HJ0104 95TH GENERAL ASSEMBLY

HJ0104 LRB095 18024 DRJ 44107 r

HOUSE JOINT RESOLUTION

WHEREAS, Recent surveys show foreclosure filings are up 16 percent in Illinois since 2006 and 18 percent in Chicago; the current foreclosure crisis is expected to continue through the next two years as many of the loans originated in recent years put homeowners in unaffordable positions, as adjustable rate mortgage products continue to reset, and as the consequences of loans made with little or no supporting documentation become evident; Illinois has been ranked among the top 10 states with the highest number of foreclosure filings; and

WHEREAS, This increase in foreclosures is taking a toll on hard-working families, neighborhoods, and local economies throughout the State; and

WHEREAS, The Illinois Housing Development Authority has launched its Homeowner Outreach Days Program to help Illinois residents avoid losing their homes through foreclosure and stabilize neighborhoods; the Program will provide one-on-one counseling sessions between borrowers and lenders, as well as workshops on refinancing, foreclosure prevention, legal rights, loss mitigation, and credit counseling; each event will consist of four 30-minute workshops that will repeat throughout the day; the workshops will cover: the alternatives to foreclosure and how the mortgage lending system works; the foreclosure process and court procedure; what to expect in the workout process, including how a loan is analyzed and what is a realistic outcome; and what homeowners should be careful of, including a closer look at so-called "rescue" schemes and some of the drawbacks of refinancing; the Program will also offer homeowners one-on-one counseling with lenders and loan servicers, and additional materials and advice from credit counselors and attorneys; and

WHEREAS, This outreach effort will help families by providing them the information and counseling necessary to protect their properties and keep alive the American Dream of homeownership and should be available throughout the State; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-FIFTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE SENATE CONCURRING HEREIN, that we urge the Illinois Housing Development Authority, through its Homeowner Outreach Days Program, to hold an outreach event within the geographical boundaries of each legislative district in Illinois at least once by January 1, 2009; and be it further

RESOLVED, That a suitable copy of this resolution be delivered to the Chairman of the Illinois Housing Development Authority.