HR0892 97TH GENERAL ASSEMBLY

HR0892 LRB097 20946 GRL 68061 r

HOUSE RESOLUTION

WHEREAS, State Representative Monique D. Davis and the members of the Illinois House of Representatives are pleased to commend Bank of America on their new foreclosure pilot program; and

WHEREAS, On March 26, 2012, Bank of America began offering a small number of customers facing foreclosure the option to remain in their homes and rent the property instead; and

WHEREAS, The terms of the pilot program, which will be offered initially to about 1,000 customers in New York, Nevada, and Arizona, are that homeowners will give up the title to their property in exchange for bank forgiveness of their mortgage debt; the customers would then be able to rent the property for up to 3 years; the rent payments would be less than the monthly mortgage payment and would be set at or below market rates; and

WHEREAS, In order to qualify, customers must hold mortgages that are owned by Bank of America, have been delinquent for more than 60 days, still live in the home, and have exhausted other options; homeowners whose mortgages are serviced by Bank of America but owned by other investors, like Fannie Mae or Freddie Mac, would not be eligible for the pilot program; and

WHEREAS, With so many residents in our State currently facing foreclosure, the State of Illinois should pay serious attention to results of the Bank of America's pilot program to see if it is something our State can start to offer our residents on a state-wide level; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we commend Bank of America on their new foreclosure pilot program; and be it further

RESOLVED, That a suitable copy of this resolution be presented to Bank of America as a symbol of our esteem and respect.