CHICAGO-Officials of the City Council committee have approved a proposal that will allow voters to decide if banks should pay transfer taxes when they take possession of a house through foreclosure.
This is in effort to increase revenue for the city from sales of homes. According to the state law, lenders and banks do not pay transfer taxes, but could be made to if the aldermen get the approval of the voters. The proposal was approved with an 8-2 majority. For the full story, go to Chicago Tribune.
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