Items Tagged with 'Chicago'


  • SEC accuses Chicago house flipper of running $20 million real estate fraud scheme

    George Slowinski and Rebuilding America raised $20 million from 600+ investors
    The SEC this week accused the owner of a real estate investment company of perpetrating a $20 million real estate fraud scheme by convincing more than 600 investors to give money under the auspices of flipping houses in the Chicago area. But instead of making money on real estate, George Slowinski allegedly took some of the investors’ money for himself and his associates, made bad investments, and eventually cost his investors $17 million.
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  • DOJ: Chicago suburb killed low-income housing development after racial outcry

    Village of Tinley Park fined $410,000 for allegedly kowtowing to residents
    A suburb of Chicago will pay more than $400,000 as part of a settlement with the Department of Justice, which accused the city of denying a low-income housing development in response to “race-based community opposition.” The DOJ alleged that the decision was made with the “intent and with the effect of discriminating against prospective African-American tenants of Buckeye’s proposed development.”
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  • Chicago-based MB Financial Bank shuttering national mortgage origination business

    Will maintain Chicago-area origination operation
    Citing the “highly competitive” mortgage lending environment, Chicago-based MB Financial Bank is shuttering its national mortgage origination business. MB Financial has 49 mortgage retail offices in 16 states, in addition to its 86 Chicago-area retail banking branches. The company said that its Chicago-area mortgage operation will remain open, while its national presence will be eliminated.
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  • Hey first-time homebuyers! Chicago bank now offers high yield down payment savings account

    Offers account with 5% annual percentage yield
    Chicago-based Countryside Bank is rolling out a new program for first-time homebuyers in the area who need help saving for a down payment. Besides assistance from bankers who will help create a customized savings plan, the bank’s new program also includes the option of a high yield savings account that has an annual percentage yield of 5%.
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  • Chicago becomes second major city to sue Equifax over data breach

    Follows San Francisco in suing credit reporting agency
    For the second time in two days, one of nation’s largest cities announced that it is suing Equifax over the credit reporting agency’s massive data breach, which led to the personal information of 143 million U.S. consumers being exposed. First it was the city of San Francisco, and now, Chicago is suing as well.
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  • Chicago mortgage originator accused of bilking elderly homeowners out of $7 million

    Charged with targeting seniors in reverse mortgage scam
    A mortgage originator from Chicago stands accused of running a reverse mortgage scam and defrauding elderly homeowners and lenders out of $7 million. Mark Diamond is currently facing seven counts of wire fraud after being accused of fraudulently causing lenders to make reverse mortgage loans to homeowners who either did not sign up for the loans or did so after Diamond allegedly misrepresented the terms of the loans.
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  • Stats show short-term rentals in New Orleans, Chicago drop

    New crackdown against vacation rental services pays off
    Short-term rentals in New Orleans and Chicago saw a decrease even as they increased in other parts of the U.S. One expert explains this new decrease is due to these cities cracking down on sites such as Airbnb, requiring owners to register with the city and enforcing other regulations.
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  • New American Funding expands footprint in Chicago

    Grand opening scheduled for Thursday
    New American Funding announced its expansion in the Chicago area with its latest branch opening. As the company prepares to open its new location, it also selected a branch manager. Here’s more about the grand opening, the branch and its new leader.
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