Brown noted that Madigan has pushed legislation that the banking industry opposed that required individuals with low credit scores or other criteria in neighborhoods on Chicago's Southwest and West sides to receive financial advice before a mortgage application could be completed.Yeah, well, it would have been a good idea. The banks probably didn't want to be called raaaacist. It's either that or after the fact, predatory lenders. ACORN crap.
The controversial legislation was eventually suspended by then-Gov. Rod Blagojevich amid claims by critics that it was a form of redlining that hurt those areas by dramatically slowing the availability of mortgages in those mostly minority areas.
What is the point of getting a mortgage if you can't pay and maintain your home. This is what made the housing bubble and was the catalyst for the wreck of our economy.
That said, Illinois' ethics rules are a total joke.
Legislators used to be part time so they had another job. Now they get paid as full time but still have their "day job". It's double dipping made legal and the whole state is a corrupt patronage exercise.
No wonder we're broke.
Other news: AIG Chief Sees Retirement Age as High as 80 After Crisis
Related post: "Folks, we live in a democracy. But not here"