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November 29, 2007 (LPAC)--In a unanimous vote today, the Philadelphia city council passed the following resolution.

Resolution

Supporting Pennsylvania House Resolution 418 and urging the United States Congress to take legislative action to protect both homeowners and banks from the foreclosure crisis.

WHEREAS, Pennsylvania House Resolution 418 is a bi-partisan resolution introduced on October 2, 2007, which calls on the U.S. Congress to take emergency action to protect homeowners and banks by enacting a Homeowners and Banks Protection Act ("Act"); and

WHEREAS, the 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 schemes that home brought the banking system to this point of crisis; and

WHEREAS, the Act would also declare a moratorium on all home foreclosures for the duration of the transition period, allowing families to retain their homes and authorize Governors of several states to assume the administrative responsibilities for implementing the program; and

WHEREAS, the Act would benefit the citizens of Philadelphia and protect their assets during this period of financial unrest that is leading to home foreclosures in record numbers; now therefore be it

RESOLVED, that the Council of the City of Philadelphia hereby supports Pennsylvania House Resolution 418 and urges the United States Congress to take legislative action to protect both homeowners and banks from the foreclosure crisis.