December 11, 2007 (LPAC)--Here is the text of a letter recently sent in support of the Homeowner and Bank Protection Act, from the Mayor of Lynwood, CA.

December 4, 2007

Mr. Quincy O’Neal
President Franklin Roosevelt Democratic Club

Dear Mr. O’Neal:

This responds to your request for support of the proposed legislation, entitled: “The Homeowners and Bank Protection Act of 2007.”

As Mayor of the City of Lynwood, I wish to go on record that I know that the current difficulties in the sub-prime mortgage industry are creating challenges for our regional residential real estate market and the international financial markets. These difficulties could result in significant numbers of foreclosures throughout Southern California, including the City of Lynwood. Further, such foreclosures can have a very negative impact on the quality of life in our neighborhoods by creating vacant properties and family dislocations.

Therefore, I wish to call upon elected and appointed officials at the State and Federal levels to develop and implement policies that will promote homeownership and protect stability of local communities by providing alternatives to foreclosure for at-risk homeowners. These policies should be focused on the objectives of minimizing the number of foreclosures, providing financing options for at-risk homeowners, expanding access to mortgage capital for first-time homebuyers, and requiring greater accountability and disclosure by lenders. Further, included among the policy options should be consideration by State and Federal elected and appointed officials of the proposed Homeowners & Bank Protection Act of 2007.

Finally, as the financial difficulties in the residential real estate market continue to evolve and as various actions are proposed to remediate these problems, the entire Lynwood City Council may decide to further consider the issues and various policy and legislative options and take a position.

Sincerely,

Maria T. Santillan, Mayor, City of Lynwood

cc: Lynwood City Manager & Council Members

Area Elected Officials: U.S. Senator Barbara Boxer, U.S. Senator Dianne Feinstein, Congresswoman Linda Sánchez, State Senator Alan Lowenthal, Assemblyman Hector de la Torre