Synopsis As Introduced Amends Public Act 95-691 (concerning home equity assurance and foreclosure prevention) to provide that it takes effect upon the effective date of this amendatory Act. This amendatory Act is effective immediately.
Amends the Deposit of State Moneys Act. Authorizes the State Treasurer to accept a proposal from an eligible institution that provides for interest earnings on deposits of State moneys to be held by the institution in a separate account that the State Treasurer may use to secure up to 10% of any existing home loans of Illinois citizens who are at risk of losing their homes if they experience a financial hardship (now, who have failed to make payments on a home loan as a result of a financial hardship) due to circumstances beyond their control where there is a reasonable prospect that they will be able to resume or continue full mortgage payments. In the definition of "home loan", provides that the principal amount of the loan may not exceed 50% of the conforming loan size limit (now, 50% of the conforming loan size limit for a single-family dwelling), as established from time to time by the Federal National Mortgage Association. Effective immediately.