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