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