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HJ0105 |
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LRB095 18016 AJO 44099 r |
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| HOUSE JOINT RESOLUTION
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| WHEREAS, There exists a serious financial crisis involving |
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| home mortgages, the housing industry, and the banking system of |
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| the United States; and
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| WHEREAS, Countless numbers of Americans are facing |
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| foreclosure and the loss of their homes in the coming months; |
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| and
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| WHEREAS, Sub-prime lending in Illinois has caused numerous |
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| hardships and our citizens are too often unaware of the |
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| opportunities that exist for re-financing their homes; and
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| WHEREAS, Homeowners are in need of reliable information |
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| about the types of assistance and guidance that are available |
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| to families and individuals who are struggling in this |
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| difficult economic environment; and
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| WHEREAS, It is important that the State of Illinois |
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| endeavor to provide social and economic stability and to assist |
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| homeowners to lawfully and responsibly avoid mortgage |
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| foreclosures on their homes; 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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HJ0105 |
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LRB095 18016 AJO 44099 r |
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| SENATE CONCURRING HEREIN, that the Illinois House of |
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| Representatives and the Illinois Senate shall convene a |
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| 9-member Foreclosure Prevention Task Force; this task force |
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| shall examine and make recommendations regarding sub-prime |
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| lending in Illinois and shall complete a definitive analysis of |
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| the entire issue, including the number of families currently |
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| holding sub-prime mortgages, the number of foreclosures, the |
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| opportunities for re-financing, and the types of assistance or |
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| guidance available to affected families; and be it further
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| RESOLVED, That the Speaker of the House of Representatives, |
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| the Minority Leader of the House of Representatives, the |
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| President of the Senate, and the Minority Leader of the Senate |
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| shall each appoint one member of the general public to the task |
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| force; and be it further
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| RESOLVED, That additional members shall be appointed by the |
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| Secretary of Financial and Professional Regulation as follows: |
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| one member of a statewide organization representing bankers, |
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| one member of a statewide organization representing credit |
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| unions, one member of a statewide organization representing |
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| community bankers, one member of a statewide organization |
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| representing mortgage brokers, and one member who is an |
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| employee of the Department of Financial and Professional |
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| Regulation; and be it further
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HJ0105 |
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LRB095 18016 AJO 44099 r |
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| RESOLVED, That all members appointed to the Task Force |
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| shall receive no compensation for serving as a member but shall |
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| be eligible to receive reimbursement for their reasonable |
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| expenses actually incurred in performing their duties if such |
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| funds are appropriated; and be it further
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| RESOLVED, That the Foreclosure Prevention Task Force shall |
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| submit a report to the Governor and the General Assembly |
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| detailing its recommendations and findings by January 1, 2009.
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