“The Chicago Reporter’s detailed analysis of this data raises huge questions about the fairness of lending practices in the Chicago region. Over the coming months, my office will continue to take a hard look at this data and investigate whether the number of high cost loans, which generally equate to subprime loans, is attributable to questionable lending practices and whether these practices violate any Illinois fair lending or civil rights laws,” said Illinois Attorney General Lisa Madigan.
“In response to the mortgage foreclosure crisis in Illinois, my office has been taking aggressive action to protect consumers from the financial ruin that often comes with unfair high cost loans. Most recently, we drafted legislation to protect consumers from being placed into loans that are more expensive than they deserve. This legislation is now awaiting [Illinois Gov. Rod Blagojevich’s] signature.”