I've written about HB4050 in the past. "HB" stands for House Bill and if you want to know a little more information than I'm including in this blog, feel free to refer back to my previous blog on the topic. Here's what I've learned, in a nut shell.
There are bad people in the world. Some of them work for mortgage lenders and brokers. Sometimes those people take advantage of unsuspecting first time, or even seasoned, homebuyers. Years ago, I was one of those homebuyers. You can read that story in my blog "My True Story of Predatory Lending". The local government is trying to protect those of us who may not be able to protect our selves. I understand that desire and I appreciate the gesture. However, in their haste, what has actually happened is a redlining of minority communities and a more difficult mortgage process for low-income buyers. This new HB (house bill) went into effect less than a year ago and was enforced in 12 zip codes here in the city.
Due to an unpresidented response from communities and professionals who were affected by the bill, the House decided to reconsider the bill. That was a great start, unfortunately, they then decided to "fix" the problem of discrimination, not by putting a stop to the program in those areas that were affected, but by enforcing it in all of Cook county. Brilliant. (some sarcasm there, if you didn't pick it up)
If you want to know what sort of logic was used in the making of this decision, just imagine any other discriminatory situation in history and imagine what would happen if it were handled similarly.
What if Abraham Lincoln would have chosen a platform, not of freedom for slaves, but of slavery for everyone else? That's a rediculous concept that many of the founding polititions in our country knew to avoid. Isn't it wonderful how we've evolved as a society?
I'm a happy person and I'm not letting this get me down. In fact, if you keep up with politics, even a little bit, then, like me, you're probably not surprised by boneheaded moves of this sort.
If you don't live in Cook county, Illinois then you'd be wise to watch your local government for similar moves, as this is a pilot program for other areas of the country.
Have a wonderful day. Enjoy the weather. Work hard. And, by all means, value people and treat them well.
;)
;)
Here is how to respond to the new law, everyone I am sure has an opinion and the state of Il needs to know.
The Department has filed new rules pertaining to the Illinois predatory Lending Database Pilot program, also known has HB4050. There is a 45 day comment period beginning April 6, 2007 (contingent upon publication in the Illinois Register) during which industry groups, advocates and other members of the public may file comments or request a public hearing. The Department will review all of the comments submitted. Therefore interested parties may submit written comments to:
Craig Cellini
Rule Administrator
Illinois Department of Financial and
Professional Regulation
320 W. Washington
Springfield IL 62786
Comments must be submitted on or before May 21, 2007.