Fast-talking loan sharks who pedal high-cost mortgage deals are preying on the community, despite state regulations adopted last spring to put an end to predatory lending.
The result is an alarming rise in home-loan mortgage foreclosures. It's dramatized by Chicago's National Training & Information Center (NTIC) showing the scourge is distressingly common in minority, low-income neighborhoods.
A diagram published by the housing advocacy organization shows a lot of red spots on a city map representing 1993 loan foreclosures. In 2001 the bleeding was heavy and symbolized by nearly total red on most of the South and West Sides.
Foreclosures are rising as a result of …
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