January 18, 2008 (LPAC)--The Maple Heights, Ohio city council passed, unanimously, LaRouche's Homeowner and Bank Protection Act.
RESOLUTION NO.: 2008-08
INTRODUCED BY: Council President Jackie Albers and Councilman Freddie Jackson
ADOPTED BY: Councilman Richard Taylor
A RESOLUTION URGING CONGRESS TO IMPOSE A MORATORIUM ON HOME FORECLOSURES AND CONGRESSIONAL ENACTMENT OF A HOMEOWNERS AND BANK PROTECTION ACT FOR AND DECLARING AN EMERGENCY
WHEREAS, this resolution constitutes an emergency measure necessary for the daily operation of municipal departments, and provided it receives the affirmative vote of two-thirds (2/3) of the members elected to Council, it shall take effect and be in force immediately upon its passage and approval by the Mayor. Otherwise it shall take effect and be in force from and after the earliest period allowed by law; and
WHEREAS, a financial crisis involving home mortgages, debt instruments and the United Stated banking system threatens economic stability; and
WHEREAS, the financial crisis threatens the integrity of federal and chartered banks such that consumer deposits and life savings are jeopardized; and
WHEREAS, financial investments and home ownership is the fabric of economic stability and the stability of financial institutions; and
WHEREAS, millions of Americans and Maple Heights Ohio residents are facing foreclosures on their homes; and
WHEREAS, historically the federal government has intervened to protect financial institutions and home ownership and to provide guarantees of social and economic stability; and
WHEREAS, the quality of life in any community can be directly related to the responsiveness of government and its ability to meet the needs and expectations of tits citizens; and
WHEREAS, the residents of Maple Heights understand the connections and elect local leaders with certain expectations regarding the service they will provide and the role they will play in their lives; and
WHEREAS, those elected to serve the resident of Maple Heights accept the privilege of service with the understanding of their responsibility and the expectation of the community; and
WHEREAS, the accountability for the city’s viability, prosperity and overall well being lies with those elected to serve local government.
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Maple Heights, Cuyahoga County, State of Ohio:
Section 1. The Council of the City of Maple Heights call upon the United States Congress to take emergency action to protect homeowners by enacting a Homeowners and Banks Protection Act. Specifically to:
(1) Create 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;
Resolution number 2008-08
(2) Declare a moratorium on all home foreclosures for the duration of the transitional period, allowing families to retain their homes;
(3) Require affordable monthly home mortgage payments, the equivalent of “rental payments, “ to be made to designated banks for use as collateral in normal lending practices for recapitalization of the banking industry and to factor such affordable payments into new mortgages thereby deflating the housing bubble, establishing appropriate property valuation and reducing fixed mortgage interest rates;
(4) Provide an interim period during which homeowners may not be evicted from their homes and protection to banks pending the resumption of traditional banking functions, including serving local communities and facilitating credit for investment in productive entities; and
(5) Authorize state governors to administer the implementation of programs, including provisions for "rental" assessments payable to specific banks and with provisions for necessary federal guarantees and credits to assure successful transition.
Section 2. That this resolution serve as notice that the Council of the City of Maple Heights has been, is, and shall be vigilant as guardians of the public interest of the citizens of Maple Heights in all matters to the extent legally feasible and possible.
Section 3. That the Clerk of the Maple Heights City Council is hereby directed to transmit a true and correct copy of the adopted resolution to members of the United States Senate and the House of Representatives.
Section 4. That this resolution shall be in effect from and after the earliest period allowed by law.
PASSED: January 16, 2008
s/s Jackie Albers, President of Council
ATTEST:
s/s Katherine M. Unger, Clerk of Council s/s Jeffrey A. Lansky, Mayor
I, Katherine M. Unger, Clerk of Council of the City of Maple Heights, State of Ohio, do hereby certify the above to be a true and exact copy of the original as contained in the records of my office and that same has been and will remain duly posted beginning January 18, 2008, for a period of fifteen (15) days as required by law.
January 18, 2008
s/s Katherine M. Unger, Clerk of Council
