Full Text of SR1049 96th General Assembly
SR1049 96TH GENERAL ASSEMBLY |
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| 1 | | SENATE RESOLUTION
| 2 | | WHEREAS, Over 4.8 million homes have been foreclosed in the | 3 | | United States since 2008, with over 194,000 in the State of | 4 | | Illinois alone; and
| 5 | | WHEREAS, The skyrocketing rate of residential mortgage | 6 | | foreclosures in this State has caused an economic emergency | 7 | | that adversely affects the people of Illinois, our communities, | 8 | | and the State's economy as a whole; and
| 9 | | WHEREAS, In the Chicago metropolitan area alone, reports | 10 | | indicate that from 2008 to 2009 there was a 33% increase in | 11 | | mortgage foreclosures and a total of 119,662 foreclosures; and
| 12 | | WHEREAS, Many homeowners cannot afford legal counsel | 13 | | during the foreclosure process and there are very few options | 14 | | for pro-bono legal assistance, leaving these homeowners with | 15 | | the burden of navigating the legal system without any | 16 | | professional guidance; and
| 17 | | WHEREAS, Federal homeowners assistance programs, most | 18 | | notably the Home Affordable Modification Program, have failed | 19 | | to adequately address the crisis by not securing adequate loan | 20 | | modifications for the vast majority of citizens in desperate | 21 | | need of such intervention; and |
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| 1 | | WHEREAS, Almost 29% of Chicago area mortgages were | 2 | | "underwater", meaning that more is owed on the mortgage loan | 3 | | than the property is worth, during the second quarter of 2010, | 4 | | according to an article in the Chicago Tribune; and | 5 | | WHEREAS, The failure of the Home Affordable Modification | 6 | | Program is ultimately the failure of the U.S. Department of the | 7 | | Treasury, as the program's implementation falls under the | 8 | | oversight of that department; and | 9 | | WHEREAS, The stated mission of the United States Department | 10 | | of Housing and Urban Development is to create strong, | 11 | | sustainable, inclusive communities and quality affordable | 12 | | homes for all; and
| 13 | | WHEREAS, Seemingly ubiquitous reports of sloppy paperwork | 14 | | and lax record-keeping by mortgage lenders reveal that many | 15 | | homeowners have failed to receive a proper accounting during | 16 | | the foreclosure process, when in the meantime, mortgage lenders | 17 | | continue to push the foreclosure process in courts around the | 18 | | country and in this State; therefore, be it
| 19 | | RESOLVED, BY THE SENATE OF THE NINETY-SIXTH GENERAL | 20 | | ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the United | 21 | | States Congress to implement a nationwide mortgage foreclosure |
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| 1 | | moratorium until the efficacy of existing federal mortgage | 2 | | foreclosure programs can be demonstrably reformed to alleviate | 3 | | the suffering of affected homeowners and communities; and be it | 4 | | further
| 5 | | RESOLVED, That the Home Affordable Modification Program be | 6 | | transferred to the control of the United States Department of | 7 | | Housing and Urban Development; and be it further | 8 | | RESOLVED, That a suitable copy of this resolution be | 9 | | presented to President Barack Obama, the Secretary for Housing | 10 | | and Urban Development, and each member of the Illinois | 11 | | congressional delegation.
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