In an open letter to the Illinois General Assembly, House Speaker and Democratic Party Chairman Michael Madigan responded to the Chicago Tribune’s June 4 article mentioning facts about the 2010 foreclosure legislation (SB3739). Excerpts and chronology follow:

03/15/2010 – Senate Third Reading – Passed; 046-000-000

03/16/2010 – House First Reading

“The Tribune article states that foreclosure legislation drafted by Representative Karen Yarbrough and housing advocates was ‘watered down by the banking industry in 2010 after top Madigan lieutenants took control of the negotiations,’ and ‘their proposal had been replaced by a compromise bill written by the banking industry.’”

04/22/2010 – $300 from Illinois BankPAC to Citizens to Elect Karen Yarbrough

04/23/2010 – House Second Reading – Short Debate

04/23/2010 – House Held on Calendar Order of Second Reading – Short Debate

“[The financial] industry does not view me as an ally. Joyce Nardulli, Vice President of Government Relations for the Illinois Bankers Association, has said that she disagreed with the Tribune’s inferences, mainly because I have been anything but helpful to the banking industry.”

04/26/2010 – $10,000 from Illinois BankPAC to Friends of Michael J. Madigan

05/06/2010 – House Floor Amendment No. 1 Filed with Clerk by Rep. Joseph M. Lyons

“As Representative Lyons stated on the floor, the financial industry was initially opposed to the legislation, but they removed their opposition after negotiating lower fees.”

05/07/2010 – House Third Reading – Short Debate – Passed 087-026-003 (Rep. Yarbrough voted present)

06/07/2010 – $500 from Illinois BankPAC to Citizens for Lisa Madigan (Illinois attorney general and House Speaker’s daughter)

06/08/2010 – $500 from Illinois BankPAC to Joseph M. Lyons Campaign Committee

06/25/2010 – $200 from Illinois BankPAC to Citizens for Lisa Madigan

08/02/2010 – Signed into law as Public Act 96-1419

“[Community Bankers Association of Illinois], along with the Illinois Bankers Association and the Illinois Credit Union League, negotiated with Speaker Madigan’s staff on SB3739. This legislation is cited as the Save Our Neighborhoods Act of 2010.” – News from the Front – 8/6/2010

08/23/2010 – $2,000 from Illinois BankPAC to the Democratic Party of Illinois

09/24/2010 – $10,000 from Illinois BankPAC to the Democratic Party of Illinois

09/30/2010 – $500 from Illinois BankPAC to Joseph M. Lyons Campaign Committee