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