Comments on: Pat Quinn in ‘07 http://archpundit.com/blog/2007/01/29/pat-quinn-in-07/ Illinois, From Misery Fri, 03 Feb 2012 20:39:38 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Dan Green http://archpundit.com/blog/2007/01/29/pat-quinn-in-07/comment-page-1/#comment-3233 Dan Green Thu, 22 Mar 2007 17:08:40 +0000 http://69.89.31.63/~archpund/2007/01/29/pat-quinn-in-07/#comment-3233 HB 4050 is back on and, this time it impacts ALL of Cook County, not just credit-challenged borrowers in under-served neighborhoods. See http://www.themortgagereports.com/illinois_house_bill_4050/. HB 4050 is back on and, this time it impacts ALL of Cook County, not just credit-challenged borrowers in under-served neighborhoods.

See http://www.themortgagereports.com/illinois_house_bill_4050/.

]]> By: Carl Nyberg http://archpundit.com/blog/2007/01/29/pat-quinn-in-07/comment-page-1/#comment-3232 Carl Nyberg Tue, 30 Jan 2007 15:52:19 +0000 http://69.89.31.63/~archpund/2007/01/29/pat-quinn-in-07/#comment-3232 Marie Carnes, the cost would felt by financial institutions that had to foreclose on properties connected to bad debt. Financial institutions that do a good job of evaluating risk of borrowers would have less cost. Financial institutions that aggressively lend to marginal borrowers would have more costs and their loans would be more expensive. If the state set the fee high enough financial institutions would be reluctant to loan money to high risk applicants. Marie Carnes, the cost would felt by financial institutions that had to foreclose on properties connected to bad debt.

Financial institutions that do a good job of evaluating risk of borrowers would have less cost. Financial institutions that aggressively lend to marginal borrowers would have more costs and their loans would be more expensive.

If the state set the fee high enough financial institutions would be reluctant to loan money to high risk applicants.

]]> By: Marie Carnes http://archpundit.com/blog/2007/01/29/pat-quinn-in-07/comment-page-1/#comment-3231 Marie Carnes Tue, 30 Jan 2007 06:39:38 +0000 http://69.89.31.63/~archpund/2007/01/29/pat-quinn-in-07/#comment-3231 They are predatory lenders. Of course, the people who work at those places are going to say they're doing a public service. The fact is, they're solving a problem with another problem, and oftentimes a worse problem. The governor bought into the arguments made by the predatory lending industry and, I suspect, did what was good for the governor. Carl, that's a good enough idea, but the fee would just be passed on to the borrowers, thus taking the burden off the lenders. They are predatory lenders. Of course, the people who work at those places are going to say they’re doing a public service. The fact is, they’re solving a problem with another problem, and oftentimes a worse problem. The governor bought into the arguments made by the predatory lending industry and, I suspect, did what was good for the governor.

Carl, that’s a good enough idea, but the fee would just be passed on to the borrowers, thus taking the burden off the lenders.

]]> By: Carl Nyberg http://archpundit.com/blog/2007/01/29/pat-quinn-in-07/comment-page-1/#comment-3230 Carl Nyberg Tue, 30 Jan 2007 04:39:03 +0000 http://69.89.31.63/~archpund/2007/01/29/pat-quinn-in-07/#comment-3230 Here's how I'd fix it. Create a fee for when financial institutions foreclose on properties. If the fee is high enough the financial institutions will do a much better job sorting appropriate risk borrowers from inappropriate risk borrowers. Here’s how I’d fix it.

Create a fee for when financial institutions foreclose on properties. If the fee is high enough the financial institutions will do a much better job sorting appropriate risk borrowers from inappropriate risk borrowers.

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