by the lending industry in Illinois.
Click here to download the press release for the Nov. 29 event.
Click here to download a .pdf file of the Reporter's presentation.
MEDIA COVERAGE:
Below is a list of other media outlets that covered this news and the Reporter's Nov 29 forum.
Chicago Sun-Times, December 3, "Borrower Beware"
CNN en Español, November 29, interview with Kimbriell Kelly and Fernando Diaz
Medill Reports, November 29
The New York Times, Dec. 13, "Countrywide Subpoenaed by Illinois"
WBEZ-FM, Amplified public meeting archive recording
WLS, November 29
WMAQ, December 3
MSNBC, December 3
WVON-AM, "Cliff Kelley Show"
November 28 interview with Illinois Attorney General Lisa Madigan
December 3 interview with Kimbriell Kelly
RESOURCES:
Click here for a pdf file detailing Illinois Housing Development Authority's "Homeowner Outreach Days," in which mortgage loan providers, housing assistance groups and state agencies come together to help homeowners struggling to pay their mortgages.
Click here for a listing of HUD-certified counseling agencies in Illinois.
Illinois Attorney General Lisa Madigan has subpoenaed Countrywide Financial as part of its investigation into questionable lending practices throughout the region. Click "here" to read "Countrywide Subpoenaed by Illinois" by The New York Times.
The move comes on the heels of a Nov. 29 event in which the Reporter revealed that Countrywide had given the most high-cost loans in the region. In August, the Reporter's investigation showed that, over the last three years, the Chicago region has led the nation in the number of high-cost loans.
Madigan, who headlined the November forum, pledged her support to investigate unfair business practices among lenders as the foreclosure crisis continues to unfold. The forum was sponsored by the Reporter, the Community Renewal Society and the Chicago Urban League.
In addition to Madigan's investigation, the state of Illinois has opened a separate investigation into possible discriminatory practices in the way loans were given. Officials from the Illinois Department of Financial and Professional Regulation met with Reporter staff Dec. 4 to discuss their investigation in order to hold lenders accountable for wide racial disparities in mortgage rates, as revealed by the Reporter. The meeting came after Gov. Rod R. Blagojevich announced Dec. 2 that his Mortgage Fraud Task Force, which was launched about two years ago, would examine possible discriminatory practices by the lending industry in Illinois.
Click here to download the press release for the Nov. 29 event.
Click here to download a .pdf file of the Reporter's presentation.
MEDIA COVERAGE:
Below is a list of other media outlets that covered this news and the Reporter's Nov 29 forum.
Chicago Sun-Times, December 3, "Borrower Beware"
CNN en Español, November 29, interview with Kimbriell Kelly and Fernando Diaz
Medill Reports, November 29
The New York Times, Dec. 13, "Countrywide Subpoenaed by Illinois"
WBEZ-FM, Amplified public meeting archive recording
WLS, November 29
WMAQ, December 3
MSNBC, December 3
WVON-AM, "Cliff Kelley Show"
November 28 interview with Illinois Attorney General Lisa Madigan
December 3 interview with Kimbriell Kelly
RESOURCES:
Click here for a pdf file detailing Illinois Housing Development Authority's "Homeowner Outreach Days," in which mortgage loan providers, housing assistance groups and state agencies come together to help homeowners struggling to pay their mortgages.
Click here for a listing of HUD-certified counseling agencies in Illinois.