Full Text of HJR0104 95th General Assembly
HJ0104 95TH GENERAL ASSEMBLY
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HJ0104 |
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| HOUSE JOINT RESOLUTION
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| WHEREAS, Recent surveys show foreclosure filings are up 16
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| percent in Illinois since 2006 and 18 percent in Chicago; the | 4 |
| current foreclosure crisis is expected to continue through the | 5 |
| next two years as many of the
loans originated in recent years | 6 |
| put homeowners in unaffordable positions, as adjustable rate
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| mortgage products continue to reset, and as the consequences of | 8 |
| loans made with little or no
supporting documentation become | 9 |
| evident; Illinois has been ranked among the top 10 states with | 10 |
| the highest number of foreclosure filings; and
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| WHEREAS, This increase in foreclosures is taking a toll on | 12 |
| hard-working families, neighborhoods, and local
economies | 13 |
| throughout the State; and
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| WHEREAS, The Illinois Housing Development Authority has | 15 |
| launched its Homeowner Outreach Days Program to help Illinois | 16 |
| residents avoid losing their homes through
foreclosure and | 17 |
| stabilize neighborhoods; the Program will provide one-on-one
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| counseling sessions between borrowers and lenders, as well as | 19 |
| workshops on refinancing,
foreclosure prevention, legal | 20 |
| rights, loss mitigation, and credit counseling; each event will | 21 |
| consist of four 30-minute workshops that will repeat throughout | 22 |
| the day; the
workshops will cover: the alternatives to | 23 |
| foreclosure and how the mortgage lending system
works; the |
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HJ0104 |
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LRB095 18024 DRJ 44107 r |
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| foreclosure process and court procedure; what to expect in the | 2 |
| workout process,
including how a loan is analyzed and what is a | 3 |
| realistic outcome; and what homeowners should
be careful of, | 4 |
| including a closer look at so-called "rescue" schemes and some | 5 |
| of the drawbacks
of refinancing; the Program will also offer | 6 |
| homeowners one-on-one counseling with lenders and
loan | 7 |
| servicers, and additional materials and advice from credit | 8 |
| counselors and attorneys; and
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| WHEREAS, This outreach effort will
help families by | 10 |
| providing them the information and counseling necessary to | 11 |
| protect their
properties and keep alive the American Dream of | 12 |
| homeownership and should be available throughout the State; | 13 |
| therefore, be it
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| RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 15 |
| NINETY-FIFTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE | 16 |
| SENATE CONCURRING HEREIN, that we urge the Illinois Housing | 17 |
| Development Authority, through its Homeowner Outreach Days | 18 |
| Program, to hold an outreach event within the geographical | 19 |
| boundaries of each legislative district in Illinois at least | 20 |
| once by January 1, 2009; and be it further
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| RESOLVED, That a suitable copy of this resolution be | 22 |
| delivered to the Chairman of the Illinois Housing Development | 23 |
| Authority.
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