| Detroit
City Council Resolution Calling for a National Moratorium on
Foreclosures and a Bailout of the People Passed on Sept. 22, 2008 |
Resolution introduced
by Council member JoAnn Watson
Whereas, The Federal Government has bailed out Freddie Mac and Fannie Mae for a reported 200 billion dollars; and Whereas, The United States Congress is in the process of bailing out a number of Wall Street investment banks for a reported 700 billion dollars; and Whereas, The Big Three auto companies are seeking federal loans of reportedly 25 billion dollars; and Whereas, The Chrysler Corporation was bailed out by the federal government in 1979 for billions of dollars; and Whereas, the State of Michigan has been in a one state economic recession for several years, while Detroit has been hit by an economic depression and an economic hurricane Whereas, Massive numbers of foreclosures and predatory lending by firms in connection with the very Wall Street firms that are now bailed out by the US Government have devastated Detroit and Michigan, yet the US government has not included bailout of foreclosed families and citizens in their great economic despair, the citizens whose taxes will bailout the Wall Street banks; THEREFORE BE IT Resolved, That the Detroit City Council calls on the Congress to bailout the People and City of Detroit and the people who are the victims of the housing and mortgage crisis; and be it further Resolved, That the Detroit City Council demands that Congress strictly re-regulate Wall Street and prohibit future, financial, speculative regimes as that of the last ten years or so and be it further Resolved, That the City Council urge our Congressional delegation to make sure that any new credit guidelines are not so strict as to negatively impact urban centers throughout the country; and be it further Resolved, That the U.S. Senators from Michigan and Detroit-based Congressional Representatives be urged to immediately institute earmarks to demand a national moratorium on foreclosures for at least two years, a one billion dollar economic package to create WPA-style jobs for heads of households in Detroit, and tax credits for small businesses; and be it finally Resolved, That the City Clerk send copies of this resolution to Michigan's US Senators, Michigan's Congressional Delegation and The Governor of Michigan |