Resolution on the Housing Crisis Passes in the Los Angeles Democratic Central Committee

11 de julio de 2007

[font:face=Arial;size=3]LA County Democratic Central Committee passed the following resolution calling for the California Congressional delegation to create immediate FDR-style emergency legislation to keep families in their homes in the face of the looming crisis in mass-foreclosures. This resolution, which passed the LACDP resolutions committee last week, passed at the Tuesday night meeting of the LA County Committee with unanimous approval. This now makes it the official policy of this County Committee, and must now be taken up by the State Democratic Party Executive Board, to be reviewed and then voted on by the California state Democratic leadership. [/font]

[font:face=Arial;size=3]Active organizers with the LaRouche Youth Movement, who are elected members of this County Committee, wrote and fought to pass this resolution. A similar resolution, written and introduced by the LYM, passed the Massachusetts State Democratic Convention on May 19th, 2007. [/font]

[font:face=Arial;size=3]Resolution on the Housing Crisis[/font]

[font:face=Arial;size=3]Whereas, keeping people in their homes and preventing predatory lending practices are values long supported by the Democratic Party, and are present in the rights established in the general welfare clause in the Preamble of our Constitution;[/font]

[font:face=Arial;size=3]Whereas, the projected number of foreclosures in 2007 is up to two million homes (John Burns Real Estate Consulting, May 22, 2007), many due to unethical lending practices; and[/font]

[font:face=Arial;size=3]Whereas, the collapse of hedge funds, e.g. Bear Stearns, heavily invested in sub prime mortgages threatens to set off a chain reaction collapse of the Mortgage Backed Securities (MBS) and (CDO) Collateralized Debt Obligations markets, jeopardizing many national programs such as student loans and pensions, causing ultimately, the blow out of the global monetary and financial system.[/font]

[font:face=Arial;size=3]Therefore be it resolved, that the California Congressional delegation lead the way in creating governmental institutions whose purpose is to direct credit to keep people in their homes in a manner similar to Roosevelt’s Home Owner’s Loan Corporation.[/font]

[font:face=Arial;size=3]Be it further resolved, that the California Congressional delegation introduce legislation that would prevent and or mitigate against a global financial crisis.[/font]

[font:face=Arial;size=3]Ardena Clark, 43rd AD[/font]

[font:face=Arial;size=3]Franklin Roosevelt Legacy Democratic Club[/font]