HJ0105eng 95TH GENERAL ASSEMBLY

HJ0105 Engrossed LRB095 18016 AJO 44099 r

HOUSE JOINT RESOLUTION 105

WHEREAS, There exists a serious financial crisis involving home mortgages, the housing industry, and the banking system of the United States; and

WHEREAS, Countless numbers of Americans are facing foreclosure and the loss of their homes in the coming months; and

WHEREAS, Sub-prime lending in Illinois has caused numerous hardships and our citizens are too often unaware of the opportunities that exist for re-financing their homes; and

WHEREAS, Homeowners are in need of reliable information about the types of assistance and guidance that are available to families and individuals who are struggling in this difficult economic environment; and

WHEREAS, It is important that the State of Illinois endeavor to provide social and economic stability and to assist homeowners to lawfully and responsibly avoid mortgage foreclosures on their homes; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-FIFTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE SENATE CONCURRING HEREIN, that the Illinois House of Representatives and the Illinois Senate shall convene a 9-member Foreclosure Prevention Task Force; this task force shall examine and make recommendations regarding sub-prime lending in Illinois and shall complete a definitive analysis of the entire issue, including the number of families currently holding sub-prime mortgages, the number of foreclosures, the opportunities for re-financing, and the types of assistance or guidance available to affected families; and be it further

RESOLVED, That the Speaker of the House of Representatives, the Minority Leader of the House of Representatives, the President of the Senate, and the Minority Leader of the Senate shall each appoint one member of the general public to the task force; and be it further

RESOLVED, That additional members shall be appointed by the Secretary of Financial and Professional Regulation as follows: one member of a statewide organization representing bankers, one member of a statewide organization representing credit unions, one member of a statewide organization representing community bankers, one member of a statewide organization representing mortgage brokers, and one member who is an employee of the Department of Financial and Professional Regulation; and be it further

RESOLVED, That all members appointed to the Task Force shall receive no compensation for serving as a member but shall be eligible to receive reimbursement for their reasonable expenses actually incurred in performing their duties if such funds are appropriated; and be it further

RESOLVED, That the Department of Financial and Professional Regulation shall provide administrative support for the Task Force; and be it further

RESOLVED, That the Foreclosure Prevention Task Force shall submit a report to the Governor and the General Assembly detailing its recommendations and findings by January 1, 2009.