City of Baltimore - File #: 08-0037R

• File #: 08-0037R
• Version: 0
• Name: Investigative Hearing - Foreclosures - Impact on Baltimore City
• Type: City Council Resolution
• Status: Adopted
• File created: 4/14/2008
• In control: Taxation, Finance and Economic Development Committee
• Final action: 1/26/2009
• Title: Investigative Hearing - Foreclosures - Impact on Baltimore City FOR the purpose of investigating the foreclosure crisis in Baltimore City to ascertain the effects on prospective home buyers, current homeowners, and mortgage lenders; to project the consequence to Baltimore City's property tax base; and to evaluate the immediate and long-range affect of mortgage lending reform legislation and other foreclosure-related legislation recently passed in the 2008 Session of the Maryland General Assembly.
• Sponsors: Helen L. Holton, Stephanie President Rawlings-Blake, Nicholas C. D'Adamo, Bill Henry, William H. Cole, IV, Warren Branch, President Young, Robert Curran, Sharon Green Middleton, Agnes Welch, Mary Pat Clarke, Belinda Conaway, Edward Reisinger
• Indexes: Foreclosure, Resolution

Date	Ver.	Action By	Action	Result
1/26/2009	0	Taxation, Finance and Economic Development Committee	Recommended Favorably
1/26/2009	0	City Council	Adopted
1/12/2009	0	Taxation, Finance and Economic Development Committee	Scheduled for a Public Hearing
4/17/2008	0	The City Council	Referred for a Report
4/17/2008	0	The City Council	Referred for a Report
4/14/2008	0	City Council	Introduced
4/14/2008	0	City Council

* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*

CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)

Introduced by: Councilmember Holton

A RESOLUTION ENTITLED

A COUNCIL RESOLUTION concerning
Title
Investigative Hearing - Foreclosures - Impact on Baltimore City

FOR the purpose of investigating the foreclosure crisis in Baltimore City to ascertain the effects on prospective home buyers, current homeowners, and mortgage lenders; to project the consequence to Baltimore City's property tax base; and to evaluate the immediate and long-range affect of mortgage lending reform legislation and other foreclosure-related legislation recently passed in the 2008 Session of the Maryland General Assembly.
Body
Recitals

The Reinvestment Fund's study, Mortgage Foreclosure Filings in Maryland, a comprehensive examination of mortgage originations, foreclosures, and delinquencies throughout Maryland, which was funded by the Annie E. Casey Foundation, Associated Black Charities, and the Goldseker Foundation and coordinated by the Baltimore Homeownership Preservation Coalition, reports that the Congressional Joint Economic Committee estimated that nearly 15% of subprime mortgages currently in Maryland will go to foreclosure before the end of 2009, causing a $2.73 billion loss in property-related wealth to Maryland residents and a $19.1 million loss in property tax.

The study shows that, between January 2000 and April 2005, 25,616 foreclosures were filed against City homeowners, and while the annual number of foreclosures declined ...