Foreclosure report released

March 15, 2010 5:03:41 PM PDT
A new report shows there's a foreclosure filing in Chicago every 22 minutes.

In the East Lake View neighborhood, Senator Dick Durbin joined with officials to release the National People's Action 2009 Chicago foreclosure report. It shows that more than 23,000 homes were in foreclosure in 2009 in the city. That's 16 percent more than in 2008.

On Monday, Connecticut Senator Chris Dodd introduced reform legislation to create a consumer protection division that would monitor bank lending.

"What it is going to take is for every day Chicagoans and Americans to say enough is enough. We're going to stand up. We didn't want more foreclosures or an economy that is tanking. We want a consumer protection agency that is independent and strong and able to protect every day people and prevent foreclosures in the future," said George Gayle, director, National People's Action.

Senator Durbin says unemployment is now the main factor that's keeping the foreclosure crisis going in Chicago and America.