Emergency Moratorium on Foreclosures Proposed by Lawmakers

Press Release Press Availability

September 27, 2007 (LPAC)--Legislators from around the country have joined with the LaRouche Political Action Committee to initiate a mobilization to halt all mortgage foreclosures and keep all state and federally chartered banks open during the escalating financial and mortgage crisis.

State legislatures and city councils have introduced emergency resolutions to the U.S. congress urging passage of a bill entitled "The Homeowners and Bank Protection Act of 2007." This bill would create a 'firewall,' protecting millions of American citizens from losing their homes in the onrushing wave of foreclosures.

This bill also legislates against the interests of hedge funds, speculators, and other predatory institutions that have been piling up trillions of dollars of useless financial paper. While the banks would be preserved, the mortgage-backed securities, collateralized debt obligations and other devalued assets would be frozen or written off entirely.

Resolutions endorsing this bill have been introduced into the Pennsylvania legislature, with thirty-five co-sponsors from both parties; the Michigan legislature with twenty-one co-sponsors, and the New Hampshire legislature; and have been drafted for introduction into the Alabama, Tennessee, Missouri, and other houses and numerous city councils. in addition, it has been filed for debate at the National Black Caucus of State Legislators annual meeting this year.

Among the numerous elected officials who have endorsed this initiative are: Rep. Mervyn Dymally (CA), the former chair of the Congressional Black Caucus; Rep. Harold James (PA); Rep. Juanita Walton (MO); Rep. Thomas Jackson (AL); Rep. Joe Towns (TN); Sen. Joey Pendleton (KY); Rep. Lamar Lemmons (MI); Rep. James Thomas (AL); Dr. Joycelyn Elders (AR), former Surgeon General of the United States.

There is a press availability throughout the Congressional Black Caucus weekend for interviews with the legislators and staff of the LaRouche PAC.

To arrange an interview:

call---Angela Vullo 571 432 7789
Stuart Rosenblatt 571 432 7787

(Paid for by the Lyndon LaRouche PAC; not authorized by any candidate or candidate’s committee)