Warrensville Heights, OH Requesting a Moratorium on Home Foreclosures

Warrensville Heights, OH, US

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Type: Resolution

Status: Adopted on 2/5/08

Source File: http://www.larouchepac.com/news/2008/02/07/warrensville-heights-ohio-passes-homeowner-and-bank-protecti.html

Text:

RESOLUTION NO. 2008 – 004
REQUESTING A MORATORIUM ON HOME FORECLOSURES AND FOR CONGRESSIONAL ENACTMENT OF A HOMEOWNERS AND BANK PROTECTION ACT.

WHEREAS, the foreclosure crisis continues to squeeze families in Warrensville Heights, as well as other Ohio families, no relief as yet has come from Washington, and Congress has held numerous hearings on the issue, but has yet to send a bill to President Bush for his signature that tightens lending policies or helps homeowners at-risk of foreclosure; and

WHEREAS, the onrushing financial crisis involving home mortgages, debt instruments of all types and the banking system of the United States threatens to set off an economic collapse worse than the Great Depression of the 1930s; and

WHEREAS, millions of Americans are faced with foreclosures and loss of their homes over the coming months; and

WHEREAS, this financial crisis threatens the integrity of both Federal and State chartered banks, as typified by the run on deposits of Countrywide Financial Corporation in California during the month of August, which could wipe out the life savings of too many American people and drastically undermine the economic stability of our states and cities; and

WHEREAS, under similar circumstances in the 1930s, President Franklin D. Roosevelt successfully intervened to protect banks and homeowners, addressing Congress with a declaration of national policy on April 13, 1933, which stated, “that the broad interests of the Nation require that special safeguards should be thrown around home ownership as a guarantee of social and economic stability, and that to protect homeowners from inequitable enforced liquidation in a time of general distress is a proper concern of the Government;

NOW THEREFORE, BE IT RESOLVED by the City Council of Warrensville Heights that:

SECTION 1. That this Council requests a moratorium on home foreclosures and for congressional enactment of a homeowners and bank protection act specifically to:

• Establish a federal agency to place Federal and State chartered banks under protection, freezing all existing home mortgages for a period of time, adjusting mortgage values to fair prices, restructuring existing mortgages at appropriate interest rates and writing off speculative debt obligations of mortgage-backed securities, financial derivatives and other forms of financial pyramid schemes that have brought the banking system to the point of bankruptcy;
• Declare a moratorium on all home foreclosures for the duration of the transitional period, allowing families to retain their homes;