Minority Chicagoans and Chicago neighborhoods will feel pain of high-cost home loans

Yo reader “George Costanza” beat us to the punch by posting this New York Times article in the comments section of a previous post, but we want to draw attention to it. It’s about how minority Chicagoans have achieved homeownership over the last few years but are now being stung by the adjustable interest rates on their previously low-interest loans.

“While the rise in [mortgage payment] delinquencies is not expected to have much of a reverberating impact on the overall housing market and the national economy, experts say that the pain will be all too real for borrowers and many of the neighborhoods they live in,” the story says. Housing advocates and lenders are apparently now trying to prevent borrowers falling behind on monthly payments.

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