South Siders call for end to mortgage lending law

The Scarlet Number

The Chicago Sun-Times reports on a call from a coalition of groups to rescind a state law that requires home buyers to undergo mortgage counseling before closing on their homes. The law doesn’t impact everyone, of course– only those with credit scores less than 620. And only those looking to buy in 10 specific zip codes. And all those zip codes happen to be on the South Side. The goal is to discourage predatory lending, but opponents– who gathered with the Rev. Jesse Jackson at his South Side Operation PUSH headquarters to voice their disapproval– say the law has also discouraged legitimate lending in the zips that bear the scarlet number.

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