Summit Tackles County Foreclosure Crisis
by Thelma Sardin
Community residents, homeowners and public officials braved stormy weather on July 28 for an emergency foreclosure summit at Metropolitan Apostolic Community Church in Chicagos Bronzeville neighborhood.
Spearheaded by Rev. Dr. Leon Finney, Jr., chief executive officer, Woodlawn Community Development Corporation (WCDC), the event boasted a panel of esteemed guests including Cook County Board President Toni Preckwinkle, Illinois Supreme Court Justice Mary Jane Theis, State Representative Karen Yarbrough (D-7) and Lisa T. Bennett, community outreach liaison, Illinois Attorney General s Office.
According to reports, Cook County has seen approximately 92,000 foreclosure filings since January 2010.
This is a wonderful opportunity for us to gauge each other for ideas..., Finney said in his opening remarks before introducing Preckwinkle.
Finney strongly believes that big banks are turning their backs on Cook County homeowners. ...If we dont do something to bring our banks to the table , we are going to lose significant chunks of the city to blight for a generation or moreI will not sit idly while faceless financial service companies undo a lifetime of work on behalf of the people of Cook County, he said in a press release.
Prewinkle said that much like the nations economic crisis, foreclosures have also played a devastating and disproportionate impact on African Americans and Latinos. The county leader says she is ready to help residents who may be or who are in the process of facing foreclosure.
Im committed to working with our Cook County elected officialsstate officials, delegation in Washington and interested groups to try to move forward in ways that will stabilize our community.I want to help as many people as possible to save their homes, she said.
Justice Theis discussed the lack of legal representation among homeowners who are currently in foreclosure proceedings. She believes more action should be taken to provide these individuals with adequate legal representation.
Many homeowners in foreclosure cases cannot afford to hire a lawyer to represent them. They may not understand the proceedings against them and they dont know if lenders have taken shortcuts by false documentation. We need to provide protocols that are uniform and exist throughout the state to deal with the explosion of foreclosures that drive down property values and destabilize neighborhoods.
Additionally, Theis said that the states highest court is dedicated to providing justice to all Illinoisans.
The Illinois Supreme Court is committed that every citizen in this state will have access to justice, she said.
Rep. Yarbrough discussed the Illinois General Assemblys role in the foreclosure crisis. As chairman of the Housing committee, she says the legislature is working hard to combat predatory lending.
For the past several years the General Assembly has focused its attention on foreclosure prevention and also to combat predatory lending. We made good progress in recent years on predatory lending from state chartered banks but because we are limited in the State Capitol with trying to deal with nationally chartered banks we rely on our federal partners, Yarbrough said.
The state representative also discussed abandoned properties that are often left behind because of foreclosure.
..The lengthy court process for foreclosure allow many families to stay in their homes for longer periods of time , on the flip side, it has left many communities with hundreds of vacant homes with no one to maintain them, she said.
During a Chicago City Council meeting, also on July 28, an ordinance passed holding banks responsible for maintaining foreclosed-upon properties in neighborhoods across Chicago.
With this ordinance, Chicago is leading the way in protecting residents, neighborhoods, and communities from the devastating impact of foreclosures, said Mayor Rahm Emanuel. I am proud of this strong piece of legislation requiring banks to be good neighbors and maintain the foreclosed-upon properties.
In 2010, the City spent more than $15 million to deal with vacant buildings: the Department of Buildings demolished or boarded up more than 500 buildings at a cost of $13.7 million; the Department of Streets and Sanitation performed general upkeep on 1,963 vacant properties and demolished 345 vacant garages at a cost of $1.8 million, according to figures released from the Mayors Press Office.
When vacant buildings are left to deteriorate, local property values tumble and criminality gains an entry into the neighborhood, said Alderman Pat Dowell (3rd) , who introduced the ordinance. The landmark piece of legislation passed today will hold banks responsible for the upkeep of vacant properties, keeping them secure and keeping neighborhoods intact.
From going after predatory lenders to being the states chief consumer advocate, Illinois Attorney General Lisa Madigans office has fought to help those currently in or facing foreclosure. The attorney generals office urges homeowners to call its Homeowners' Referral Helpline at (866) 544-7151 to report an abusive mortgage lender or to learn options for avoiding foreclosure.
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