November 27, 2007 (LPAC)--The Pennsylvania House of Representatives on Nov. 29 will hear testimony on the Homeowners and Bank Protection Act (HBPA), which has been supported in a resolution by 45 Pennsylvania legislators. Their resolution, Pennsylvania H.R. 418, calls on the U.S. Congress to protect chartered banks suffering losses in the mortgage collapse, and to freeze all foreclosures by law, by passing a Homeowners and Bank Protection Act.

House Intergovernmental Affairs Committee Chairman W. Curtis Thomas announced the committee's public hearing on "legislation addressing the mortgage crisis," on Nov. 29 from 12:30-2:30 p.m. in the Capitol in Harrisburg. "The hearing will examine H.R. 418, which would call on Congress to take emergency action to protect homeowners and banks by enacting the proposed Federal Homeowners and Bank Protection Act. The resolution also would call for managing the ongoing subprime mortgage crisis that is wreaking havoc on the U.S. economy." Thomas said he agrees with the resolution’s author, Rep. Harold James (D-Phila.), that something must be done before more residents end up homeless and financial institutions go bankrupt.

Ten Pennsylvania cities' councils have already backed HR 418 and the Homeowners and Bank Protection Act.