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Southern Statehouses Move on Homeowners and Bank Protection Act

April 3, 2008 (EIRNS)—This release was issued yesterday by the Lyndon LaRouche Political Action Committee (LPAC).

Resolutions calling for Congress to implement the Homeowners and Bank Protection Act, originally drafted by American economist and statesman Lyndon LaRouche in August 2007, have passed the Mississippi House of Representatives, and the Alabama State Senate over the past week. The Alabama resolution, SJR54, has been forwarded on to the Alabama House of Representatives, which passed a slightly different version of the HBPA last week. The new version, which specifies the fact that it will take years for the shake-out of the mortgage market to occur, will now be voted on.

The legislators are responding not only to the escalating wave of home foreclosures, but also to the expanding financial crisis.

The Alabama resolution, sponsored by six Senators, was passed on April 1. The Mississippi resolution, House Concurrent Resolution 5, passed during the last week of March.

The text of the resolution on which these state versions is available elsewhere on this website.