05/16/2010 05:12 am ET Updated May 25, 2011

City Officials Call On Bankers To Testify About Foreclosure Mess

Ald. Ray Suarez (31st Ward) and State Sen. Iris Martinez (D-Chicago) called a joint meeting in Chicago on Monday to pressure the banks to do a better job maintaining foreclosed properties and to speed up the unduly slow modification process to keep more people in their homes.

Clearly feeling the heat from their constituents, the Chicago City Council Housing Committee called bank officials down to City Hall yesterday to testify about the foreclosure mess. "Our problem is that we could lose our jobs because of you," Ald. Dick Mell (33rd Ward) told execs from Bank of America, Wells Fargo, Chase Bank, and a handful of other financial institutions, "and you could get bonuses at the end of the year."

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