IL HR0010

Urges Congress to enact legislation creating a nationwide mortgage foreclosure moratorium to allow review of foreclosure actions and provide homeowners opportunities to renegotiate mortgages.

Identifies the Mortgage Electronic Registry System (MERS), created in 1998 and covering approximately 60% of U.S. mortgages and 97% of mortgages created between 2005-2008, as a central element of the foreclosure crisis.

Documents patterns of abuse including "robo-signing" (generating thousands of unverified affidavits by unqualified employees), falsified documents, fee padding, misapplication of payments, and improper insurance assessments that triggered defaults on otherwise current loans.

Notes that large-scale mortgage digitization resulted in lost or misplaced original promissory notes, which servicers replaced with "robo-signed" affidavits to claim ownership in foreclosure proceedings.

Directs copies of the resolution be sent to President Obama, the Speaker of the House, the Senate President pro tempore, and all members of the Illinois congressional delegation.