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Introduced Version - Originating in Committee Senate Concurrent Resolution 77 History

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SENATE CONCURRENT RESOLUTION NO. 77

(By Senators Minard, Jenkins, Chafin, Fanning, Green, Helmick, Kessler, McCabe, Palumbo, Prezioso, Deem, K. Facemyer and Hall)

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[Originating in the Committee on Banking and Insurance]


Requesting the Joint Committee on Government and Finance study existing West Virginia law relating to the current mortgage crisis and its impact on the citizens of West Virginia and our financial institutions.

Whereas, The current mortgage crisis has caused a significant increase in mortgage delinquencies and a growth in the number of real estate foreclosures in the United States; and
Whereas, This crisis not only threatens major adverse consequences for homeowners as well as banks and other lending institutions, but further threatens damage to broader financial markets in this country and around the world; and
Whereas, This financial crisis became apparent in 2007 and has exposed a number of pervasive weaknesses in the control, governance and regulation of the banking and financial industry in this country and in the world financial system; and
Whereas, A significant percentage of mortgages issued in the United States in recent years to borrowers have been "subprime" or other types of adjustable-rate mortgages; and
Whereas, The values of housing in the United States have declined dramatically in some parts of the country since 2006-2007 and are continuing to fall, while a refinancing of debt by homeowners with adjustable-rate mortgages has become either difficult or impossible; and
Whereas, The interest rates applied to adjustable-rate mortgages have been reset and have climbed to increasingly higher levels, causing the number of mortgage delinquencies to rise; and
Whereas, Securities backed with subprime or other adjustable-rate mortgages, widely held by financial firms, have continued to lose value; and
Whereas, The end result of these conditions has been a decline in the value of real property, a devaluation of capital and a loss of access to available credit in this country and around the world
therefore; be it
Resolved by the Legislature of West Virginia:

That
the Joint Committee on Government and Finance study existing West Virginia law relating to the current mortgage crisis and its impact on the citizens of West Virginia and our financial institutions; and, be it
Further Resolved, That the Joint Committee on Government and Finance is requested to study the impact and effects of the current mortgage crisis specific to West Virginia; and, be it
Further Resolved,
That the Joint Committee on Government and Finance is hereby requested to study the financial health of lending institutions in the state; and, be it
Further Resolved, That the Joint Committee on Government and Finance is hereby requested to study the availability of consumer credit in the state; and, be it
Further Resolved, That the Joint Committee on Government and Finance report to the regular session of the Legislature, 2010, on its findings, conclusions and recommendations, together with drafts of any legislation necessary to effectuate its recommendations; and, be it
Further Resolved, That the expenses necessary to conduct this study, to prepare a report and to draft necessary legislation be paid from legislative appropriations to the Joint Committee on Government and Finance.
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