November 21, 2007 (LPAC)--Two more cities in Pennsylvania, Erie and Monessen, passed resolutions, yesterday, endorsing Lyndon LaRouche's Homeowners and Bank Protection Act, along with Pennsylvania House Resolution 418, which calls on Pennsylvania's Congressional delegation to introduce the HBPA into the Congress. They join three other Pennsylvania cities, New Castle, Johnstown and Ellwood City, which have already endorsed the HBPA. The texts of the Erie and Monessen resolutions are identical to the New Castle resolution, except for the last two paragraphs:
These are the first three paragraphs of the New Castle resolution:
WHEREAS Pennsylvania House Resolution 418 is a bipartisan resolution introduced October 2, 2007 to the Pennsylvania House of Representatives, which calls on the U.S. Congress to take emergency action to protect homeowners and banks by enacting a Homeowners and Banks Protection Act; and
WHEREAS said Act would 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; and
WHEREAS said Act would also declare a moratorium on all home foreclosures for the duration of the transitional period, allowing families to retain their homes and authorize governors of several states to assume the administrative responsibilities for implementing the program; and
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These are the last two paragraphs of the Erie resolution:
WHEREAS, said Act would benefit the citizens of Erie and protect their assets during this period of financial unrest that is leading to home foreclosures in record numbers; so
THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ERIE, PENNSYLVANIA, that the Erie City Council and the Administration urges our Federal Officials to support the measures suggested in Pennsylvania House Resolution 418.
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These are the last two paragraphs of the City of Monessen resolution:
WHEREAS, said Act would benefit the citizens of Monessen and protect their assets during this period of financial unrest that is leading to home foreclosures in record numbers;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Monessen, Pennsylvania, that the City of Monessen Council and the Administration urges our Federal Officials to support the measures suggested in Pennsylvania House Resolution 418.
ADOPTED this 20th day of November, 2007.
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