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Bipartisan Senate bill seeks to abolish Fannie, Freddie

Senate bill introduced to replace mortgage reinsurers Fannie Mae and Freddie Mac with fee-collecting guarantor, Federal Mortgage Insurance Corporation, aiming to reduce the government’s involvement in the mortgage industry.

http://articles.chicagotribune.com/2013-06-25/business/chi-fannie-freddie-20130625_1_freddie-mac-fannie-mae-mortgage-finance

Bill 56 Will Affect Mortgage Foreclosure Law In Three Main Ways

Illinois Senate Bill 56 passed both houses and will affect mortgage foreclosure law in three main ways: 1) by making terms, such as “bona fide tenant,” consistent with the federal Protecting Tenants at Foreclosure Act; 2) by requiring petitioners (i.e., banks) to wait 90 days before they can evict pre-existing tenants; 3) by clarifying the procedure petitioners must follow if a mortgagor (i.e., homeowner) dies.

http://www.ilga.gov/legislation/billstatus.asp?DocNum=0056&GAID=12&GA=98&DocTypeID=SB&LegID=69149&SessionID=85