IL SR1049

Over 4.8 million homes have been foreclosed in the United States since 2008, with over 194,000 foreclosures in Illinois alone.

Chicago area experienced a 33% increase in mortgage foreclosures from 2008 to 2009, with 119,662 total foreclosures, and approximately 29% of Chicago mortgages were underwater as of the second quarter of 2010.

Urges Congress to implement a nationwide mortgage foreclosure moratorium until federal foreclosure programs, particularly the Home Affordable Modification Program, are demonstrably reformed to assist affected homeowners and communities.

Calls for transfer of the Home Affordable Modification Program from the Department of the Treasury to the Department of Housing and Urban Development.

Directs presentation of the resolution to President Barack Obama, the Secretary of Housing and Urban Development, and all members of the Illinois congressional delegation.