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File #: 2012-0381    Version: 1
Type: Will of Council Status: Adopted
File created: 5/8/2012 In control: City Council
On agenda: Final action: 5/8/2012
Enactment date: 5/8/2012 Enactment #: 282
Effective date:    
Title: WHEREAS, the nine largest mortgage-lending institutions have already made a $25 billion settlement with the Department of Justice and 49 state Attorneys General in the wake of the housing crises; and WHEREAS, additional charges related to origination and securitization of mortgages, also known as "mortgage backed securities," are still forthcoming; and WHEREAS, 11 million American and over 137,000 Pennsylvania homeowners continue to be affected by the collapse of the housing market; and WHEREAS, Congressional investigations into lending misconduct have still not led to indictments, while the financial industry is working vigorously to weaken legislation that has already been passed; and WHEREAS, there is significant concern both in the news media and among civic organizations that the investigation lacks adequate resources to undergo a thorough investigation; and WHEREAS, President Obama has the prerogative to increase resources on a Federal investigation; and
Sponsors: Bruce A. Kraus, All Members
Indexes: PROCLAMATION - MR. KRAUS
Attachments: 1. 2012-0381.doc
tITLE
WHEREAS, the nine largest mortgage-lending institutions have already made a $25 billion settlement with the Department of Justice and 49 state Attorneys General in the wake of the housing crises; and
WHEREAS, additional charges related to origination and securitization of mortgages, also known as "mortgage backed securities," are still forthcoming; and
WHEREAS, 11 million American and over 137,000 Pennsylvania homeowners continue to be affected by the collapse of the housing market; and
WHEREAS, Congressional investigations into lending misconduct have still not led to indictments, while the financial industry is working vigorously to weaken legislation that has already been passed; and
WHEREAS, there is significant concern both in the news media and among civic organizations that the investigation lacks adequate resources to undergo a thorough investigation; and
 
WHEREAS, President Obama has the prerogative to increase resources on a Federal investigation; and
bODY
NOW  THEREFORE, BE IT RESOLVED that the Council of the City of Pittsburgh does hereby convey this Will of the Council to urge President Obama, through his position of national leadership, to ensure that the investigation of banks involved in the mortgage crises be adequately resourced; and
BE IT FURTHER RESOLVED that the Council of the City of Pittsburgh, does hereby request that President Obama support troubled homeowners by fighting for a larger settlement with the Wall Street banks and shepherding the passage of strong legislation and regulations that support across-the-board principal write-downs of underwater mortgages, and real negotiations between lenders and borrowers that result in modifications of the loan, including lowering interest rates and agreeing on affordable payments; and
BE IT FURTHER RESOLVED that the Council of the City of Pittsburgh, does hereby call upon President Obama to urge the Department of Justice to aggressively pursue those servicing banks involved in the housing collapse, and that no misdeed or crime be left unpunished, and that adequate care be taken to ensure fair modifications to those facing foreclosure, establishing justice for homeowners and former homeowners across the Commonwealth of Pennsylvania and the United States.