,,iv  #aac? ,,congress  #a/ ,session    
,h4 ,,res4 #bf  ,,9 ,,! ,,h\se ,,(      
,,repres5tatives  ,janu>y #ad1 #bjac    
,ms4 ,kaptur submitt$ ! foll[+          
resolution2 :i* 0 ref]r$ to ! ,committee
 on ,f9ancial ,s]vices  ,,resolution    
,express+ ! s5se ( ! ,h\se (            
,repres5tatives t ! ,/ates %\ld enact a 
tempor>y moratorium on resid5tial       
mortgage =eclosures4  ,:]eas !re are    
ne>ly #f1ijj1jjj few] jobs 9 ! ,unit$   
,/ates economy s9ce ! />t ( ! recession2
 ,:]eas1 9 ,april #bjaa1 ! unemploym5t  
rate rema9s at #i4j p]c5t1 ne>ly d\ble !
 unemploym5t rate ( ! pre-recession     
economy2 ,:]eas ! ,director ( !         
,congressional ,budget ,(fice te/ifi$ z 
foll[s 9 a ,s5ate he>+ on ,janu>y #bh1  
#bjji3 ,*all5g+ conditions seem likely  
to p]si/ = "s "t 9 ! h\s+ & mortgage    
m>kets z well4 ,h\s+ sales rema9 weak1 &
 con/ruction activity cont9ues to       
decl9e4 ,) ! h\s+ m>ket's l>ge glut (   
vacant prop]ties1 ! prices ( homes are  
likely to fall consid]ably fur!r1 pu%+ !

 value ( m borr[]s' homes bel[ ! value (
 _! out/&+ mortgages4 ,z m ( ^? und]wat]
 borr[]s exp]i5ce losses ( income dur+ !
 curr5t recession1 rates ( del9qu5cy &  
=eclosure on resid5tial mortgage loans  
are likely to rise fur!r42 ,:]eas !     
curr5t economic situation began to      
unfold "s "t ago &1 9 fact1 ! ,f$]al    
,res]ve ,sy/em fir/ began to supply     
additional liquidity to cr$it m>kets 9  
,augu/ #bjjg1 z pressures f losses on   
mortgage-relat$ assets unexpect$ly began
 to m\nt2 ,:]eas _m economi/s today     
believe t to avoid relaps+ into ano!r   
deva/at+ f9ancial crisis1 a key compon5t
 is ! ,nation's h\s+ m>kets & provid+   
necess>y *anges = our ,nation's f9ancial
 m>kets2 ,:]eas ! int5t ( ! ,tr\bl$     
,assets ,relief ,program ( ! ,dep>tm5t (
 ! ,treasury1 e/abli%$ by ! ,em]g5cy    
,economic ,/abilization ,act ( #bjjh    
7,public ,law #aaj-cdc71 0 to1 9 l>ge   
portion1 pur*ase tr\bl$ assets1 includ+ 
securitiz$ mortgages1 & to enable banks 
& o!r l5d]s engag$ 9 ! mortgage m>ket to

 engage 9 mortgage modifications1 loan  
work\ts1 & o!r processes design$ to /em 
(f ! ev]-ris+ tide ( =eclosures1 & t has
 n happ5$ to ! level necess>y to /em !  
tide ( =eclosures & x cont9ues2 ,:]eas  
!re 7 ne>ly #bai1jjj new =eclosures 9   
,april #bjaa1 :i* is #g1cjj homes p]    
day2 ,:]eas x is project$ by h\s+ m>ket 
exp]ts t !re are approximately          
#aa1jjj1jjj homes 9 ! ,nation :i* are   
und]wat] or 9 =eclosure2 ,:]eas ! ,unit$
 ,/ates f9ds its h\s+ m>ket 9 a prec>i\s
 & un/able /ate1 :]e home[n]s' mortgage 
balances are r\t9ely l>g] ?an ! curr5t  
value ( _! homes & :]e p are los+ _!    
homes at an al>m+ rate2 ,:]eas dur+ !   
,great ,depression1 ! ,/ate ( ,m9nesota 
decl>$ an economic em]g5cy1 & enact$ a  
law grant+ relief 9 c]ta9 cases1 =      
inequitable =eclosure ( mortgages on    
real e/ate & execution sales & = po/pon+
 c]ta9 o!rs 7,*apt] #cci1 ,laws (       
,m9nesota1 #aicc1 page #ead72 ,:]eas !  
,m9nesota /atute includ$ provisions t   
po/pon$ =eclosure sales or ext5d$       

mortgage r$emption1 z well z tak+       
actions relat+ to ! jurisdiction ( su*  
activities1 & ! ,m9nesota /atute        
e/abli%$ a h>d & fa/ deadl9e ( :5 su*   
relief w\ld end1 mak+ ! ,act tempor>y 9 
nature2 ,:]eas ?is law 0 *all5g$ 9 !    
case ,home ,build+  ,loan ,association  
v4 ,blaisdell1 :i* 0 argu$ be=e ! ,unit$
 ,/ates ,supreme ,c\rt 9 #aicc1 ) !     
,c\rt rul+ 9 #aicd 9 favor ( ! ,m9nesota
 law2 ,:]eas !re are cle> *all5ges to   
implem5t+ a nationwide moratorium on    
mortgage =eclosures1 yet ?is case tells 
u t ! ,/ates c take action us+ ! police 
p[] ( ! ,/ate2 & ,:]eas1 9 ?is "t (     
in/ability & unc]ta9ty1 ) unemploym5t at
 #i4j p]c5t = ,april #bjaa1 a global    
f9ancial sy/em /ill reel+ f ! effects ( 
! recession1 a volatile h\s+ m>ket1 &   
our ,nation's citiz5s /ruggl+ to balance
 ess5tial ne$s ( h\s+1 "w1 & nutrition1 
x is "t t ! ,nation1 ?r\gh ! action ( ! 
,presid5t ( ! ,unit$ ,/ates1 decl>e a   
national =eclosure em]g5cy &            
,/ate-by-,/ate seek to end ! =eclosure  

crisis3 ,n[1 !re=e1 be x  ,t x is ! s5se
 ( ! ,h\se ( ,repres5tatives t--  7#a7 !
 ,presid5t ( ! ,unit$ ,/ates %\ld decl>e
 a national resid5tial mortgage         
=eclosure em]g5cy &1 ?r\gh su*          
decl>ation1 enc\rage ! ,/ates1 by use ( 
_! police p[]1 to enact a moratorium on 
resid5tial mortgage =eclosures simil> to
 ! moratorium enact$ by ! ,/ate (       
,m9nesota 9 #aicc & upheld by ! ,supreme
 ,c\rt ( ! ,unit$ ,/ates 9 ,home ,build+
  ,loan ,association v4 ,blaisdell 7#bij
 ,u4,s4 #cih 7#aicd772 &  7#b7 ! ,/ates 
%\ld ex]cise su* p[] & enact su* a      
moratorium4