Aldermen press to strip banks, mortgage companies of tax exemption

Chicago voters could soon get to decide whether to strip banks and mortgage companies — key players in the foreclosure epidemic — of their long-standing exemption from the city’s real-estate transfer tax. By a vote of 8-to-2, the City Council’s Finance Committee agreed today to put that resolution on the ballot, either on Nov. 2 or Feb. 22. Only after voters approve a referendum could the City Council vote to end the tax break.

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Mortgage rates drop on Fed intervention

The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.

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3d rendering of a row of luxury townhouses along a street

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