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1
HOUSE RESOLUTION

 
2    WHEREAS, State Representative Monique D. Davis and the
3members of the Illinois House of Representatives are pleased to
4commend Bank of America on their new foreclosure pilot program;
5and
 
6    WHEREAS, On March 26, 2012, Bank of America began offering
7a small number of customers facing foreclosure the option to
8remain in their homes and rent the property instead; and
 
9    WHEREAS, The terms of the pilot program, which will be
10offered initially to about 1,000 customers in New York, Nevada,
11and Arizona, are that homeowners will give up the title to
12their property in exchange for bank forgiveness of their
13mortgage debt; the customers would then be able to rent the
14property for up to 3 years; the rent payments would be less
15than the monthly mortgage payment and would be set at or below
16market rates; and
 
17    WHEREAS, In order to qualify, customers must hold mortgages
18that are owned by Bank of America, have been delinquent for
19more than 60 days, still live in the home, and have exhausted
20other options; homeowners whose mortgages are serviced by Bank
21of America but owned by other investors, like Fannie Mae or
22Freddie Mac, would not be eligible for the pilot program; and
 

 

 

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1    WHEREAS, With so many residents in our State currently
2facing foreclosure, the State of Illinois should pay serious
3attention to results of the Bank of America's pilot program to
4see if it is something our State can start to offer our
5residents on a state-wide level; therefore, be it
 
6    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
7NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
8we commend Bank of America on their new foreclosure pilot
9program; and be it further
 
10    RESOLVED, That a suitable copy of this resolution be
11presented to Bank of America as a symbol of our esteem and
12respect.