HomeMy WebLinkAboutMINUTES - 01152008 - D.4 G/
In the Matter of RESOLUTION NO. 2008/'
RESOLUTION CALLING ON SUBPRIME MORTGAGE LENDERS AND SERVICERS
FOR PROPERTIES IN CONTRA COSTA COUNTY TO VOLUNTARILY AGREE TO A
SIX-MONTH MORATORIUM ON FORECLOSURES
WHEREAS, there is an epidemic of foreclosures throughout the country, including in Contra Costa Couity
and California, and specifically California foreclosures have risen to their highest level in 19 years; and
WHEREAS, in California in 2006 there were 142,429 foreclosure filings representing an increase of 111%
from the number of foreclosures filed in 2005; and 1
WHEREAS, 3,216 Notices of Default were filed in Contra Costa County during the third quarter of 2007,
up 217.8 percent from the third quarter of 2006; and
WHEREAS, various research reports have shown a strong correlation between the increase in foreclosures
and the increase in subprime mortgages; and
WHEREAS, subprime loans are prevalent in lower income neighborhoods and communities of co,or, and
the foreclosure crisis is devastating vulnerable populations and neighborhoods; and
WHEREAS, the lending community is a critical partner in efforts by the public and private sectors to
address the mortgage foreclosure crisis; and
WHEREAS, time is needed to identify issues and approaches that can positively resolve the crisis thousands
of Contra Costa County homeowners face due to the foreclosure epidemic;
NOW BE IT RESOLVED, that the Contra Costa County Board of Supervisors calls on subprime mortgage
lenders and servicers for properties in Contra Costa County to voluntarily agree to a six-month moratorium
on foreclosures; and
BE IT FURTHER RESOLVED, that the Board calls on these lenders and servicers to make every effort
during the moratorium period to develop long-term solutions with affected homeowners that allow them to
remain in their homes; and
BE IT FURTHER RESOLVED, that the Board calls on these lenders and servicers to provide a response to
the Board noting whether the company will agree to the voluntary moratorium on foreclosures, or provide
information on activities and way or under consideration to hel alleviate the crisis
FEDE L D. GLOVER
Chair
District V Supervisor
UaA . IOIA GA KEMA
pervisor District II Supervisor
IEPHO SUSAN A. ONILLApervisor District IV Supervisor
I hereby certify that this is a true and correct copy of an action taken
and entered on the minutes of the Board of Supervisors on the date
shown:
ATTESTED: JANUARY 15,2008
JOHN CU Clerk of the Board of Supervisors and County
Administr
B Deputy
Introduced by Supervisors Gioia and Bonilla