HR0113

LRB096 10499 MJR 20671 r






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HOUSE RESOLUTION


 
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    WHEREAS, The federal Troubled Assets Relief Program (TARP) 
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will allocate an estimated $700 billion in financial aid to 
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financial institutions in the United States for the purpose of 
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creating economic stabilization and recovery; and

 
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    WHEREAS, The TARP laws authorize the federal government to 
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use wide discretion to decide which financial institutions will 
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receive TARP funds and for what purposes these funds will be 
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used; and

 
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    WHEREAS, One of the reasons for the current economic 
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challenges facing the United States is the ongoing decline in 
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the fair values of real property, especially the fair values of 
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housing; and

 
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    WHEREAS, One of the reasons that single-family houses are 
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declining in value in many parts of the United States, 
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including areas of the State of Illinois, is because of a 
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decline in the quantity of overall funds made available by 
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financial institutions in the United States for new mortgages 
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and mortgage refinancing; and

 
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    WHEREAS, We need to expand the supply of capital in the 
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United States available for new mortgages; therefore, be it

 
 


 






HR0113
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LRB096 10499 MJR 20671 r




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    RESOLVED, BY THE  HOUSE OF REPRESENTATIVES OF THE 
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NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we 
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urge Congress to ensure that the funds associated with the 
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Troubled Assets Relief Program are allocated to financial 
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institutions that will use the funds for new single-family home 
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mortgages or to refinance existing single-family home 
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mortgages; and be it further

 
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    RESOLVED, That suitable copies of this resolution be 
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delivered to each member of the Illinois congressional 
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delegation.