Philadelphia, PA Moratorium on Residential Foreclosure Sales

Philadelphia, PA, US

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Type: Resolution

Status: Adopted on 3/27/08

Source File: http://webapps.phila.gov/council/attachments/5009.pdf

Text:

Resolution No. 080331
Calling on Sheriff John Green and President Judge C. Darnell Jones to impose a moratorium on residential foreclosure sales in Philadelphia.

WHEREAS, According to ACORN’s October 2007 “Foreclosure Exposure 2: The Cost to our Cities and Neighborhoods” report, 3,206 of the high-cost loans made in 2006 in the Philadelphia area are likely to go into foreclosure and the costs to all of the stakeholders involved will be more than $345 million; and

WHEREAS, These costs represent approximately $23 million to individual homeowners in foreclosure, $158 million to lenders and investors, $62 million to local government, and $107 million in lower home values of neighbors; and

WHEREAS, The ACORN report also states that studies have shown that foreclosures increase violent crime in neighborhoods, decrease property values in neighborhoods, and reduce city tax revenue, making it harder to provide good schools, police protection, code enforcement, and other services; and

WHEREAS, This current foreclosure crisis is greater than the 1983 epidemic, when during an economic recession, Sheriff Joseph Sullivan obtained from President Judge Edward Bradley a one year stay of approximately 300 monthly foreclosures sales; and

WHEREAS, In 2004 and in response to a then record high monthly foreclosure sale of 1,120 properties, Sheriff John Green, received a stay from President Judge Fredericka Massiah-Jackson of all residential foreclosure sales in Philadelphia during a period of time in which the PA Secretary of Banking conducted a state-wide foreclosure study; and

WHEREAS, And to support this action, Council unanimously passed Resolution No. 040100, which formally stated its support of Sheriff John Green in asking President Judge Massiah-Jackson to impose a moratorium on residential foreclosure sales in Philadelphia; and

WHEREAS, It is the duty of this Body to protect the citizens and the neighborhoods of Philadelphia, and this Body has already gone on record to address this issue by unanimously passing Bill No. 010715-A and holding hearings pursuant to Resolution No. 080095; now, therefore be it

RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA,
That we hereby call on Sheriff John Green and President Judge C. Darnell Jones to impose a moratorium on residential foreclosure sales in Philadelphia.

FURTHER RESOLVED, That an Engrossed copy of this resolution be transmitted to Sheriff Green and President Judge Jones.