From the Daily Herald
Program provides soldier with discounted home
By Georgia Evdoxiadis Garvey Daily Herald Staff
Published: 9/26/2007 12:17 AM
The building on Phillip Drive in Zion has been a house for some time.
But when former Marine Sgt. Miguel Delgado, his wife, Cristhian, and daughter Ohani move in this week, that's when the structure becomes a home.
And when one wounded Iraq war veteran's dreams come true.
"That's always been our plan, to buy a home," Miguel Delgado said, noting their income made it seem impossible. "It means the world to us."
That gratitude became the theme of the day Tuesday, when Deer Point Homes and the Wounded Heroes Foundation unveiled the first of three homes provided at a discount designed to make homeownership a reality.
"It's just amazing that so many people have come together," said former Army Sgt. Gabriel Garriga, who will move in just down the street from Delgado when his house is finished. "We're all very grateful for it."
But Richard Pietranek Sr., founder of Deer Point Homes, a Wauconda-based developer, said the gratitude extends in all directions.
"We are here to build the American dream for those who defend it," Pietranek said. "Please don't thank us."
Deer Point Homes and its subcontractors provided $150,000 in discounts on three houses in Zion to veterans who were seriously wounded in Iraq.
And the Wounded Heroes Foundation raised $60,000 more in grants, mortgage help and money for essentials for the same veterans.
"We have over 34,000 wounded. Their lives will never be the same again," Wounded Heroes co-founder Anna Sherony said. "Some of them can't even make change at Wal-Mart."
The organization chose the recipients for the houses by matching them with area builders who expressed interest in helping in the areas in which the veterans wanted or need to live.
"You can't listen to their stories without being moved," said Patrick Smith, vice president of Deer Point Homes, remembering the foundation asked at first for a small discount for the veterans. But all the developer's subcontractors donated something to the cause. "It's been such a wonderful experience."
Sherony, who estimated about 40 percent of the houses' costs will be covered by donations, said she hopes to take the housing program national but already has a list of veterans in other areas of Illinois who need the same kind of discounts Deer Point gave.
"If every builder was able to do that, there would be no heroes without homes, affordable homes," Sherony said.
And though there will be time for more work, everyone said, Tuesday was about giving the Delgados the gift they had been waiting for.
"I'm just anxious," Cristhian Delgado said before the unveiling. "I can't wait to get in there."
Wednesday, September 26, 2007
Tuesday, September 25, 2007
A Message from the NAR President
Having an efficient and effective National Flood Insurance Program (NFIP) to protect residential and commercial properties is essential to the purchase and transfer of real property in every state of the union.
I strongly suggest that you ask your Member of Congress to vote for the Flood Insurance Reform and Modernization Act of 2007, HR 3121.
The National Flood Insurance Program (NFIP) offers essential protection for homeowners vulnerable to flooding and helps lower federal expenditures for disaster recovery. It is critical that flood insurance remain accessible and equitable for every property owner situated in a floodplain.
Floodwaters know no boundaries--virtually every state in the country has experienced significant flooding. According to the U.S. Geological Survey (USGS) floods were the number-one natural disaster in the United States, during the 20th century, in terms of the number of lives lost and property damage.
Sincerely,
Pat V. Combs, NAR President
I strongly suggest that you ask your Member of Congress to vote for the Flood Insurance Reform and Modernization Act of 2007, HR 3121.
The National Flood Insurance Program (NFIP) offers essential protection for homeowners vulnerable to flooding and helps lower federal expenditures for disaster recovery. It is critical that flood insurance remain accessible and equitable for every property owner situated in a floodplain.
Floodwaters know no boundaries--virtually every state in the country has experienced significant flooding. According to the U.S. Geological Survey (USGS) floods were the number-one natural disaster in the United States, during the 20th century, in terms of the number of lives lost and property damage.
Sincerely,
Pat V. Combs, NAR President
Thursday, September 20, 2007
Governor's Veto Rewrite
I would like to hear our member's reaction to the news of the Governor's amendatory veto rewrite....
From CBS 2 Chicago
Governor Signs Property Tax Relief Bill
Veto Rewrite Would Give Homeowners A Break, Cost Big Business Big Bucks
Mike FlanneryReporting
(CBS) CHICAGO Homeowners in Cook County could be in line for some property tax relief. Governor Rod Blagojevich's plan would give individual homeowners a break, and cost big business big bucks.As CBS 2 Political Editor Mike Flannery reports, the governor signed his amendatory veto rewrite of the property tax relief bill in front of the North Side home of former firefighter Mike Vacala, his wife Linda and their daughter, Alexa."I believe it's good news," Vacala said. "It's something we need."The Vacalas said they paid $90,000 for their brick home about a dozen years ago. While sellers of similar houses nearby are now asking for $500,000, the Vacalas complain that soaring property tax bills have accompanied those soaring valuations. The governor's attempted rewrite of the legislation gives individual homeowners a bigger break on taxes, while socking it to property owned by business."Should big commercial developers pay more of their fair share in taxes, so that homeowners pay less?" Blagojevich said. "The answer is 'yes.'"To get a sense of the big money that is at stake in this pending battle, here are some key numbers: If the Illinois general assembly approves the governor's rewrite, a typical Lincoln Square neighborhood home would see its bill go down an extra $638 next year. Taxes on downtown's John Hancock Building would jump up $277,130; on Prudential Plaza, an astounding $534,782.Rep. John Fritchey noted that, if business interests succeed in killing the governor's veto rewrite, homeowners could end up with no property tax relief."He's running a very real risk of leaving taxpayers with nothing," Fritchey said. "And I can't believe that's in anybody's best interest."This fall's tax bills are currently expected to go out Oct. 15, payable Nov. 15.
From CBS 2 Chicago
Governor Signs Property Tax Relief Bill
Veto Rewrite Would Give Homeowners A Break, Cost Big Business Big Bucks
Mike FlanneryReporting
(CBS) CHICAGO Homeowners in Cook County could be in line for some property tax relief. Governor Rod Blagojevich's plan would give individual homeowners a break, and cost big business big bucks.As CBS 2 Political Editor Mike Flannery reports, the governor signed his amendatory veto rewrite of the property tax relief bill in front of the North Side home of former firefighter Mike Vacala, his wife Linda and their daughter, Alexa."I believe it's good news," Vacala said. "It's something we need."The Vacalas said they paid $90,000 for their brick home about a dozen years ago. While sellers of similar houses nearby are now asking for $500,000, the Vacalas complain that soaring property tax bills have accompanied those soaring valuations. The governor's attempted rewrite of the legislation gives individual homeowners a bigger break on taxes, while socking it to property owned by business."Should big commercial developers pay more of their fair share in taxes, so that homeowners pay less?" Blagojevich said. "The answer is 'yes.'"To get a sense of the big money that is at stake in this pending battle, here are some key numbers: If the Illinois general assembly approves the governor's rewrite, a typical Lincoln Square neighborhood home would see its bill go down an extra $638 next year. Taxes on downtown's John Hancock Building would jump up $277,130; on Prudential Plaza, an astounding $534,782.Rep. John Fritchey noted that, if business interests succeed in killing the governor's veto rewrite, homeowners could end up with no property tax relief."He's running a very real risk of leaving taxpayers with nothing," Fritchey said. "And I can't believe that's in anybody's best interest."This fall's tax bills are currently expected to go out Oct. 15, payable Nov. 15.
Monday, September 17, 2007
THANKS & CONGRATS
Thank you to everyone that participated in the RANWC Open House on Friday. A special thank you to Peggy Kayser and Donna Lundsford for their help with the RPAC/Government Affairs Booth.
Thank you to Congresswoman Melissa Bean for her time at the open house as well.
Congratulations to Chuck Wiercinski and Judith Halfman the winners of the iPod giveaways.
Thank you to Congresswoman Melissa Bean for her time at the open house as well.
Congratulations to Chuck Wiercinski and Judith Halfman the winners of the iPod giveaways.
Prospect Heights Mayor Steps Down
Prospect Heights mayor steps down
By Ashok Selvam Daily Herald Staff
Published: 9/15/2007 12:28 AM
Citing unspecified health issues, Prospect Heights Mayor Rodney Pace unexpectedly resigned Friday, ending his five years in office.
"I'm all right. I'm having a little problem," Pace, 49, said cryptically. "I just don't need the added stress right now that mayorship brings."
Voters elected the 49-year-old Pace to his second term in April, when he defeated Kurt Giehler and longtime foil Gerald Anderson. Health problems aren't new for Pace, as he made an extended six-week hospital visit during his second year in office. He was first elected in 2003.
Pace would not reveal what ailed him, saying only that symptoms had begun "flaring up" recently. He said he made the decision to leave after a doctor's appointment last week.
Pace wrote a letter to residents and the council announcing his departure. He said he's most proud of street improvements and increasing the city's contribution to the ailing police pension fund. He said he was saddened his health problems wouldn't allow him to devote "110 percent" to his post.
Pace, a construction executive with the Maman Corp. of Palatine, said he did not think his ailment would force him to miss work from his full-time job.
Prospect Heights in the interim is without a mayor. The city council will hold a special meeting Thursday where the council could elect an alderman to fill out the remaining 18 months of Pace's term.
While Pace said he wouldn't endorse any of the five, he did say Fourth Ward Alderman Patrick Ludvigsen would be the most qualified.
Ludvigsen, the council's senior alderman, served as a Prospect Heights Park District commissioner with Pace. The two remain good friends, with Ludvigsen saying Pace was the "hardest-working person for Prospect Heights."
"I would definitely say that I would be interested in the position," Ludvigsen said.
Politics and name-calling in Prospect Heights make the mayor a lightning rod for criticism, Ludvigsen said. Pace's temper, which he has acknowledged was occasionally problematic, was put to the test by a vocal opposition.
One of the leaders of the opposition who tested that temper was Anderson -- a former alderman who briefly served as mayor. He had little to say Friday about the man who twice defeated him for mayor, saying only that he was "amused" by the resignation.
"He was elected in April, correct? Right now we're in September?" Anderson said. "He barely got started in the new term, then all of a sudden for a number of reasons he decided to bail out? It's very amusing from the standpoint why somebody would do that."
Former Wheeling Village President Greg Klatecki, who resigned his post in April, said political pressure may have gotten to Pace. The two worked together, as their towns border each other, and the towns co-own Chicago Executive Airport.
"It was like me. When you're under a lot of pressure, it's hard to function," Klatecki said. "And we're not talking about a job where you make a lot of money."
Klatecki said Pace was not like most suburban politicians. He wanted to do what he thought was the right thing and didn't really care what people thought of him, Klatecki said.
"There was no pretense with Rodney," Klatecki said. "He didn't change after he got the title."
Mount Prospect Mayor Irvana Wilks was shocked by the news.
"The last time I saw him, he was out doing the sandbagging for the big storm and the river coming up. … He loves his residents so much," Wilks said. "… I give him a lot of credit for all the different things that have happened in Prospect Heights. He's been, I think, a good leader for them in the last few years."
Pace said he's survived council meetings that often turned ugly and had to deal with the 2006 arson that burned down city hall.
He's watched voters reject multiple tax rate increase requests in his cash-strapped city, which he said had made governing difficult. In his resignation letter, he expressed frustration that he hadn't been able to persuade voters to support initiatives to improve the city.
He said he'll be all right. "A couple prayers from anybody will help; I'll take anything I can get. I know the power of prayer works wonders."
By Ashok Selvam Daily Herald Staff
Published: 9/15/2007 12:28 AM
Citing unspecified health issues, Prospect Heights Mayor Rodney Pace unexpectedly resigned Friday, ending his five years in office.
"I'm all right. I'm having a little problem," Pace, 49, said cryptically. "I just don't need the added stress right now that mayorship brings."
Voters elected the 49-year-old Pace to his second term in April, when he defeated Kurt Giehler and longtime foil Gerald Anderson. Health problems aren't new for Pace, as he made an extended six-week hospital visit during his second year in office. He was first elected in 2003.
Pace would not reveal what ailed him, saying only that symptoms had begun "flaring up" recently. He said he made the decision to leave after a doctor's appointment last week.
Pace wrote a letter to residents and the council announcing his departure. He said he's most proud of street improvements and increasing the city's contribution to the ailing police pension fund. He said he was saddened his health problems wouldn't allow him to devote "110 percent" to his post.
Pace, a construction executive with the Maman Corp. of Palatine, said he did not think his ailment would force him to miss work from his full-time job.
Prospect Heights in the interim is without a mayor. The city council will hold a special meeting Thursday where the council could elect an alderman to fill out the remaining 18 months of Pace's term.
While Pace said he wouldn't endorse any of the five, he did say Fourth Ward Alderman Patrick Ludvigsen would be the most qualified.
Ludvigsen, the council's senior alderman, served as a Prospect Heights Park District commissioner with Pace. The two remain good friends, with Ludvigsen saying Pace was the "hardest-working person for Prospect Heights."
"I would definitely say that I would be interested in the position," Ludvigsen said.
Politics and name-calling in Prospect Heights make the mayor a lightning rod for criticism, Ludvigsen said. Pace's temper, which he has acknowledged was occasionally problematic, was put to the test by a vocal opposition.
One of the leaders of the opposition who tested that temper was Anderson -- a former alderman who briefly served as mayor. He had little to say Friday about the man who twice defeated him for mayor, saying only that he was "amused" by the resignation.
"He was elected in April, correct? Right now we're in September?" Anderson said. "He barely got started in the new term, then all of a sudden for a number of reasons he decided to bail out? It's very amusing from the standpoint why somebody would do that."
Former Wheeling Village President Greg Klatecki, who resigned his post in April, said political pressure may have gotten to Pace. The two worked together, as their towns border each other, and the towns co-own Chicago Executive Airport.
"It was like me. When you're under a lot of pressure, it's hard to function," Klatecki said. "And we're not talking about a job where you make a lot of money."
Klatecki said Pace was not like most suburban politicians. He wanted to do what he thought was the right thing and didn't really care what people thought of him, Klatecki said.
"There was no pretense with Rodney," Klatecki said. "He didn't change after he got the title."
Mount Prospect Mayor Irvana Wilks was shocked by the news.
"The last time I saw him, he was out doing the sandbagging for the big storm and the river coming up. … He loves his residents so much," Wilks said. "… I give him a lot of credit for all the different things that have happened in Prospect Heights. He's been, I think, a good leader for them in the last few years."
Pace said he's survived council meetings that often turned ugly and had to deal with the 2006 arson that burned down city hall.
He's watched voters reject multiple tax rate increase requests in his cash-strapped city, which he said had made governing difficult. In his resignation letter, he expressed frustration that he hadn't been able to persuade voters to support initiatives to improve the city.
He said he'll be all right. "A couple prayers from anybody will help; I'll take anything I can get. I know the power of prayer works wonders."
Friday, September 14, 2007
RTA Accepts Transit Rescue
RTA Accepts Transit Rescue
CHICAGO (WBBM/AP) - Commuters in the Chicago area can relax - at least for now.WBBM's John Cody reports that the RTA board accepted Governor Blagojevich's proposal to make cash advances to CTA and Pace to delay 'doomsday' plans that were set to take effect Sunday.During a morning meeting, the Regional Transportation Authority voted 10-2 to accept the state's bailout plan of the mass transit system.
Blagojevich will now advance $24 million to the CTA from an RTA subsidy fund used to underwrite the costs of providing rides to seniors, students and people with disability. He offered to advance Pace $54 million in state funds designated for paratransit service.
The offers contain no new money. RTA board members say the pressure is now on lawmakers to come up with a long-term solution. Legislators are expect to consider a plan as early as next week that would raise sales taxes in the Chicago area to shore up transit funding.
CTA contingency plans currently call for elimination of 39 bus routes effective Sunday, an increase in the base cash fare to $2.50, with a $3 rush hour "L" fare, the layoffs of 700 employees and deferral of heavy overhauls needed to keep aging buses and rapid transit cars from breaking down.
CHICAGO (WBBM/AP) - Commuters in the Chicago area can relax - at least for now.WBBM's John Cody reports that the RTA board accepted Governor Blagojevich's proposal to make cash advances to CTA and Pace to delay 'doomsday' plans that were set to take effect Sunday.During a morning meeting, the Regional Transportation Authority voted 10-2 to accept the state's bailout plan of the mass transit system.
Blagojevich will now advance $24 million to the CTA from an RTA subsidy fund used to underwrite the costs of providing rides to seniors, students and people with disability. He offered to advance Pace $54 million in state funds designated for paratransit service.
The offers contain no new money. RTA board members say the pressure is now on lawmakers to come up with a long-term solution. Legislators are expect to consider a plan as early as next week that would raise sales taxes in the Chicago area to shore up transit funding.
CTA contingency plans currently call for elimination of 39 bus routes effective Sunday, an increase in the base cash fare to $2.50, with a $3 rush hour "L" fare, the layoffs of 700 employees and deferral of heavy overhauls needed to keep aging buses and rapid transit cars from breaking down.
Thursday, September 13, 2007
Up to Date Info on RTA/CTA
For up to date information on the RTA/CTA issue please visit http://thecapitolfaxblog.com/2007/09/13/is-it-legal-plus-mayor-governor-blasted-suburban-buses-left-out/
Wednesday, September 12, 2007
CTA accepts short-term funding fix
chicagotribune.com
CTA accepts short-term funding fix
By Jon Hilkevitch
Tribune transportation reporter
3:19 PM CDT, September 12, 2007
The CTA's top officials this afternoon accepted a $24 million funding advance proposed by Gov. Rod Blagojevich to avert fare increases and service cuts set to take effect Sunday and Monday, but the agency's doomsday scenario will still take place in November unless new funds are obtained.CTA Board Chairman Carole Brown announced the short-term solution after meeting in Blagojevich's Chicago office to discuss funding proposals. Before taking effect, the move needs to be green-lighted by the RTA in a meeting scheduled for Friday.Brown said the plan will "give the legislature more time to craft a long-term funding solution for the region."Blagojevich's offer did not involve new funds. Instead, the move would accelerate state payments scheduled for the CTA in 2008, allowing the agency to maintain service for the time being.Even if the RTA approves the proposal, the CTA will have to start making cuts Nov. 4.The CTA announced plans last month to raise fares Sunday and eliminate 39 bus routes Monday unless new state funding is approved to help the transit agency balance its 2007 budget.CTA President Ron Huberman has said the contingency plan must go forward in the absence of new funding to help shore up a $110 million CTA budget deficit. Any delay, coupled with a failure to secure additional state subsidies, would render the CTA unable to meet its December payroll and force a systemwide shutdown, Huberman said.
CTA accepts short-term funding fix
By Jon Hilkevitch
Tribune transportation reporter
3:19 PM CDT, September 12, 2007
The CTA's top officials this afternoon accepted a $24 million funding advance proposed by Gov. Rod Blagojevich to avert fare increases and service cuts set to take effect Sunday and Monday, but the agency's doomsday scenario will still take place in November unless new funds are obtained.CTA Board Chairman Carole Brown announced the short-term solution after meeting in Blagojevich's Chicago office to discuss funding proposals. Before taking effect, the move needs to be green-lighted by the RTA in a meeting scheduled for Friday.Brown said the plan will "give the legislature more time to craft a long-term funding solution for the region."Blagojevich's offer did not involve new funds. Instead, the move would accelerate state payments scheduled for the CTA in 2008, allowing the agency to maintain service for the time being.Even if the RTA approves the proposal, the CTA will have to start making cuts Nov. 4.The CTA announced plans last month to raise fares Sunday and eliminate 39 bus routes Monday unless new state funding is approved to help the transit agency balance its 2007 budget.CTA President Ron Huberman has said the contingency plan must go forward in the absence of new funding to help shore up a $110 million CTA budget deficit. Any delay, coupled with a failure to secure additional state subsidies, would render the CTA unable to meet its December payroll and force a systemwide shutdown, Huberman said.
Tuesday, September 11, 2007
OPEN HOUSE Reminder
Just as a reminder, the 10th Annual RANWC Open House will take place this Friday from 3pm-dusk at the Arlington Heights office. Congresswoman Melissa Bean will be in attendance as well as the Illinois State Treasurers office with their unclaimed property data base.
I will have an RPAC/Government Affairs booth on hand where we will be giving away 2 brand new iPods. Please stop by the booth. I will be on hand for the event and will be happy to address any questions, concerns, or ideas that you have on issues relative to the Real Estate industry in DC, Sprigfield, or right in your own backyard.
See You There!
I will have an RPAC/Government Affairs booth on hand where we will be giving away 2 brand new iPods. Please stop by the booth. I will be on hand for the event and will be happy to address any questions, concerns, or ideas that you have on issues relative to the Real Estate industry in DC, Sprigfield, or right in your own backyard.
See You There!
Friday, September 7, 2007
OFF
I am off today Friday September 7th. Have a safe weekend! Please check back on Monday for new updates.
Wednesday, September 5, 2007
Lawmakers Ditch Bailtout Plan for Chicago transit
A big thank you to all of the members that worked on this!!!
From the Daily Herald
SPRINGFIELD -- State lawmakers rejected a multimillion-dollar bailout of the Chicago region's transit agencies Tuesday, a move that not only threatens to curtail bus service and raise train fares, but soon could lead to thousands of additional cars flooding the area's highways.
The region's people movers say they need $240 million to cover operating deficits and millions more to upgrade and expand the system. They need it by Sept. 16, or, on the morning of the 17th, 400 fewer CTA buses will be running and other service cuts along with fare hikes will be implemented across the CTA, Pace and Metra.
But lawmakers fell short of the 71 votes needed in the 118-member House to immediately approve increasing the sales taxes in the Chicago area a quarter-cent to raise cash for the CTA, Metra and Pace and another quarter-cent for road and transit upgrades in the collar counties.
That would have added a combined 50 cents in tax to every $100 of spending on merchandise in the area. In some suburban communities, the effect would have been an overall sales tax near 10 percent, or $10 on every $100 tab.
The proposal got 61 votes, and when it was clear support wasn't there, sponsors used a procedural maneuver to wipe out the vote and preserve the opportunity to bring the plan back for future consideration.
House Speaker Michael Madigan, a Chicago Democrat, said he hopes to do just that before the Sept. 16 doomsday scenario and laid the blame for the plan's demise at the doorstep of Gov. Rod Blagojevich, who's threatened a veto because of the sales tax increase.
Madigan said a governor who lives in Chicago just blocks from the Brown Line should be helping pass this plan, not lobbying against it.
In a statement sent out after the vote, Blagojevich repeated his opposition to the tax and urged lawmakers to find another way.
"I believe a tax on working families for transportation is a backdoor fare hike, and I believe the legislature was correct in rejecting that approach," Blagojevich said.
But several area lawmakers feared what will happen if something isn't done soon. State Rep. Suzie Bassi, a Palatine Republican, said most Metra riders have access to other transportation and envisioned them all driving if the train times and prices become inconvenient.
"Do you want to see 70 percent more cars on the road?" Bassi said.
State Rep. Julie Hamos, an Evanston Democrat who sponsored the plan, said she hopes the doomsday scenario won't need to occur in order for lawmakers to take this seriously.
"I reject that as a cynical way to do business in Springfield. I'm hoping we will not get that far," Hamos told reporters. "It should not require pain … for us to take action or tackle the serious issues of the day."
The details of the plan got little public criticism during a lengthy House debate. Rather, many Republican lawmakers said mass transit should be part of a bigger proposal addressing all the state's transportation needs.
"We need to do something about mass transit, but we need to integrate it with a road program," said House Republican leader Tom Cross of Oswego. "You can't do one without the other."
But political differences have kept such a plan from becoming reality for more than five years at the Capitol and there's been little indication a resolution is coming.
From the Daily Herald
SPRINGFIELD -- State lawmakers rejected a multimillion-dollar bailout of the Chicago region's transit agencies Tuesday, a move that not only threatens to curtail bus service and raise train fares, but soon could lead to thousands of additional cars flooding the area's highways.
The region's people movers say they need $240 million to cover operating deficits and millions more to upgrade and expand the system. They need it by Sept. 16, or, on the morning of the 17th, 400 fewer CTA buses will be running and other service cuts along with fare hikes will be implemented across the CTA, Pace and Metra.
But lawmakers fell short of the 71 votes needed in the 118-member House to immediately approve increasing the sales taxes in the Chicago area a quarter-cent to raise cash for the CTA, Metra and Pace and another quarter-cent for road and transit upgrades in the collar counties.
That would have added a combined 50 cents in tax to every $100 of spending on merchandise in the area. In some suburban communities, the effect would have been an overall sales tax near 10 percent, or $10 on every $100 tab.
The proposal got 61 votes, and when it was clear support wasn't there, sponsors used a procedural maneuver to wipe out the vote and preserve the opportunity to bring the plan back for future consideration.
House Speaker Michael Madigan, a Chicago Democrat, said he hopes to do just that before the Sept. 16 doomsday scenario and laid the blame for the plan's demise at the doorstep of Gov. Rod Blagojevich, who's threatened a veto because of the sales tax increase.
Madigan said a governor who lives in Chicago just blocks from the Brown Line should be helping pass this plan, not lobbying against it.
In a statement sent out after the vote, Blagojevich repeated his opposition to the tax and urged lawmakers to find another way.
"I believe a tax on working families for transportation is a backdoor fare hike, and I believe the legislature was correct in rejecting that approach," Blagojevich said.
But several area lawmakers feared what will happen if something isn't done soon. State Rep. Suzie Bassi, a Palatine Republican, said most Metra riders have access to other transportation and envisioned them all driving if the train times and prices become inconvenient.
"Do you want to see 70 percent more cars on the road?" Bassi said.
State Rep. Julie Hamos, an Evanston Democrat who sponsored the plan, said she hopes the doomsday scenario won't need to occur in order for lawmakers to take this seriously.
"I reject that as a cynical way to do business in Springfield. I'm hoping we will not get that far," Hamos told reporters. "It should not require pain … for us to take action or tackle the serious issues of the day."
The details of the plan got little public criticism during a lengthy House debate. Rather, many Republican lawmakers said mass transit should be part of a bigger proposal addressing all the state's transportation needs.
"We need to do something about mass transit, but we need to integrate it with a road program," said House Republican leader Tom Cross of Oswego. "You can't do one without the other."
But political differences have kept such a plan from becoming reality for more than five years at the Capitol and there's been little indication a resolution is coming.
Congress Holds Predatory Lending Hearing
The House Committee on Financial Services is holding a hearing on Credit and Mortgages at 9:30 am (our time). Here is a link to the Committee site. There is a link in there to a webcast of the hearing if you’d like to watch it. Have a great day everyone.
http://www.house.gov/apps/list/hearing/financialsvcs_dem/090507.shtml
http://www.house.gov/apps/list/hearing/financialsvcs_dem/090507.shtml
Tuesday, September 4, 2007
NAR Govt Affairs Update
Congress Returns to Washington, DC on September 5, 2007 Mortgage Market Turmoil will be a Top Priority Although Members of Congress have been at home during the “District Work Period” NAR has been working with Congressional Staff, Regulatory Agency Staff and other housing industry groups to address the serious issues that have developed in the Mortgage Market over the summer. NAR has prepared the following talking points to help you address potential questions from your members.If you would like to distribute this email you might want to use the PDF attached. TALKING POINTS:
Key elements of the administration proposal to be released today have already been suggested by NAR as early as April of this year.
Expansion of FHA insurance for Delinquent Borrowers FHA will offer government backed refinancing to subprime borrowers who have generally good credit records and income verification, even if the borrower has recently become delinquent. Current FHA underwriting rules prevent FHA from guaranteeing a loan to a delinquent borrower.
The waiver of the underwriting rule is designed to assist borrowers hit by so called “exploding ARMS”, which adjust substantially upward from an initial low teaser rate.
Fannie Mae and Freddie Mac have already adjusted their guidelines to permit refinancing for delinquent borrowers.
Eases 3% equity requirement for FHA insurance opening refinancing into an FHA mortgage to people who are upside down on their mortgages.
Raising the loan limits in high cost areas to $417,000 from current $362,000
Encourage Private Loss Mitigation Efforts. HUD and Treasury will work with lenders to identify borrowers at risk of default and encourage stepped up loss mitigation efforts.
NAR has produced a series of consumer education brochures with the Center for Responsible Lending, and NeighborWorks® America.
These brochures are available at www.realtor.org/subprime
Freddie Mac/Fannie Mae
The administration is not seeking to expand the ability of Freddie Mac and Fannie Mae to purchase loans, despite calls from NAR and some Members of Congress to do so.
Mortgage Forgiveness Tax Relief
The administration will ask for a temporary suspension of the law requiring that any amount of mortgage forgiveness be treated as income by the IRS.
In anticipation of potential problems, NAR worked with Congressmen Rob Andrews (D-NJ) and Ron Lewis (R-KY) to introduce HR 1876, the Mortgage Cancellation Relief Act of 2007 on April 17, 2007
Companion legislation in the Senate S. 1394 was introduced by Senator Debbie Stabenow (D-MI) on May 15, 2007
NAR will work closely with our REALTOR® champions on Capitol Hill when Congress reconvenes after Labor Day to implement the reforms necessary to develop greater stability in the market.
Key elements of the administration proposal to be released today have already been suggested by NAR as early as April of this year.
Expansion of FHA insurance for Delinquent Borrowers FHA will offer government backed refinancing to subprime borrowers who have generally good credit records and income verification, even if the borrower has recently become delinquent. Current FHA underwriting rules prevent FHA from guaranteeing a loan to a delinquent borrower.
The waiver of the underwriting rule is designed to assist borrowers hit by so called “exploding ARMS”, which adjust substantially upward from an initial low teaser rate.
Fannie Mae and Freddie Mac have already adjusted their guidelines to permit refinancing for delinquent borrowers.
Eases 3% equity requirement for FHA insurance opening refinancing into an FHA mortgage to people who are upside down on their mortgages.
Raising the loan limits in high cost areas to $417,000 from current $362,000
Encourage Private Loss Mitigation Efforts. HUD and Treasury will work with lenders to identify borrowers at risk of default and encourage stepped up loss mitigation efforts.
NAR has produced a series of consumer education brochures with the Center for Responsible Lending, and NeighborWorks® America.
These brochures are available at www.realtor.org/subprime
Freddie Mac/Fannie Mae
The administration is not seeking to expand the ability of Freddie Mac and Fannie Mae to purchase loans, despite calls from NAR and some Members of Congress to do so.
Mortgage Forgiveness Tax Relief
The administration will ask for a temporary suspension of the law requiring that any amount of mortgage forgiveness be treated as income by the IRS.
In anticipation of potential problems, NAR worked with Congressmen Rob Andrews (D-NJ) and Ron Lewis (R-KY) to introduce HR 1876, the Mortgage Cancellation Relief Act of 2007 on April 17, 2007
Companion legislation in the Senate S. 1394 was introduced by Senator Debbie Stabenow (D-MI) on May 15, 2007
NAR will work closely with our REALTOR® champions on Capitol Hill when Congress reconvenes after Labor Day to implement the reforms necessary to develop greater stability in the market.
Mayors want towns to help residents
Fighting foreclosure
Mayors want towns to help residents
By Bob Susnjara Daily Herald Staff
Published: 9/4/2007 6:14 AM Updated: 9/4/2007 7:06 AM
Tall grass.
Homes in disrepair.
For-sale signs clustered in a single neighborhood.
Suburban leaders say they are concerned when they see these things -- red flags that foreclosure is looming, or that it has already happened.
While elected officials say they can't provide money to solve residents' woes, some are getting ready to have their village halls offer other kinds of help. Entire communities can get a black eye from too many foreclosed properties, they said.
Suggestions on how municipalities can prevent foreclosures came at a recent meeting of the Metropolitan Mayors Caucus, which has 272 members from the Chicago area.
Many of the ideas presented were easy and free to implement. For example, villages could provide links on their Web sites to agencies that counsel distressed homeowners.
Round Lake Mayor Bill Gentes said it would make sense for his village hall to be a resource for residents who find themselves facing foreclosure.
Gentes' village had 60 foreclosures, or 38.49 per 1,000 owner-occupied units, in 2006, according to data on the six-county Chicago area compiled by the Woodstock Institute and distributed to government officials by the mayors caucus. Last year was the first year town-by-town data was collected.
"The American dream is homeownership," Gentes said. "It's not foreclosure."
Mayors who attended the conference said suburban officials are typically concerned about providing traditional services such as police and fire protection. Whether they decide to help residents facing foreclosure likely depends on if they believe the problem exists in their communities.
Foreclosure has become a national concern. About 179,600 foreclosure filings were reported in the United States in July, above the 92,845 logged in the same month in 2006, according to California-based RealtyTrac Inc.
Resetting of adjustable-rate mortgages and subprime loans that were made to borrowers with shaky credit are among the reasons for the foreclosure boom.
Beth Dever, housing director for the Metropolitan Mayors Caucus, said foreclosures don't affect just the families forced out of their houses. There are the ancillary effects on cities, she said, such as unruly lawns, delinquent property taxes, the potential for neighborhood blight -- and tarnished images of a town.
Dever said because municipalities have a vested interest in foreclosure, local governments should lend a helping hand to distressed homeowners, who don't always know where to turn. She said some mayors reported their village halls have already received calls from worried residents.
At minimum, Dever said, towns should be able to direct distressed homeowners to federal Department of Housing and Urban Development-certified counseling agencies. Towns also should know to recommend the Homeownership Preservation Foundation's HOPE hotline for confidential financial help.
Dever said residents might be more willing to approach a village hall for help.
"I think it's seen as a more comforting local entity than a faceless mortgage broker," she said.
Research shows about 50 percent of delinquent homeowners avoid contact with the lender in the hope the problem disappears, according to NeighborWorks Center for Foreclosure Solutions in Washington, D.C. Many in trouble don't act on quality advice.
Sheila McCann, executive director of the DuPage Homeownership Center, said some DuPage County towns allow her nonprofit group to use public buildings for homeownership seminars.
"It's a win-win for everybody in the community," she said. "Certainly, everyone doesn't want to see abandoned homes or foreclosures."
Gentes said he's concerned about one Round Lake subdivision now marked by abandoned homes, clusters of for-sale signs and other signs of distress.
Problems at the four-year-old Lakewood Grove subdivision, near Route 60 and Cedar Lake Road, stem in part from individual investors who bought a number of homes with the idea of unloading them for a quick profit, Gentes said. He said 10 to 15 homes have been abandoned at Lakewood Grove.
Some investors purchased houses and used a rent-to-own concept to lure occupants with poor or shaky credit. Gentes said the downfall came when the owners dramatically hiked the monthly payments because of higher taxes, sending the residents fleeing and leaving empty homes.
Gentes said he's seen newspapers and trash pile up at homes where no one's living. That can make the whole town look bad, not just a particular subdivision.
Dever said the mayors caucus has cited Chicago as an example of a city trying to prevent foreclosures through its Home Ownership Preservation Initiative. The program has been promoted on CTA buses and trains.
Part of it involves assisting borrowers connect with lenders to find ways to halt the foreclosure process. The city also has gone to faith-based organizations to spread the word about mortgage fraud.
Mayors such as Gentes have a better picture about foreclosures because the 2006 foreclosure report by the Woodstock Institute was its first city-by-city examination. The study was requested by Chicago's housing department.
Geoff Smith, research director of the nonprofit group that specializes in community economic development, said mayors can't take action about a foreclosure problem if they don't know what's happening in their backyards. He said the Woodstock Institute will release a second city-by-city foreclosure study at year's end, which can be compared to the 2006 data.
Carpentersville Village President Bill Sarto said he's willing to have his town provide information to residents in trouble with their homes. Carpentersville had 212 foreclosures or 30.26 per 1,000 owner-occupied units in 2006.
"I certainly see it as a problem for all communities where people are on the bubble or the bubble has burst beneath them," Sarto said.
Tips for avoiding foreclosure
Don't ignore the problem: The further behind you become, the harder it will be to save your home.
Contact your lender: Lenders do not want your house. They have options to help borrowers through difficult financial times.
Open and respond to mail from your lender: The first notices you receive will offer good information about foreclosure prevention options. Later mail might include important notice of pending legal action.
Understand your options: Learn about foreclosure prevention options at www.fha.gov/foreclosure/index.cfm. Contact a HUD-approved housing counselor: The U.S. Department of Housing and Urban Development funds free or very low-cost housing counseling nationwide. Call (800) 569-4287 or TTY (800) 877-8339.
Avoid foreclosure prevention companies: Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three months' mortgage payment) while a HUD-approved housing counselor will help for free if you contact them.
Don't lose your house to foreclosure recovery scams: If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home. Get professional advice from an attorney, a trusted real estate professional or a HUD-approved housing counselor.
Source: HUD
Where to turn
NeighborWorks America and the Ad Council have joined forces to target a public service advertising campaign at homeowners in danger of foreclosure. Two Web sites and a toll-free number are offered.
• Confidential financial counseling is available from the Homeownership Preservation Foundation's HOPE hotline at 1 (888) 995-HOPE. Free, unbiased advice is available in English and Spanish 24 hours a day.
• Foundation's Web site is at www.foreclosurehelpandhope.org. The foundation is a Minneapolis-based nonprofit agency dedicated to preserving homeownership and preventing foreclosure.
• Also check NeighborWorks America's Web site at www.nw.org/foreclosuresolutions. NeighborWorks is a national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts.
Source: NeighborWorks America
Mayors want towns to help residents
By Bob Susnjara Daily Herald Staff
Published: 9/4/2007 6:14 AM Updated: 9/4/2007 7:06 AM
Tall grass.
Homes in disrepair.
For-sale signs clustered in a single neighborhood.
Suburban leaders say they are concerned when they see these things -- red flags that foreclosure is looming, or that it has already happened.
While elected officials say they can't provide money to solve residents' woes, some are getting ready to have their village halls offer other kinds of help. Entire communities can get a black eye from too many foreclosed properties, they said.
Suggestions on how municipalities can prevent foreclosures came at a recent meeting of the Metropolitan Mayors Caucus, which has 272 members from the Chicago area.
Many of the ideas presented were easy and free to implement. For example, villages could provide links on their Web sites to agencies that counsel distressed homeowners.
Round Lake Mayor Bill Gentes said it would make sense for his village hall to be a resource for residents who find themselves facing foreclosure.
Gentes' village had 60 foreclosures, or 38.49 per 1,000 owner-occupied units, in 2006, according to data on the six-county Chicago area compiled by the Woodstock Institute and distributed to government officials by the mayors caucus. Last year was the first year town-by-town data was collected.
"The American dream is homeownership," Gentes said. "It's not foreclosure."
Mayors who attended the conference said suburban officials are typically concerned about providing traditional services such as police and fire protection. Whether they decide to help residents facing foreclosure likely depends on if they believe the problem exists in their communities.
Foreclosure has become a national concern. About 179,600 foreclosure filings were reported in the United States in July, above the 92,845 logged in the same month in 2006, according to California-based RealtyTrac Inc.
Resetting of adjustable-rate mortgages and subprime loans that were made to borrowers with shaky credit are among the reasons for the foreclosure boom.
Beth Dever, housing director for the Metropolitan Mayors Caucus, said foreclosures don't affect just the families forced out of their houses. There are the ancillary effects on cities, she said, such as unruly lawns, delinquent property taxes, the potential for neighborhood blight -- and tarnished images of a town.
Dever said because municipalities have a vested interest in foreclosure, local governments should lend a helping hand to distressed homeowners, who don't always know where to turn. She said some mayors reported their village halls have already received calls from worried residents.
At minimum, Dever said, towns should be able to direct distressed homeowners to federal Department of Housing and Urban Development-certified counseling agencies. Towns also should know to recommend the Homeownership Preservation Foundation's HOPE hotline for confidential financial help.
Dever said residents might be more willing to approach a village hall for help.
"I think it's seen as a more comforting local entity than a faceless mortgage broker," she said.
Research shows about 50 percent of delinquent homeowners avoid contact with the lender in the hope the problem disappears, according to NeighborWorks Center for Foreclosure Solutions in Washington, D.C. Many in trouble don't act on quality advice.
Sheila McCann, executive director of the DuPage Homeownership Center, said some DuPage County towns allow her nonprofit group to use public buildings for homeownership seminars.
"It's a win-win for everybody in the community," she said. "Certainly, everyone doesn't want to see abandoned homes or foreclosures."
Gentes said he's concerned about one Round Lake subdivision now marked by abandoned homes, clusters of for-sale signs and other signs of distress.
Problems at the four-year-old Lakewood Grove subdivision, near Route 60 and Cedar Lake Road, stem in part from individual investors who bought a number of homes with the idea of unloading them for a quick profit, Gentes said. He said 10 to 15 homes have been abandoned at Lakewood Grove.
Some investors purchased houses and used a rent-to-own concept to lure occupants with poor or shaky credit. Gentes said the downfall came when the owners dramatically hiked the monthly payments because of higher taxes, sending the residents fleeing and leaving empty homes.
Gentes said he's seen newspapers and trash pile up at homes where no one's living. That can make the whole town look bad, not just a particular subdivision.
Dever said the mayors caucus has cited Chicago as an example of a city trying to prevent foreclosures through its Home Ownership Preservation Initiative. The program has been promoted on CTA buses and trains.
Part of it involves assisting borrowers connect with lenders to find ways to halt the foreclosure process. The city also has gone to faith-based organizations to spread the word about mortgage fraud.
Mayors such as Gentes have a better picture about foreclosures because the 2006 foreclosure report by the Woodstock Institute was its first city-by-city examination. The study was requested by Chicago's housing department.
Geoff Smith, research director of the nonprofit group that specializes in community economic development, said mayors can't take action about a foreclosure problem if they don't know what's happening in their backyards. He said the Woodstock Institute will release a second city-by-city foreclosure study at year's end, which can be compared to the 2006 data.
Carpentersville Village President Bill Sarto said he's willing to have his town provide information to residents in trouble with their homes. Carpentersville had 212 foreclosures or 30.26 per 1,000 owner-occupied units in 2006.
"I certainly see it as a problem for all communities where people are on the bubble or the bubble has burst beneath them," Sarto said.
Tips for avoiding foreclosure
Don't ignore the problem: The further behind you become, the harder it will be to save your home.
Contact your lender: Lenders do not want your house. They have options to help borrowers through difficult financial times.
Open and respond to mail from your lender: The first notices you receive will offer good information about foreclosure prevention options. Later mail might include important notice of pending legal action.
Understand your options: Learn about foreclosure prevention options at www.fha.gov/foreclosure/index.cfm. Contact a HUD-approved housing counselor: The U.S. Department of Housing and Urban Development funds free or very low-cost housing counseling nationwide. Call (800) 569-4287 or TTY (800) 877-8339.
Avoid foreclosure prevention companies: Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three months' mortgage payment) while a HUD-approved housing counselor will help for free if you contact them.
Don't lose your house to foreclosure recovery scams: If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home. Get professional advice from an attorney, a trusted real estate professional or a HUD-approved housing counselor.
Source: HUD
Where to turn
NeighborWorks America and the Ad Council have joined forces to target a public service advertising campaign at homeowners in danger of foreclosure. Two Web sites and a toll-free number are offered.
• Confidential financial counseling is available from the Homeownership Preservation Foundation's HOPE hotline at 1 (888) 995-HOPE. Free, unbiased advice is available in English and Spanish 24 hours a day.
• Foundation's Web site is at www.foreclosurehelpandhope.org. The foundation is a Minneapolis-based nonprofit agency dedicated to preserving homeownership and preventing foreclosure.
• Also check NeighborWorks America's Web site at www.nw.org/foreclosuresolutions. NeighborWorks is a national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts.
Source: NeighborWorks America
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Members meet with Senator Murphy after Legislative Breakfast
