HR0113 96TH GENERAL ASSEMBLY

HR0113 LRB096 10499 MJR 20671 r

HOUSE RESOLUTION

WHEREAS, The federal Troubled Assets Relief Program (TARP) will allocate an estimated $700 billion in financial aid to financial institutions in the United States for the purpose of creating economic stabilization and recovery; and

WHEREAS, The TARP laws authorize the federal government to use wide discretion to decide which financial institutions will receive TARP funds and for what purposes these funds will be used; and

WHEREAS, One of the reasons for the current economic challenges facing the United States is the ongoing decline in the fair values of real property, especially the fair values of housing; and

WHEREAS, One of the reasons that single-family houses are declining in value in many parts of the United States, including areas of the State of Illinois, is because of a decline in the quantity of overall funds made available by financial institutions in the United States for new mortgages and mortgage refinancing; and

WHEREAS, We need to expand the supply of capital in the United States available for new mortgages; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge Congress to ensure that the funds associated with the Troubled Assets Relief Program are allocated to financial institutions that will use the funds for new single-family home mortgages or to refinance existing single-family home mortgages; and be it further

RESOLVED, That suitable copies of this resolution be delivered to each member of the Illinois congressional delegation.