The iconic Allerton Hotel, located at 701 N. Michigan Ave., is in foreclosure after its owners defaulted on $70 million in loans. A foreclosure lawsuit was filed at the end of April. The joint venture that owns the hotel purchased it for $84 million in 2006 and sank another $10 million into renovations. But in December, the hotel was appraised as being worth $60 million and revenue fell 23 percent from its 2008 totals, bringing in only $16.9 million in 2009. more ›

The Illinois Legislature is closer to passing reform to the Payday Loan Act and the Consumer Installment Loan Act, which would close loopholes that have allowed some of the more predatory practices of lenders. Crain’s reports the Consumer Installment Act is expected to be amended to impose a cap of 99% on consumer installment loans under $4,000. The Payday Loan Reform Act will be amended to increase terms of loans to six months. more ›

Alexi Giannoulias, the Democratic candidate for U.S. Senate, went on a media blitz to defend himself, his family, and his candidacy in the wake of the reported troubles of his family's Broadway Bank. Included in his tour were sit-downs with the Tribune, the Sun-Times, Crain's, and an appearance on WTTW's Chicago Tonight. more ›

Among the fallout from last year's economic meltdown was the virtual standstill of the credit market. With banks near insolvency and others unsure what would happen next, everyone from home and car buyers to small businesses to most of the American auto industry were unable to secure lines of credit for regular business purchases. The American Recovery and Reinvestment Act, (ARRA or "the stimulus") provided over $700 million to both waive fees and increase guarantees from the Small Business Administration. And according to an analysis by Crain's, it looks like it might be working. That's because government-backed loans to small businesses are running about 50 percent higher nationally now than they were in Februrary, before the bill was enacted. Among Chicago-area businesses, that number is even higher. more ›

It's looking less and less likely that the city's most expensive hole in the ground will ever become the beautiful butterfly of a spire it was meant to be. Bank of America has filed suit against Shelbourne Development Group Inc., the developers of the Chicago Spire. We're not even going to pretend like we can fully comprehend the ins-and-outs of the financial wrangling going on here - we'll let Bloomberg do that - but given the continual financial difficulties of the buildings, we're guessing the day the Spire opens for business is the day Mayor Daley makes the city government fully transparent. more ›

The saga of Mr. Beef's recent misfortunes continues today as co-owner Joseph Zucchero testifies before Congress regarding his recent struggles with Midwest Bank, which holds the lien on the River North institution, has cut off Zucchero's line of credit, and threatens to foreclose on the restaurant. This despite Midwest Bank recently being the recipient of $85 million in TARP funds from the Treasury Department. From the Tribune's "Swamp" Washington Bureau blog more ›

Chicago has a long and rich history of nepotism and this latest example shows that it's still business as usual. James J. Banks, the nephew of 36th Ward Ald. William Banks, is known as an attorney who represents developers before the City Council Zoning Committee, which is chaired by his uncle the alderman. But James is also the chairman of the Belmont Bank & Trust, which appears to be a private piggy bank for some developers and the Banks family. more ›