HCR 14 – AS INTRODUCED
2008 SESSION
08/10
HOUSE CONCURRENT RESOLUTION 14
A RESOLUTION urging Congress to establish the Homeowners and Bank Protection Act.
SPONSORS: Rep. B. Richardson, Ches 5; Rep. French, Merr 5
COMMITTEE: State-Federal Relations and Veterans Affairs
This house concurrent resolution urges Congress to establish the Homeowners and Bank Protection Act.
08-2262
08/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
A RESOLUTION urging Congress to establish the Homeowners and Bank Protection Act.
Whereas, the onrushing financial crisis engulfing home mortgages, debt instruments of all types, and the banking system of the United States threatens to set off an economic depression worse than the 1930s; and
Whereas, millions of American citizens are threatened with foreclosure and loss of their homes over the upcoming months, according to recent studies; and
Whereas, this financial crisis is now threatening the integrity of both state and federally chartered banks, as typified by the run on deposits of Countrywide Financial in California during the month of August; and such a banking collapse would wipe out the life savings of American citizens, and drastically undermine the economic stability of our states and cities; and
Whereas, in a similar financial crisis in the 1930s, President Franklin D. Roosevelt intervened to protect banks and homeowners; in April, 1933 the President introduced legislation as a declaration of national policy that the broad interests of the nation require that special safeguards should be thrown around home ownership as a guarantee of social and economic stability; now, therefore, be it
Resolved by the House of Representatives, the Senate concurring:
That the general court of the state of New Hampshire urges Congress to pass a Homeowners and Bank Protection Act in order to stave off a financial crisis in the near future.
That such act include provisions for the following:
1. The establishment of a federal agency to place the federal and state chartered banks under protection, freezing all existing home mortgages for a period of months or years required to adjust the values to fair prices, and to restructure existing mortgages at appropriate interest rates.
2. The cancellation of all of the speculative debt obligations of mortgage-backed securities, derivatives and other forms of Ponzi schemes that have brought the banking system to the point of bankruptcy.
3. The freezing of foreclosures of all individual home owners allowing American families to retain their homes.
4. The making of monthly payments to designated banks, which can use the funds as collateral for normal lending practices, thus recapitalizing the banking systems. These affordable monthly payments are factored into new mortgages, reflecting the deflating of the housing bubble, the establishment of appropriate property valuations, and reduced fixed mortgage interest rates.
5. The delegation of administrative responsibilities for implementing the program to state governors, including the rental assessments to designated banks, with the federal government providing the necessary credits and guarantees to assure the successful transition.
That copies of this resolution be transmitted by the house clerk, to the members of the New Hampshire Congressional delegation and to the President of the United States.