Senate Resolution 10 - Introduced

PAG LIN

                                    S.R. ________ H.R. ________


  1  1                SENATE RESOLUTION NO. ___
  1  2   BY  HATCH, DOTZLER, APPEL, BOLKCOM, OLIVE, HANCOCK,
  1  3    SENG, WILHELM, HORN, DVORSKY, HECKROTH, SODDERS,
  1  4   RIELLY, SCHOENJAHN, KREIMAN, RAGAN, SCHMITZ, BEALL,
  1  5   BLACK, KIBBIE, GRONSTAL, FRAISE, DEARDEN, DANDEKAR,
  1  6           QUIRMBACH, JOCHUM, McCOY, and HOGG
  1  7 A Resolution urging the Governor of the State of Iowa
  1  8    to declare a state of economic emergency relating to
  1  9    real estate mortgage foreclosures.
  1 10    WHEREAS, Iowa is in the midst of an economic
  1 11 disaster unparalleled since the Great Depression; and
  1 12    WHEREAS, Iowa real estate owners, especially
  1 13 homeowners, are threatened with mortgage foreclosure
  1 14 at unprecedented levels; and
  1 15    WHEREAS, recent statistics paint a grim picture:
  1 16 according to the Mortgage Bankers Association, by the
  1 17 end of 2008 one out of every 20 Iowa mortgages was
  1 18 delinquent, one out of every 50 Iowa mortages was in
  1 19 foreclosure, and one out of every 10 Iowa subprime
  1 20 mortgages was in foreclosure; and
  1 21    WHEREAS, the Governor of the State of Iowa must
  1 22 take decisive action to stem this rising tide of
  1 23 default and foreclosure that unfairly punishes real
  1 24 estate owners, especially homeowners, who were the
  1 25 victims of predatory loan practices, are facing job
  1 26 losses, or are experiencing financial hardship; and
  1 27    WHEREAS, Iowa law, set out in Code section 654.15,
  1 28 empowers the Governor to declare a state of economic
  1 29 emergency, allowing for a moratorium on the
  1 30 foreclosure of real estate mortgages; and
  2  1    WHEREAS, this moratorium would give hard=pressed
  2  2 Iowans an opportunity to regain their financial
  2  3 footing and work with their lenders, who are in turn
  2  4 required to make at least a good=faith effort to
  2  5 restructure the debt; NOW THEREFORE,
  2  6    BE IT RESOLVED BY THE SENATE, That the Senate
  2  7 respectfully urges the Governor to promptly declare a
  2  8 state of economic emergency and protect Iowa
  2  9 homeowners, farmers, and businesses from the threat of
  2 10 imminent mortgage foreclosures.
  2 11 LSB 1712XS 83
  2 12 jr/rj/14