Senate Resolution 47

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

WHEREAS, on Monday, August 29, 2005, Hurricane Katrina, a Category Four Hurricane, crashed with unrelenting and violent force onto the entire Mississippi Gulf Coast, making landfall at or around Waveland, Mississippi. In one day, the worst natural disaster in our history struck us a grievous blow, leaving a 90-mile swath of destruction along the Coast and causing severe damage throughout Central and North Mississippi; and

WHEREAS, affordable housing should be an option for all Mississippians, as we are reminded even more vividly after so many of our own lost their homes to the devastation of Hurricane Katrina; and

WHEREAS, Freddie Mac was chartered by the United States Congress in 1970 as a Government Sponsored Enterprise to foster home ownership by creating a secondary mortgage market; and

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

WHEREAS, Freddie Mac 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, mortgage lenders to hundreds of families rebuilding their homes and lives; and

WHEREAS, Freddie Mac also adopted emergency policies that effectively suspended mortgage collections from many single and multifamily borrowers affected by the storm until at least December 1, 2005, and assured forbearance for National Guard members involved in recovery operations, financed as much as $300 Million in pre-storm loans closed on homes in federally-designated disaster areas, and joined with the Freddie Mac Foundation to donate $10 Million to hurricane relief organizations:

NOW, THEREFORE, BE IT RESOLVED BY THE SENATE OF THE STATE OF MISSISSIPPI, That we do hereby commend the executives and employees of Freddie Mac for their active role in assisting the recovery and rebuilding and for their exemplary service, conduct and performance subsequent to Hurricane Katrina's unprecedented destruction on and near the Mississippi Gulf Coast in August and September 2005, and we offer our thanks to these individuals for their assistance during this critical time, as we endeavor to rebuild our state and restore its economy.

BE IT FURTHER RESOLVED, That this resolution be forwarded to Freddie Mac and be made available to the Capitol Press Corps.