Pomona, Ca City Council Becomes Third Legislative Body to Support HBPA

On November 5th, the City Council of Pomona, California became the third legislative body in the nation to pass a resolution supporting LaRouche's HBPA (after Pontiac, MI and Jackson, MS). The vote was a unanimous 6-0.

The text of the resolution follows below, and waits only to be signed by the (supportive) mayor before being sent, with copies of the LaRouche HBPA leaflet attached, to the federal Congresswoman (Napolitano), and the State Rep and State Senators representing Pomona.

A Resolution of the City Council of the City of Pomona Calling upon State and Federal Officials to Develop and Implement Policies to Protect Homeowners Impacted by the Current Difficulties in the Sub-Prime Mortgage Industry

WHEREAS, the City of Pomona values and encourages home ownership and recognizes the stability and investment that it brings to neighborhoods; and

WHEREAS, the current difficulties in the sub-prime mortgage industry have created challenges for our regional residential real estate market and international financial markets; and

WHEREAS, these financial difficulties in the residential real estate market could result in significant numbers of foreclosures throughout Southern California, including Pomona; and

WHEREAS, foreclosures can have a very negative impact on the quality of life in our neighborhoods by creating vacant properties and family dislocations; and

WHEREAS, elected and appointed officials at the State and Federal levels are currently discussing a number of policy options to respond to the crisis in the sub-prime mortgage industry and to minimize the impact on homeowners;

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pomona as follows:

SECTION 1: That the City Council of the City of Pomona calls upon elected and appointed officials at the State and Federal levels to develop and implement policies that will promote homeownership and protect the stability of local communities by providing alternatives to foreclosure for at-risk homeowners; and

SECTION 2: That 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; and

SECTION 3: That included among the policy options to be given serious consideration by State and Federal elected and appointed officials should be the Homeowners and Bank Protection Act of 2007; and

SECTION 4: That a suitable copy of this resolution by presented to the State and Federal officials representing the City of Pomona.

SECTION 5: The City Clerk shall and certify to the approval and adoption of this resolution and it shall become effective immediately upon its approval.

APPROVED AND ADOPTED THIS 5th DAY OF NOVEMBER 2007