It’s not as if mortgage lenders need much help in targeting understanding-challenged borrowers, but the Illinois Department of Financial and Professional Regulation (IDFPR) is offering it anyway.
A recent news release from IDFPR explains it all:
Public Act 94-280 (HB 4050 from the 94th General Assembly) establishes a pilot program targeting communities with a high proportion of predatory loans, higher than average foreclosure rates and unusually high numbers of mortgages for individual properties. In those communities, the pilot program has been designed to provide additional financial guidance to families who wish to take on a mortgage, or refinance the mortgage they already have. In addition, the pilot program will allow the State to gather important information on the kinds of loans being offered to Chicagoans and the costs and terms of those loans.
The ZIP codes with Chicago’s dumbest borrowers (PDF file): 60620, 60621, 60623, 60628, 60629, 60632, 60636, 60638, 60643, 60652.
Yup, you guessed it — they’re all on the far south and southwest sides.