2.
In 2012, as the Illinois Supreme Court
Mortgage Foreclosure Committee was
soliciting public comments on its proposed
rule changes for mortgage foreclosure
proceedings, the Illinois Bankers Association
(IBA) submitted a letter to the Committee
detailing the perspective of the Illinois
banking community. IBA Executive Vice
President and General Counsel, Bruce J.
Baker, agreed in the letter that Illinois had
been overwhelmed by foreclosures, causing
the state’s average foreclosure proceeding to
stretch to 628 days by early 2012.
3.
Such “inordinate time frames,” wrote Baker,
are partially attributable to a range of new
legal questions facing the courts, and the IBA
was supportive of the Supreme Court’s efforts
to update its rules accordingly. However, the
IBA expressed some concern over proposed
rule changes to require more extensive
documentation from mortgage holders, as
well as a new notice requirement for
borrowers in default.
4.
Bruce J. Baker is a practicing attorney with
30 years of experience in the Illinois banking
sector.