,,iv  #aacth ,,congress  #ast ,session  
,h4 ,,res4 #bf  ,,in ,,the ,,house ,,of 
,,representatives  ,january #ad1 #bjac  
,ms4 ,kaptur submitted the following    
resolution2 which was referred to the   
,committee on ,financial ,services      
,,resolution  ,expressing the sense of  
the ,house of ,representatives that the 
,states should enact a temporary        
moratorium on residential mortgage      
foreclosures4  ,whereas there are nearly
 #f1ijj1jjj fewer jobs in the ,united   
,states economy since the start of the  
recession2 ,whereas1 in ,april #bjaa1   
the unemployment rate remains at #i4j   
percent1 nearly double the unemployment 
rate of the pre-recession economy2      
,whereas the ,director of the           
,congressional ,budget ,office testified
 as follows in a ,senate hearing on     
,january #bh1 #bjji3 ,challenging       
conditions seem likely to persist for   
some time in the housing and mortgage   
markets as well4 ,housing sales remain  
weak1 and construction activity         

continues to decline4 ,with the housing 
market's large glut of vacant           
properties1 the prices of homes are     
likely to fall considerably further1    
pushing the value of more borrowers'    
homes below the value of their          
outstanding mortgages4 ,as more of those
 underwater borrowers experience losses 
of income during the current recession1 
rates of delinquency and foreclosure on 
residential mortgage loans are likely to
 rise further42 ,whereas the current    
economic situation began to unfold some 
time ago and1 in fact1 the ,federal     
,reserve ,system first began to supply  
additional liquidity to credit markets  
in ,august #bjjg1 as pressures from     
losses on mortgage-related assets       
unexpectedly began to mount2 ,whereas   
many economists today believe that to   
avoid relapsing into another devastating
 financial crisis1 a key component is   
the ,nation's housing markets and       
providing necessary changes for our     
,nation's financial markets2 ,whereas   

the intent of the ,troubled ,assets     
,relief ,program of the ,department of  
the ,treasury1 established by the       
,emergency ,economic ,stabilization ,act
 of #bjjh 7,public ,law #aaj-cdc71 was  
to1 in large portion1 purchase troubled 
assets1 including securitized mortgages1
 and to enable banks and other lenders  
engaged in the mortgage market to engage
 in mortgage modifications1 loan        
workouts1 and other processes designed  
to stem off the ever-rising tide of     
foreclosures1 and that has not happened 
to the level necessary to stem the tide 
of foreclosures and it continues2       
,whereas there were nearly #bai1jjj new 
foreclosures in ,april #bjaa1 which is  
#g1cjj homes per day2 ,whereas it is    
projected by housing market experts that
 there are approximately #aa1jjj1jjj    
homes in the ,nation which are          
underwater or in foreclosure2 ,whereas  
the ,united ,states finds its housing   
market in a precarious and unstable     
state1 where homeowners' mortgage       

balances are routinely larger than the  
current value of their homes and where  
people are losing their homes at an     
alarming rate2 ,whereas during the      
,great ,depression1 the ,state of       
,minnesota declared an economic         
emergency1 and enacted a law granting   
relief in certain cases1 for inequitable
 foreclosure of mortgages on real estate
 and execution sales and for postponing 
certain others 7,chapter #cci1 ,laws of 
,minnesota1 #aicc1 page #ead72 ,whereas 
the ,minnesota statute included         
provisions that postponed foreclosure   
sales or extended mortgage redemption1  
as well as taking actions relating to   
the jurisdiction of such activities1 and
 the ,minnesota statute established a   
hard and fast deadline of when such     
relief would end1 making the ,act       
temporary in nature2 ,whereas this law  
was challenged in the case ,home        
,building  ,loan ,association v4        
,blaisdell1 which was argued before the 
,united ,states ,supreme ,court in      

#aicc1 with the ,court ruling in #aicd  
in favor of the ,minnesota law2 ,whereas
 there are clear challenges to          
implementing a nationwide moratorium on 
mortgage foreclosures1 yet this case    
tells us that the ,states can take      
action using the police power of the    
,state2 and ,whereas1 in this time of   
instability and uncertainty1 with       
unemployment at #i4j percent for ,april 
#bjaa1 a global financial system still  
reeling from the effects of the         
recession1 a volatile housing market1   
and our ,nation's citizens struggling to
 balance essential needs of housing1    
work1 and nutrition1 it is time that the
 ,nation1 through the action of the     
,president of the ,united ,states1      
declare a national foreclosure emergency
 and ,state-by-,state seek to end the   
foreclosure crisis3 ,now1 therefore1 be 
it  ,that it is the sense of the ,house 
of ,representatives that--  7#a7 the    
,president of the ,united ,states should
 declare a national residential mortgage

 foreclosure emergency and1 through such
 declaration1 encourage the ,states1 by 
use of their police power1 to enact a   
moratorium on residential mortgage      
foreclosures similar to the moratorium  
enacted by the ,state of ,minnesota in  
#aicc and upheld by the ,supreme ,court 
of the ,united ,states in ,home         
,building  ,loan ,association v4        
,blaisdell 7#bij ,u4,s4 #cih 7#aicd772  
and  7#b7 the ,states should exercise   
such power and enact such a moratorium4