House Resolution 94

A RESOLUTION COMMENDING FREDDIE MAC FOR RENDERING EXEMPLARY SERVICE TO THE MISSISSIPPI GULF COAST IN SUPPORT OF ITS REBUILDING AND RECOVERY IN THE WAKE OF HURRICANE KATRINA.

WHEREAS, on Monday, August 29, 2005, Hurricane Katrina, a Category Four hurricane, devastated the entire Mississippi Gulf Coast, making landfall at or around Waveland, Mississippi; and

WHEREAS, in just one day, the worst natural disaster in Mississippi's history struck her citizens a most grievous blow, leaving a 90-mile swath of utter destruction along the coast and causing severe damage throughout central and north Mississippi; and

WHEREAS, as evidenced more vividly than ever by the total loss of countless hardworking Mississippians' homes to the devastation of Hurricane Katrina, affordable housing should be an option for all Mississippians; and

WHEREAS, Freddie Mac, chartered by Congress in 1970 as a government sponsored enterprise to foster home ownership by creating a secondary mortgage market, makes housing more accessible and affordable for millions of families across America by linking homeowners and renters to the world’s capital markets; and

WHEREAS,through prudent mortgage lending, Freddie Mac has greatly expanded affordable housing through the purchase of single and multifamily mortgages that benefit low and moderate income homebuyers, residents of distressed inner cities and lower income renters; and

WHEREAS, since Hurricane Katrina, Freddie Mac has authorized the purchase of up to $1 billion in mortgage revenue bonds in the affected areas and has already made an initial purchase of $40 million in mortgage revenue bonds from the Mississippi Home Corporation; and

WHEREAS, these bonds will provide affordable capital through banks, credit unions and mortgage lenders to hundreds of Mississippi families rebuilding their homes and lives; and

WHEREAS, in addition, Freddie Mac undertook various other measures aimed at assisting Mississippians in their recovery from Hurricane Katrina, including: adopting emergency policies that effectively suspended mortgage collections from many single and multifamily borrowers affected by the storm until at least December 1, 2005; assuring forbearance for members of the National Guard involved in recovery operations; financing as much as $300 million in pre-storm loans closed on homes in federally designated disaster areas; and joining with the Freddie Mac Foundation to donate $10 million to hurricane relief organizations:

NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF MISSISSIPPI, That we do hereby commend the executives and employees of Freddie Mac on their active role in assisting in the recovery and rebuilding of the Mississippi Gulf Coast and on their exemplary service, conduct and performance after Hurricane Katrina's unprecedented destruction on and near the Mississippi Gulf Coast in 2005. FURTHER, we hereby extend sincere gratitude to these individuals for their assistance at this most critical time, as Mississippians endeavor to rebuild the state and restore its economy.

BE IT FURTHER RESOLVED, That copies of this resolution be furnished to Freddie Mac Foundation and to the members of the Capitol Press Corps.