H. Res. 344 – A Temporary Moratorium on Residential Mortgage Foreclosures

Well, it’s about time…

Rep. Marcy Kaptur (D-Ohio) introduced a House resolution that would establish a temporary national foreclosure moratorium.

Kaptur submitted H.R. 344 to the House Financial Services Committee on July 8, which called on President Obama to declare “a national residential mortgage foreclosure emergency” and encouraged individual states to enact the moratorium.

The committee is likely to reject the resolution. In previous committee hearings, members from both side of the aisle voiced concern over delays in the foreclosure process and impatience with problems in mortgage servicing that has slowed a housing recovery.

Let’s check out the bill…

H.RES.344
Latest Title: Expressing the sense of the House of Representatives that the States should enact a temporary moratorium on residential mortgage foreclosures.
Sponsor: Rep Kaptur, Marcy [OH-9] (introduced 7/8/2011)      Cosponsors (None)
Latest Major Action: 7/8/2011 Referred to House committee. Status: Referred to the House Committee on Financial Services.


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Text of Legislation

H.RES.344 — Expressing the sense of the House of Representatives that the States should enact a temporary moratorium on residential mortgage foreclosures. (Introduced in House – IH)

HRES 344 IH

112th CONGRESS 1st Session H. RES. 344

Expressing the sense of the House of Representatives that the States should enact a temporary moratorium on residential mortgage foreclosures.

IN THE HO– USE OF REPRESENTATIVES

July 8, 2011

Ms. KAPTUR submitted the following resolution; which was referred to the Committee on Financial Services


RESOLUTION

Expressing the sense of the House of Representatives that the States should enact a temporary moratorium on residential mortgage foreclosures.

Whereas there are nearly 6,900,000 fewer jobs in the United States economy since the start of the recession;

Whereas, in April 2011, the unemployment rate remains at 9.0 percent, nearly double the unemployment rate of the pre-recession economy;

Whereas the Director of the Congressional Budget Office testified as follows in a Senate hearing on January 28, 2009: `Challenging conditions seem likely to persist for some time in the housing and mortgage markets as well. Housing sales remain weak, and construction activity continues to decline. With the housing market’s large glut of vacant properties, the prices of homes are likely to fall considerably further, pushing the value of more borrowers’ homes below the value of their outstanding mortgages. As more of those `underwater’ borrowers experience losses of income during the current recession, rates of delinquency and foreclosure on residential mortgage loans are likely to rise further.’;

Whereas the current economic situation began to unfold some time ago and, in fact, the Federal Reserve System first began to supply additional liquidity to credit markets in August 2007, as pressures from losses on mortgage-related assets unexpectedly began to mount;

Whereas many economists today believe that to avoid relapsing into another devastating financial crisis, a key component is the Nation’s housing markets and providing necessary changes for our Nation’s financial markets;

Whereas the intent of the Troubled Assets Relief Program of the Department of the Treasury, established by the Emergency Economic Stabilization Act of 2008 (Public Law 110-343), was to, in large portion, purchase troubled assets, including securitized mortgages, and to enable banks and other lenders engaged in the mortgage market to engage in mortgage modifications, loan workouts, and other processes designed to stem off the ever-rising tide of foreclosures, and that has not happened to the level necessary to stem the tide of foreclosures and it continues;

Whereas there were nearly 219,000 new foreclosures in April 2011, which is 7,300 homes per day;

Whereas it is projected by housing market experts that there are approximately 11,000,000 homes in the Nation which are underwater or in foreclosure;

Whereas the United States finds its housing market in a precarious and unstable state, where homeowners’ mortgage balances are routinely larger than the current value of their homes and where people are losing their homes at an alarming rate;

Whereas during the Great Depression, the State of Minnesota declared an economic emergency, and enacted a law granting relief in certain cases, `for inequitable foreclosure of mortgages on real estate and execution sales and for postponing certain others’ (Chapter 339, Laws of Minnesota, 1933, page 514);

Whereas the Minnesota statute included provisions that postponed foreclosure sales or extended mortgage redemption, as well as taking actions relating to the jurisdiction of such activities, and the Minnesota statute established a hard and fast deadline of when such relief would end, making the Act temporary in nature;

Whereas this law was challenged in the case Home Building & Loan Association v. Blaisdell, which was argued before the United States Supreme Court in 1933, with the Court ruling in 1934 in favor of the Minnesota law;

Whereas there are clear challenges to implementing a nationwide moratorium on mortgage foreclosures, yet this case tells us that the States can take action using the police power of the State; and

Whereas, in this time of instability and uncertainty, with unemployment at 9.0 percent for April 2011, a global financial system still reeling from the effects of the recession, a volatile housing market, and our Nation’s citizens struggling to balance essential needs of housing, work, and nutrition, it is time that the Nation, through the action of the President of the United States, declare a national foreclosure emergency and State-by-State seek to end the foreclosure crisis: Now, therefore, be it

    Resolved, That it is the sense of the House of Representatives that–
    • (1) the President of the United States should declare a national residential mortgage foreclosure emergency and, through such declaration, encourage the States, by use of their police power, to enact a moratorium on residential mortgage foreclosures similar to the moratorium enacted by the State of Minnesota in 1933 and upheld by the Supreme Court of the United States in Home Building & Loan Association v. Blaisdell (290 U.S. 398 (1934)); and
    • (2) the States should exercise such power and enact such a moratorium.

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Yes. As we have discussed on the past two 4th of July’s, the Minnesota case upheld by the Supreme Court of the United States in Home Building & Loan Association v. Blaisdell.

If you have not read the case, I suggest you do at the link below…

Independance Day | What Can Be Done and What Has Been Done RE: A State Wide Moratorium on Foreclosures

Posted by 4closureFraud on July 1, 2011 · 67 Comments

What Can Be Done and What Has Been Done RE: A State Wide Moratorium on Foreclosures (Originally posted July 3, 2010) As I sit here on this 4th of July weekend to write this article and reflect on what is happening in this once great nation, it saddens me that it has gotten this bad… … Read more

Now is the time to get involved and call your representatives. This is going to be a huge uphill battle to get this passed but maybe if enough of us do our part it might have a chance.

One of the reasons this most likely will die before it even gets off the ground is because it has to make it past the House Financial Services Committee which is chaired by professed banking shill Spencer Bachus (R-AL) (YES ALABAMA AGAIN).

From an earlier report on Bachus…

“Washington’s Role Is To Serve The Banks” Says Spencer Bachus Incoming House Banking Committee Chairman

Rep. Spencer Bachus (R-AL) will become chairman of the House Financial Services Committee in the 112th Congress.  Bachus, in an interview Wednesday night, said he brings a “main street” perspective to the committee, as opposed to Wall Street.

  • In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.”

Now, to all you fear mongers that say the world will blow up if there is a moratorium all I have to say to you is STFU.

The reality is the housing market won’t recover by pushing the fraudclosures though.

The only way the market will recover is when the frauds and the crimes that were enacted on millions of Americans by the financial industry’s PONZI Scheme are dealt with and prosecuted.

Until the perpetrators of this massive crime are dealt with, there will be no recovery…

So, be sure to call, email, write, fax and visit all the representatives on the House Financial Services Committee, along with your state reps as well, to push this bill through.

Committee Members

Spencer Bachus, AL, Chairman
Jeb Hensarling, TX, Vice Chairman
Peter T. King, NY
Edward R. Royce, CA
Frank D. Lucas, OK
Ron Paul, TX
Donald A. Manzullo, IL
Walter B. Jones, NC
Judy Biggert, IL
Gary G. Miller, CA
Shelley Moore Capito, WV
Scott Garrett, NJ
Randy Neugebauer, TX
Patrick T. McHenry, NC
John Campbell, CA
Michele Bachmann, MN
Thaddeus G. McCotter, MI
Kevin McCarthy,CA
Stevan Pearce, NM
Bill Posey, FL
Michael G. Fitzpatrick, PA
Lynn A. Westmoreland, GA
Blaine Luetkemeyer, MO
Bill Huizenga, MI
Sean P. Duffy, WI
Nan A. S. Hayworth, NY
James B. Renacci, OH
Robert Hurt, VA
Robert J. Dold, IL
David Schweikert, AZ
Michael G. Grimm, NY
Francisco “Quico” Canseco, TX
Steve Stivers, OH
Stephen Lee Fincher, TN
Barney Frank, MA, Ranking Member
Maxine Waters, CA
Carolyn B. Maloney, NY
Luis V. Gutierrez, IL
Nydia M. Velázquez, NY
Melvin L. Watt, NC
Gary L. Ackerman, NY
Brad Sherman, CA
Gregory W. Meeks, NY
Michael E. Capuano, MA
Rubén Hinojosa, TX
Wm. Lacy Clay, MO
Carolyn McCarthy, NY
Joe Baca, CA
Stephen F. Lynch, MA
Brad Miller, NC
David Scott, GA
Al Green, TX
Emanuel Cleaver, MO
Gwen Moore, WI
Keith Ellison, MN
Ed Perlmutter, CO
Joe Donnelly, IN
André Carson, IN
James A. Himes, CT
Gary C. Peters, MI
John C. Carney, Jr., DE

I want to see a lot of activity on this one all so get to work…

~

4closureFraud.org