House Resolution 21 - Introduced PAG LIN H.R. ________ S.R. ________ 1 1 HOUSE RESOLUTION NO. ___ 1 2 BY FORD 1 3 A Resolution urging the Governor of the State of Iowa 1 4 to declare a state of economic emergency relating to 1 5 real estate mortgage foreclosures. 1 6 WHEREAS, Iowa is in the midst of an economic 1 7 disaster unparalleled since the Great Depression; and 1 8 WHEREAS, Iowa real estate owners, especially 1 9 homeowners, are threatened with mortgage foreclosure 1 10 at unprecedented levels; and 1 11 WHEREAS, recent statistics paint a grim picture: 1 12 according to the Mortgage Bankers Association, by the 1 13 end of 2008 one out of every 20 Iowa mortgages was 1 14 delinquent, one out of every 50 Iowa mortages was in 1 15 foreclosure, and one out of every 10 Iowa subprime 1 16 mortgages was in foreclosure; and 1 17 WHEREAS, the Governor of the State of Iowa must 1 18 take decisive action to stem this rising tide of 1 19 default and foreclosure that unfairly punishes real 1 20 estate owners, especially homeowners, who were the 1 21 victims of predatory loan practices, are facing job 1 22 losses, or are experiencing financial hardship; and 1 23 WHEREAS, Iowa law, set out in Code section 654.15, 1 24 empowers the Governor to declare a state of economic 1 25 emergency, allowing for a moratorium on the 1 26 foreclosure of real estate mortgages; and 1 27 WHEREAS, this moratorium would give hard=pressed 1 28 Iowans an opportunity to regain their financial 1 29 footing and work with their lenders, who are in turn 1 30 required to make at least a good=faith effort to 2 1 restructure the debt; NOW THEREFORE, 2 2 BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES, 2 3 That the House of Representatives respectfully urges 2 4 the Governor to promptly declare a state of economic 2 5 emergency and protect Iowa homeowners, farmers, and 2 6 businesses from the threat of imminent mortgage 2 7 foreclosures. 2 8 LSB 1712HH 83 2 9 jr/rj/14