Bill Text: IL HR0113 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: Urges Congress to ensure that the funds associated with the Troubled Assets Relief Program are allocated to financial institutions that will use the funds for new single-family home mortgages or to refinance existing single-family home mortgages.
Sponsorship: Partisan Bill (Republican 5)
Status: (Passed) 2009-04-22 - Resolution Adopted [HR0113 Detail]
Download: Illinois-2009-HR0113-Introduced.html
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| 1 | HOUSE RESOLUTION
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| 2 | WHEREAS, The federal Troubled Assets Relief Program (TARP) | ||||||
| 3 | will allocate an estimated $700 billion in financial aid to | ||||||
| 4 | financial institutions in the United States for the purpose of | ||||||
| 5 | creating economic stabilization and recovery; and
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| 6 | WHEREAS, The TARP laws authorize the federal government to | ||||||
| 7 | use wide discretion to decide which financial institutions will | ||||||
| 8 | receive TARP funds and for what purposes these funds will be | ||||||
| 9 | used; and
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| 10 | WHEREAS, One of the reasons for the current economic | ||||||
| 11 | challenges facing the United States is the ongoing decline in | ||||||
| 12 | the fair values of real property, especially the fair values of | ||||||
| 13 | housing; and
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| 14 | WHEREAS, One of the reasons that single-family houses are | ||||||
| 15 | declining in value in many parts of the United States, | ||||||
| 16 | including areas of the State of Illinois, is because of a | ||||||
| 17 | decline in the quantity of overall funds made available by | ||||||
| 18 | financial institutions in the United States for new mortgages | ||||||
| 19 | and mortgage refinancing; and
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| 20 | WHEREAS, We need to expand the supply of capital in the | ||||||
| 21 | United States available for new mortgages; therefore, be it
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| 1 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
| 2 | NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | ||||||
| 3 | urge Congress to ensure that the funds associated with the | ||||||
| 4 | Troubled Assets Relief Program are allocated to financial | ||||||
| 5 | institutions that will use the funds for new single-family home | ||||||
| 6 | mortgages or to refinance existing single-family home | ||||||
| 7 | mortgages; and be it further
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| 8 | RESOLVED, That suitable copies of this resolution be | ||||||
| 9 | delivered to each member of the Illinois congressional | ||||||
| 10 | delegation.
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