Illinois Compiled Statutes 20 ILCS 4113/5 – Findings
Current as of: 2024 | Check for updates
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The General Assembly finds and declares the following:
(1) Two federal agencies, the Federal Home Owners’
(1) Two federal agencies, the Federal Home Owners’
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Loan Corporation and the Federal Housing Administration, played a major role in the development of the modern home mortgage origination industry.
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(2) Both federal agencies explicitly considered the
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racial and ethnic make-up of neighborhoods when underwriting loans and valuing the real estate to be used as home loan collateral.
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(3) Both agencies devalued property or refused to
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make loans secured by property in communities of color.
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(4) The harmful consequences of this discrimination
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remain unresolved.
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Terms Used In Illinois Compiled Statutes 20 ILCS 4113/5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.