HB 4050

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Mortgage Banker with Larry Bettag - Cherry Creek Mortgage
Anyone know anything new on this?  Love to have thoughts, but curious as to what the latest news is on this.  This is something that has been put forth as something to stop "Predatory Lending", but has been stricken earlier because of its discriminatory application.  Further, this bill restrains freedom of trade.
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Tags:
hb 4050
predatory lending
chicago
illinois
regulations
restrictive
house bill 4050

Comments 3 New Comment

Rainer
128,304
Randal Keberlein
BMO Harris

LArry:

I found this on AR: Illinois House Bill 4050 - The Return of Bad Legislation I don't know if it helps or not. 

April 28, 2007 11:14 PM
Anonymous #2
Anonymous
Anonymous

CAN YOU ENLIGHTEN ME ON IF FOLLOWING LENDER BROKE LAW WITH MY BORROWER

BORROWER SAID SHE WAS NOT TOLD LOAN WOULD BE ARM OR HAVE PRE PAYMENT PENALTY AND IT ENDED UP WITH BOTH AT CLOSING.  SHE WAS RUSHED THRU CLOSING AND TOLD LOAN STILL SAME AS PROMISED DURING APPLICATION. BORROWER IS DISABLED AND CANT READ SO TRUSTED LO.  HER LO DIED DURING PROCESS OF LOAN AND NEW ONE CHANGED TERMS AND DIDN'T TELL HER ABOUT IT.  NEW LO ALSO DID NOT GIVE HER COPIES OF APPLICATION PAPERWORK SHOWING ARM AND PPP DISCLOSED UP FRONT.  I NEED TO GET SERVICER TO WAIVE PPP BUT THEY SAY THEY CANT AND LENDER WHO ORIGINALLY DID LOAN IS NOW OUT OF BUSINESS.  ANY IDEAS?

August 07, 2008 08:54 PM
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872,143
Larry Bettag
Regional Vice-President
Larry Bettag - Cherry Creek Mortgage

There are serious issues that have happened to hurt you.  If you want me to contact you I will.  Otherwise contact me.  You can reach me at 630-417-7172.  Thanks.

August 07, 2008 10:12 PM
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872,143

Larry Bettag

Regional Vice-President
What to know how to buy if you're a bit credit challenged?
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