City Council Committee on Finance and Committee on Housing to hold hearing drawing attention to the negative impact of foreclosures on Chicago families.

Prompted by a Chicago Sun-times investigation that disclosed that more than 100 Chicago area homeowners receive a foreclosure notice every day and with the goal of continuing to pressure Municipal Depositors into creating an action plan to address the foreclosure crisis in Chicago, Alderman Freddrenna Lyle introduced a resolution that would call for a City Council hearing highlighting the negative impact of foreclosures on Chicago families.

The resolution directs the City Council Committee on Finance and the City Council Committee on Housing to hold hearings where Chicagoans who have been foreclosed upon or are currently threatened by foreclosure can testify on how this process has negatively impacted their families

All banks holding Municipal Depositors status will be invited to partake in these hearings to speak on their efforts to avoid foreclosures.

“By hearing the heart breaking personal stories of everyday Chicagoans who have gone through this difficult process I hope that legislators, policy makers, and especially lending institutions will understand the pressing need to help these families and finally craft a plan to provide relief to Chicago homeowners.” stated Alderman Lyle. “The action plan we are requesting from our Municipal Depositors is a step in this direction”.