HJ0025 96TH GENERAL ASSEMBLY

HJ0025 LRB096 11740 MJR 22488 r

HOUSE JOINT RESOLUTION

WHEREAS, The onrushing financial crisis involving home mortgages, debt instruments of all types, and the banking system of the United States threatens to set off an economic collapse worse than the Great Depression of the 1930s; and

WHEREAS, The United States is experiencing one of the worst economic downturns in its history; and

WHEREAS, Loans were made for residential mortgages indiscriminately, and often without regard for whether the borrower was capable of repaying the loan; and

WHEREAS, Millions of Americans have been affected either directly or indirectly by home foreclosure because borrowers could not pay the mortgages on their homes; and

WHEREAS, This increase in foreclosures is taking a toll on hard-working families, neighborhoods, and local economies throughout the State; and

WHEREAS, President Obama has called upon Congress to pass legislation to help resolve this crisis; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE SENATE CONCURRING HEREIN, that we urge Congress to pass legislation that would require the original lender for a residential mortgage to retain a permanent 25% interest in the value of the loan; and be it further

RESOLVED, That suitable copies of this resolution be presented to President Barack Obama, the Speaker of the United States House of Representatives, the President pro tempore of the United States Senate, and each member of the Illinois congressional delegation.