CHICAGO-Officials of the City Council committee have approved aproposal that will allow voters to decide if banks should paytransfer taxes when they take possession of a house throughforeclosure.

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This is in effort to increase revenue for the city from sales ofhomes. According to the state law, lenders and banks do not paytransfer taxes, but could be made to if the aldermen get theapproval of the voters. The proposal was approved with an 8-2majority. For the full story, go to Chicago Tribune.

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