HJ0104

LRB095 18024 DRJ 44107 r






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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 
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current foreclosure crisis is expected to continue through the 
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next two years as many of the
loans originated in recent years 
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put homeowners in unaffordable positions, as adjustable rate

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mortgage products continue to reset, and as the consequences of 
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loans made with little or no
supporting documentation become 
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evident; Illinois has been ranked among the top 10 states with 
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the highest number of foreclosure filings; and

 
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    WHEREAS, This increase in foreclosures is taking a toll on 
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hard-working families, neighborhoods, and local
economies 
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throughout the State; and

 
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    WHEREAS, The Illinois Housing Development Authority has 
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launched its Homeowner Outreach Days Program to help Illinois 
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residents avoid losing their homes through
foreclosure and 
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stabilize neighborhoods; the Program will provide one-on-one

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counseling sessions between borrowers and lenders, as well as 
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workshops on refinancing,
foreclosure prevention, legal 
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rights, loss mitigation, and credit counseling; each event will 
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consist of four 30-minute workshops that will repeat throughout 
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the day; the
workshops will cover: the alternatives to 
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foreclosure and how the mortgage lending system
works; the 
 


 






HJ0104
- 2 -
LRB095 18024 DRJ 44107 r




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foreclosure process and court procedure; what to expect in the 
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workout process,
including how a loan is analyzed and what is a 
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realistic outcome; and what homeowners should
be careful of, 
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including a closer look at so-called "rescue" schemes and some 
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of the drawbacks
of refinancing; the Program will also offer 
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homeowners one-on-one counseling with lenders and
loan 
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servicers, and additional materials and advice from credit 
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counselors and attorneys; and

 
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    WHEREAS, This outreach effort will
help families by 
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providing them the information and counseling necessary to 
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protect their
properties and keep alive the American Dream of 
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homeownership and should be available throughout the State; 
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therefore, be it

 
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    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE 
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NINETY-FIFTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE 
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SENATE CONCURRING HEREIN, that we urge the Illinois Housing 
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Development Authority, through its Homeowner Outreach Days 
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Program, to hold an outreach event within the geographical 
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boundaries of each legislative district in Illinois at least 
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once by January 1, 2009; and be it further

 
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    RESOLVED, That a suitable copy of this resolution be 
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delivered to the Chairman of the Illinois Housing Development 
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Authority.