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IL HR0045
Resolution
Status
Passed
4/12/2011
Primary Sponsor
LaShawn Ford
Click for details
AI Summary
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Urges Congress to require lending institutions to offer reasonable loan modifications to mortgagors before foreclosing on residential properties.
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Proposed modifications must include options such as interest rate reductions, term extensions, or other changes to loan elements.
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Applies only when the homeowner is interested in remaining in the home and qualifies for the modified loan terms.
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Directs copies of the resolution to be sent to President Barack Obama, the Speaker of the House, the Senate President pro tempore, and all Illinois congressional delegation members.
Legislative Description
CONG - RESIDENTIAL FORECLOSURE
Last Action
Resolution Adopted
4/12/2011
Committee Referrals
Housing3/28/2011
Rules2/9/2011
Full Bill Text
No bill text available