Office of the City Clerk - Record #: R2020-283

• Record #: R2020-283
• Type: Resolution
• Status: Failed to Pass
• Intro date: 4/24/2020
• Current Controlling Legislative Body: Committee on Committees and Rules
• Final action: 5/24/2023
• Title: Call for Governor JB Pritzker to secure mortgage forbearance, waiver of mortgage-related late fees, and commitment to refrain from reporting late payments to credit-reporting agencies from non-federal lenders and servicers of residential mortgages
• Sponsors: Martin, Matthew J. , King, Sophia D., La Spata, Daniel , Sadlowski Garza, Susan, Cardenas, George A., Curtis, Derrick G., Taylor, Jeanette B. , Brookins, Jr., Howard, Rodriguez, Michael D., Sigcho-Lopez, Byron, Maldonado, Roberto, Burnett, Jr., Walter, Cardona, Jr., Felix , Waguespack, Scott, Rodriguez Sanchez, Rossana , Ramirez-Rosa, Carlos, Villegas, Gilbert, Vasquez, Jr., Andre, Hadden, Maria E.
• Topic: CITY COUNCIL - Miscellaneous
• Related files: R2023-766

Date	Journal Page Number	Action By	Action	Result
5/24/2023		Committee on Committees, Rules and Ethics	Failed to Pass
4/24/2020	16518	City Council	Referred

Committee on Housing & Real Estate April 22, 2020 City Council Meeting

RESOLUTION

WHEREAS, As the City of Chicago confronts the unprecedented public health crisis of the novel coronavirus (COVID-19) pandemic, our residents and businesses are confronting devastating illness, financial hardship, and sharply reduced time spent in public; and

WHEREAS, Governor J.B. Pritzker and Mayor Lori Lightfoot have taken difficult but necessary steps to combat the spread of COVID-19 and "flatten the curve," including issuing stay at home orders, requiring "non-essential" businesses to close to the public, prohibiting dine-in service at bars and restaurants, and closing schools, parks, the Lakefront Trail, and other public facilities; and

WHEREAS, To ensure the effectiveness of the stay at home order, it is important that people leave their residences only for essential needs and for truly necessary and essential work; and

WHEREAS, Thousands of Chicagoans have seen their income reduced or eliminated entirely as a result of COVID-19, particularly individuals who work in the retail, food-service, and hospitality industries; and

WHEREAS, Lost income due to COVID-19 has left numerous Chicagoans unable to pay their mortgages on time and in full; and

WHEREAS, Borrowers with federally backed mortgages who have lost income due to COVID-19 generally are able to receive mortgage forbearance of up to 12 months. The federally backed mortgages associated with Fannie Mae, Freddie Mac, and other federal governmental entities compose approximately half of all home loans in the United States; and

WHEREAS, On March 25, 2020, California Governor Gavin Newsom announced that four national banks—Citigroup, JPMorgan Chase, US Bank, and Wells Fargo—and approximately 200 state-chartered banks, credit unions, and servicers agreed to offer mortgage forbearance of up to 90 days to borrowers economically impacted by COVID-19. Governor Newsom also announced that these financial institutions agreed to wai...