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<br />RESOLUTION NO <br /> <br />8216-07 <br /> <br />BY'Antonio~ Butler~ ~.;r"I',,;,,:;~c, <br />FitzGerald, See lie. <br /> <br />A RESOLUTION to urge the United States Senate to pass S 2136, the <br />Helping Families Save Their Homes Act of2007. <br /> <br />WHEREAS, it is incumbent that the Federal government assist <br />homeowners by opening additional opportunities to negotiate a workout on their <br />mortgage and avoid foreclosure; and <br /> <br />WHEREAS, the collapse of the subprime mortgage market has put <br />approximately 2.2 million families in danger oflosing their homes; and <br /> <br />WHEREAS, there is a need to provide families every reasonable tool to <br />ensure they can keep a roof over their heads; and <br /> <br />WHEREAS, virtually every type of personal debt, including vacation <br />homes and family-farms, can be restructured by the bankruptcy court with the exception <br />of a mortgage on a primary residence; and <br /> <br />WHEREAS, S 2136 provides the bankmptcy court the ability to help <br />homeowners adjust the terms of their mortgage to those that are sustainable; and <br /> <br />WHERES, the foreclosure crisis has placed a burden on the ability oflocal <br />governments to provide essential services to their citizens due to the increasing need to <br />police vacant structures that remain after a home foreclosure occurs; and <br /> <br />WHEREAS, vacant properties reduce city tax revenue by lowering <br />property values across entire neighborhoods; and <br /> <br />WHEREAS, vacant properties degrade and devalue the quality of life for <br />remallllllg residents, isolating and weakening the neighborhood, and increasing the <br />likelihood that property values will continue to decline and further abandonment will set <br />in; and <br /> <br />WHEREAS, this resolution constitutes an emergency measure for the <br />immediate preservation of public peace, property, health, or safety, now, therefore, <br /> <br />OHIO: <br /> <br />BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF <br /> <br />Section 1. That this Council urges the United States Senate to pass S <br />2136, the "Helping Families Save Their Homes Act of 2007", which will allow <br />homeowners in bankruptcy to modify their home mortgages and avoid foreclosure. <br /> <br />Section 2 That the Clerk of Council is hereby directed to transmit copies <br />of this resolution to Ohio Senators Sherrod Brown and George Voinovich. <br /> <br />Adopted: K~ to¡ '201J7 <br />. <br /> <br />Q~\~ <br /> <br />President <br /> <br />'ÎA~ 7. /JIJ ¡r- <br />Clerk <br /> <br />[}µ-,1· ,~- <br />Mayor <br /> <br />Adopted' (ÙV. '10 I Vr'>'7 <br />