The California Democratic Party - Resolution July 19, 2009

By Helena B. Straughter

Another Step for Healing our Foreclosure Crisis

WHEREAS,the current housing and financial crisis requires that current policies be amended to help level the foreclosure crisis, and the Democratic Party has supported such policy changes;however,as the foreclosure crisis continues, we must aim for stricter regulations governing lenders' and servicers' time frame, so that homeowners can stay in their homes; and

WHEREAS, realtors report numerous problems such as not executing buyers' offers timely, closing files without due processing, and not communicating; and

WHEREAS, we must continue to find a solution and evaluate the processing of modifications and short-sales, to decrease existing short-sales and foreclosure inventory, iwht the goal toward decreasing overall inventory;

THEREFORE BE IT RESOLVED, that the California Democratic Party supports policies to penalize lenders and servicers in the event that short-sales to into a foreclosures, and require lenders and servicers to provide 120 day certificates directly to the borrowers who need loan modifications, made payable to the lender, through Hope for Homeowners; and

BE IT FURTHER RESOLVED, that the California Democratic Party shall transmit copies of the resolution to the Speaker of the House of Representatives, to each California Democratic Senator and Representative in the Congress of the United States.