HomeMy WebLinkAbout2008-018 - Legislative Package Addressing Homeownership Preservation
1/28/08LES
RESOLUTION NO. 2008-018
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA SUPPORTING THE LEGISLATIVE PACKAGE
ADDRESSING HOMEOWNERSHIP PRESERVATION
PROPOSED BY THE PRESIDENT OF THE UNITED
STATES
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1. The City Council of the City of Santa Ana hereby finds, determines
and declares as follows:
A. The impact of sub-prime mortgage lending has impacted homeowners
throughout the United States, making the preservation of homeownership
highly significant.
B. The City of Santa Ana has taken a leadership role in Orange County to
assure that our residents are able to access all available information and
resources to enable them to make informed decisions regarding their
home and their mortgage.
C. Efforts underway to preserve homeownership in Santa Ana will also
benefit from a package of initiatives introduced by the President of the
United States. This package includes the following:
1. Modernization of the Federal Housing Administration (FHA) to allow
greater numbers of households to access FHA mortgage
insurance.
2. Reform of the Internal Revenue Code to exclude the forgiveness of
mortgage debt as taxable income and to allow cities and states to
issue tax-exempt mortgage bonds to allow the refinancing of
existing loans.
3. Appropriation of $180,000,000 to support mortgage counseling for
households at risk of losing their homes due to sub-prime mortgage
loans.
4. Reform of government sponsored enterprises such as Fannie Mae
and Freddie Mac to increase conforming loan limits and allow these
institutions to provide further liquidity in the mortgage markets.
Section 2. The City Council of the City of Santa Ana urges the Congress and the
President of the United States to adopt this legislative package addressing
homeownership preservation.
Resolution No. 2008-018
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Section 3. The Clerk of the Council is directed to forward this Resolution to
appropriate federal elected officials.
Section 4. This Resolution shall take effect immediately upon its adoption by
the City Council, and the Clerk of the Council shall attest to and certify the vote adopting
this Resolution.
ADOPTED this 3'd day of March, 2008.
I A. Pulid
ayor
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
BY:(~_' (. k:Jt-~--,
Lisa E. Storck
Assistant City Attorney
AYES: Councilmembers: Alvarez. Benavides. Bustamante. Martinez,
Pulido. Sarmiento. Tinaiero (7)
NOES: Councilmembers: None (0)
ABSTAIN: Councilmembers: None (0)
NOT PRESENT: Councilmembers: None (0)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. 2008-018 to be the original resolution adopted by the City
Council of the City of Santa Ana on March 3. 2008.
,;L,,-<;.~
Patricia E. Healy
Clerk of the Council
City of Santa Ana
~~~/v~
Date:
Resolution No 2008-018
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