Written by Munoz Staff Thursday, 22 July 2010 14:10
"Predatory lending in Illinois has been on the increase during these tough economic times," Senator Munoz pointed out. "This measure will ensure that everyone throughout the state, including those who speak Spanish, is aware of their rights as homeowners. This new law will allow them to have information available to avoid the traps of predatory lenders." While statewide statistics show high foreclosure rates affecting every portion of the population, Latinos have been affected disproportionately. According to recent studies, Latino borrowers nationwide will lose 75 to 98 billion dollars as a result of foreclosures. In Chicago, there were 3,429 foreclosure filings in Chicago wards with the highest population of Latinos in 2008, representing an alarming increase of 93.7 percent from the previous year. In the five suburbs with the highest Latino population, there were 4,462 filings, representing an increase of 61.3 percent.
Springfield, Illinois —House Bill 5044 sponsored by State Senator Tony Munoz (D-Chicago) has been signed into law by Governor Quinn that will require the Illinois Department of Financial and Professional Regulation (IDFPR) to create a Spanish version of its website containing information about predatory lending.
Senator Munoz Menu
1st District
Assistant Majority Leader
Years served: 1999 - Present
Committee assignments: Committee of the Whole; Energy; Executive Appointments (Chairperson); Executive; Gaming; Insurance.
Biography: Born February 18, 1964, in Chicago; Served in U.S. Army with the 82nd Airborne Division; City of Chicago-Mayor's License Commission, Local Liquor Control Section (1990); Dept. of Aviation; Mayor's Office of Budget & Management; member of Fraternal Order of Police; married (wife, Patricia), has three children.
