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Raising mortgage rates in Illinois

Raising mortgage rates in Illinois

Freddie Mac and Fannie Mae, which back about half of the mortgage in America, are supervised by The Federal Housing Finance Agency. This agency wants Fannie and Freddie to increase mortgage rates for loans in Illinois.

In Illinois, foreclosures take on average twice as long as foreclosures in Missouri. Averaging over 500 days to Missouri less than 300 days, it can take that long before they can foreclose and have marketable title.

What is the cause of this long wait? Illinois is a judicial foreclosure state. In Illinois lenders need court permission to foreclose. Missouri however does not require court involvement.

Fannie and Freddie would pass this cost on to the banks giving loans in Illinois. The banks in turn would likely pass on the charge by giving higher interest rates to borrowers.

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