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Borrowers with good credit now make up the largest share of foreclosures as job losses and pay cuts exact their toll.

A record 12 percent of homeowners with a mortgage were behind on their payments in the first quarter, the Mortgage Bankers Association said Thursday. And the trend is predicted to continue until the end of next year, about six months after unemployment is expected to peak.

* Empress Casino in Joliet to reopen June 25, officials say - Fire closed casino in late March

* Ill. health insurance law takes effect June 1

Illinois parents will be able to continue using their health insurance to cover older dependent children beginning June 1.

State insurance officials say the new law will allow adding children up to age 26. It’ll also allow military veterans to be covered by parents up to age 30.

* Fiscal crisis shuts the doors on storied Driscoll Catholic

* Chicago parking: Mayor Richard Daley calls machine meltdown a ‘glitch’

Mayor Richard Daley on Thursday blamed a “computer glitch” for a downtown parking pay-box meltdown.

That’s more than the company that took over running the city’s paid street parking system would say about why some 250 new cash-or-credit payment boxes stopped working for much of Wednesday.

Avis LaVelle, a spokeswoman for Chicago Parking Meters, said company officials have “some suspicions” but don’t want to speculate on the cause of the problem. She said it might be a few days before they announce findings.

Daley said he has asked the company, which leased the city’s 36,000 paid street spots for 75 years in return for a $1.15 billion upfront payment, to perform better.

* Daley tells parking meter company to shape up

Ald. Tom Allen (38th), chairman of the City Council’s Transportation Committee, agreed that the city has little choice but to work with the contractor.

“It was a massive undertaking that we did with very little public comment and two days of deliberation. Now, what are you gonna do? We’ve already cashed their check,” he said.

“Had we not taken their money, there would be a pretty good appetite to revisit this thing. It’s been a disaster.”

* 87% of arrested men on drugs

Nearly 90 percent of the men arrested in the Chicago area last year tested positive for illegal drug use at the time of their arrests, according to a federal report.

The area’s 87 percent rate led among 10 metropolitan areas studied in 2008.

posted by Mike Murray
Friday, May 29, 09 @ 9:18 am

Comments

Re: mortgages: the only way to be fair to renters and borrowers who DO pay their mortgages while still providing relief to people in foreclosure is to turn the latter into renters, not give them free equity in their homes. For example, give them the option to convert their mortgages to 40-50 year fixed rate — this will have a far lower monthly payment but they won’t start (or re-start) earning equity for a long time.

Comment by lake county democrat Friday, May 29, 09 @ 9:24 am
Interesting, Avis LaVelle has been the spokesperson for most of the City departments over the years and now just happens to be the spokesperson for the new parking outfit. Good ole Chicago

Comment by Hank Friday, May 29, 09 @ 9:35 am
Re: 87% - seriously, is this surprising?

Comment by Belle Friday, May 29, 09 @ 9:49 am
maybe you have this in the subscriber’s section, but the trib is reporting in breaking news that Ike Carrothers has worn a wire for the G since 2008. this could get very interesting.

Comment by Amy Friday, May 29, 09 @ 9:58 am
I hope Fitz doesn’t spend too much time on the Chicago City Council. That’s like shooting fish in a barrel. Everybody from made guys (Roti) to goo-goos (Bloom) have gone to Club Fed. Fitz needs to keep his eye on the Fifth Floor.

Carothers wearing a wire? That could be interesting. It reminds me of a little story from 1998:

It was Operation Haunted Hall. An employee of Ald. Burke’s law firm, Joseph Martinez-Fraticelli, pled guilty and went to prison for being a ghost payroller on a number of City Council committees.

As part of his plea, he agreed to cooperate with the government. Hmm, I wonder who he could he give up?

Ald. Burke knows the ins-and-outs of Illinois government better than anyone. He’s never been indicted. But over the last 10 years, a lot of other folks have been, haven’t they?

Comment by wordslinger Friday, May 29, 09 @ 11:07 am
I wouldn’t expect much to come from Ike wearing a wire. A few lackies and coat holders will show up on it and maybe Daley’s cat. Yawn

Comment by Hank Friday, May 29, 09 @ 11:30 am