Synopsis As Introduced Creates the Housing Stabilization Act. Directs the Illinois Housing Development Authority to establish and administer a program under which the State shall guarantee refinancing loans to homeowners who are either in foreclosure or at risk of being in foreclosure. Provides that the State shall guarantee these loans for 5 years, at which time, if the homeowner is current and has not gone more than 30 days past-due more than 3 times during the first 60 months of the refinancing of his or her mortgage, the State's responsibility to guarantee the loan shall cease. Provides that if at the end of 5 years the homeowner is not current or has gone 30 days past-due more than 3 times, the State shall continue to guarantee the loan for an additional 36 months. Provides for a State guarantee of up to $3,000,000,000 each year for 3 years. Sets forth qualifications for homeowners and banks to participate in the program and other features of the program. Effective immediately.
House Committee Amendment No. 1 Deletes references to rules to be adopted by the Illinois Housing Development Authority. Provides that neither the Governor nor any agency or agency head under the jurisdiction of the Governor has any rulemaking authority under the Act, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion.
Deletes everything after the enacting clause. Amends the Deposit of State Moneys Act. Authorizes certain linked deposits for loans to persons refinancing a home as well as for purchasing a home. Provides that for a "home loan", the principal amount of the loan may not exceed the conforming loan size limit (instead of 50% of that limit for a single-family dwelling) established by the Federal National Mortgage Association. Effective immediately.