HJ0025

LRB096 11740 MJR 22488 r






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HOUSE JOINT RESOLUTION


 
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    WHEREAS,  The onrushing financial crisis involving home
     
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mortgages, debt instruments of all types, and the banking 
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system
     of the United States threatens to set off an economic 
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collapse
     worse than the Great Depression of the 1930s; and

 
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    WHEREAS, The United States is experiencing one of the worst 
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economic downturns in its history; and

 
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    WHEREAS, Loans were made for residential mortgages 
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indiscriminately, and often without regard for whether the 
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borrower was capable of repaying the loan; and

 
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    WHEREAS, Millions of Americans have been affected either 
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directly or indirectly by home foreclosure because borrowers 
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could not pay the mortgages on their homes; and

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

 
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    WHEREAS, President Obama has called upon Congress to pass 
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legislation to help resolve this crisis; therefore, be it

 
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    RESOLVED, BY THE  HOUSE OF REPRESENTATIVES OF THE 
 


 






HJ0025
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LRB096 11740 MJR 22488 r




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NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE 
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SENATE CONCURRING HEREIN, that we urge Congress to pass 
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legislation that would require the original lender for a 
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residential mortgage to retain a permanent 25% interest in the 
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value of the loan; and be it further

 
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    RESOLVED, That suitable copies of this resolution be 
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presented to President Barack Obama, the Speaker of the United 
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States House of Representatives, the President pro tempore of 
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the United States Senate, and each member of the Illinois 
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congressional delegation.