Mayor Craig joined area Mayors at a meeting of the Metropolitan Mayor's Caucus for a meeting entitled, Innovative Foreclosure Prevention Strategies: Keeping Communities Stable. This meeting focused on the growing foreclosure rates (up nearly 36% in in Illinois from 2005 to 2006) that faces communities around the region and around the nation. Hanover Park is not immune. We've had 199 foreclosures in the past year. Therefore, we need to plan to resolve the issues that face our residents. Much of the current rate is a result of the sub-prime mortgage industry that gave loans to people who could not afford them over time. The Mayor's Caucus led by Mayor Daley made a statement calling for the Illinois Congressional delegation to help seek solutions to this problem that include foreclosure relief, consumer education and requirements for lenders to follow stricter guidelines when lending.
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