November 10, 2007 (LPAC)—On Nov. 8, the city of New Castle, Pennsylvania became the fourth U.S. city in one week to call on Congress to pass the Homeowners and Bank Protection Act, initiated by Lyndon LaRouche. The resolution, passed unanimously by a vote of 5-0 states as follows:

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

WHEREAS said Act would benefit the Citizens of New Castle 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 NEW CASTLE, PENNSYLVANIA, that New Castle City Council and the Administration urge our Federal officials to support the measures suggested in Pennsylvania House Resolution 418.

The vote was certified on November 9.