HJ0025 LRB096 11740 MJR 22488 r

1
HOUSE JOINT RESOLUTION

 
2     WHEREAS, The onrushing financial crisis involving home
3 mortgages, debt instruments of all types, and the banking
4 system of the United States threatens to set off an economic
5 collapse worse than the Great Depression of the 1930s; and
 
6     WHEREAS, The United States is experiencing one of the worst
7 economic downturns in its history; and
 
8     WHEREAS, Loans were made for residential mortgages
9 indiscriminately, and often without regard for whether the
10 borrower was capable of repaying the loan; and
 
11     WHEREAS, Millions of Americans have been affected either
12 directly or indirectly by home foreclosure because borrowers
13 could not pay the mortgages on their homes; and
 
14     WHEREAS, This increase in foreclosures is taking a toll on
15 hard-working families, neighborhoods, and local economies
16 throughout the State; and
 
17     WHEREAS, President Obama has called upon Congress to pass
18 legislation to help resolve this crisis; therefore, be it
 
19     RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE

 

 

HJ0025 - 2 - LRB096 11740 MJR 22488 r

1 NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE
2 SENATE CONCURRING HEREIN, that we urge Congress to pass
3 legislation that would require the original lender for a
4 residential mortgage to retain a permanent 25% interest in the
5 value of the loan; and be it further
 
6     RESOLVED, That suitable copies of this resolution be
7 presented to President Barack Obama, the Speaker of the United
8 States House of Representatives, the President pro tempore of
9 the United States Senate, and each member of the Illinois
10 congressional delegation.