Resolution on Foreclosures

WHEREAS, 84 years ago, the founders of the League of Latin American Citizens, (LULAC) joined together to establish an organization that would become the largest, oldest and successful Hispanic civil rights and service organization in the United States, and

WHEREAS, The Pew Hispanic Center has calculated that the majority of Black and Latino wealth has been lost due to the home foreclosures crisis that began in 2006 and continues today , and

WHEREAS, all over our nation, houses once occupied by African American and Latino men, women, and children are being boarded up and sold, and the impact on our communities is nothing short of devastation, demoralization, and destruction , and

WHEREAS, federal programs are not effective, to help forestall foreclosures , and

WHEREAS, Private Label Securities mortgages (PLS) represent 10% of mortgages, but 33% of foreclosures, and are in practice not eligible for federal assistance programs , and

WHEREAS, PLS mortgages are concentrated in communities of color in California, Arizona, Nevada, Florida, Illinois, Michigan, New Jersey, and New York , and

WHEREAS, the Community Action to Restore Equity and Stability (CARES) program is a local effort to save homeowners and stabilize communities through principal reduction, enabled by local cities in partnership with community groups and the private sector, advocated by the cities of El Monte, La Puente, Pomona, and Richmond, , and

WHEREAS, CARES specifically is designed to save PLS mortgage homeowners-those who have no access to federal assistance programs,

THEREFORE BE IT RESOLVED, that California LULAC is committed to develop solutions that will keep families in their homes, promote homeownership preservation, and wealth accumulation , and

BE IT FINALLY RESOLVED, that California LULAC commends Mayors and City Councils of El Monte, La Puente, Pomona, and Richmond for their leadership to help prevent foreclosures; and our full support including going to their community if needed

Approved this 22nd day of June 2013.

Margaret Moran
LULAC National President

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