HOUSE OF REPRESENTATIVES

H.C.R. NO.

176

TWENTY-FIFTH LEGISLATURE, 2009

 

STATE OF HAWAII

 

 

 

 

 

HOUSE CONCURRENT

RESOLUTION

 

 

urging the united states congress to consider adopting new homeowner lending standards for mortgage lending companies that receive FEDERAL aid.

 

 

 


     WHEREAS, the United States of America is currently going through a recession, resulting in the loss of homes and jobs; and; and

 

     WHEREAS, our current economic crisis is a result of many different economic factors, including a lack of accountability by those entrusted to manage our money; and

 

     WHEREAS, Congress, former President George W. Bush, and current President Barack Obama have all supported "economic stimulus" legislation that provides financial assistance to ailing businesses, including mortgage lending companies who have heavily contributed to the country’s current economic crisis; and

 

     WHEREAS, businesses such as "Freddie Mac" and "Fanny Mae" have demonstrated poor fiscal management to date, as evidenced with our country’s current economic crisis; and

 

     WHEREAS, as elected officials entrusted with our federal tax dollars, it is the responsibility of the United States Congress to ensure that moneys appropriated to businesses, especially failing businesses under federal economic stimulus measures, are expended in a responsible manner and achieve the goal of helping the American public; and

 

     WHEREAS, despite receiving billions of dollars in federal aid, these struggling businesses continue to fail, resulting in rising unemployment rates and increased home foreclosures; and

 

     WHEREAS, in order for our country to regain economic stability, it is essential that the federal government impose more stringent accountability standards on businesses receiving federal aid; now, therefore,

 

     BE IT RESOLVED by the House of Representatives of the Twenty-fifth Legislature of the State of Hawaii, Regular Session of 2009, the Senate concurring, that the United States Congress is urged to consider adopting new homeowner lending standards for mortgage lending companies that receive federal aid, including but not limited to a temporary moratorium on home foreclosures, re-writing all mortgages at lower rates, and setting all loans at a thirty-year fixed rate; and

 

     BE IT FURTHER RESOLVED that the United States Congress is urged to convey a clear and strong message about fiscal accountability to corporate America as the federal government begins to provide financial assistance to these failing businesses at the expense of America’s workers; and

 

     BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the President of the United States, White House Chief of Staff, Chairperson of the White House Council of Economic Advisors, United States Secretary of the Treasury, the Majority Leader of the United States Senate, the Speaker of the United States House of Representatives, and the members of Hawaii's congressional delegation.

 

 

 

 

OFFERED BY:

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Report Title: 

Homeowner Lending Standards