October 24, 2007 (LPAC)--On Wednesday, October 24th, Kelly Zito informs San Francisco Chronicle readers: "Nearly 4,800 subprime loans made to Bay Area borrowers in 2006 are likely to fall into foreclosure in the next couple years." Advocacy groups for lower-income families claim that such foreclosures will cost homeowners, cities and lenders as much as $1.5 billion.

Responding to that frightful prospect, a San Francisco city supervisor promised to introduce a nonbinding resolution "urging the country's 25 largest subprime lenders and loan services to agree to a three-month suspension on foreclosures of owner-occupied homes in San Francisco." In addition to its proposed nonbinding request to lenders, the resolution "asks federal regulators to eliminate prepayment penalties on subprime mortgages and to prohibit lenders from making mortgages that become unfordable after interest rate resets."

The advocacy group, the city supervisor, and Kelly Zito, all are silent on LaRouche's "Homeowners and Bank Protection Act of 2007: Model Resolution for State and City Councils."

Slug was submitted by Michael Moberg.