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SENATE RESOLUTION

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

 

 

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1moratorium until the efficacy of existing federal mortgage
2foreclosure programs can be demonstrably reformed to alleviate
3the suffering of affected homeowners and communities; and be it
4further
 
5    RESOLVED, That the Home Affordable Modification Program be
6transferred to the control of the United States Department of
7Housing and Urban Development; and be it further
 
8    RESOLVED, That a suitable copy of this resolution be
9presented to President Barack Obama, the Secretary for Housing
10and Urban Development, and each member of the Illinois
11congressional delegation.