STATEMENT ON THE RESOLUTION FOR A HOUSING FORECLOSURE

CRISIS

IN SOLANO COUNTY
Last October 7th, 2008, marked a historic day in the City of Vallejo. History will
record that on that day, the Vallejo City Council adopted a Resolution numbered 08-
179: “DECLARING A HOUSING FORECLOSURE CRISIS IN VALLEJO, SUPPORTING
LOCAL, STATE AND FEDERAL EFFORTS TO ADDRESS THE CRISIS AND URGING
LENDING INSTITUTIONS AND LOAN SERVICERS TO TAKE CERTAIN REMEDIAL
ACTIONS.” This is the first legislative action on the housing foreclosure crisis done
by any city in the state of California and in the whole of the United States.

Today likewise is a historic day for Solano county because we bring forth to this
august body, the county board of supervisors, the same resolution which bears the
signatures of more than six hundred fifty community and business leaders,
homeowners and residents of this county.

This Resolution is a result of the collaborative effort of Greenlining Institute, whose

general counsel Bob Gnaizda drafted the initial resolution and Mabuhay Alliance
Executive Director Faith Bautista, and local leaders e.g., Solano Community College
board of Trustee Tony Ubalde, SCOE board member Rozzana Verder Aliga, myself,
Vallejo School Board member Larry Asera, Priscilla and Francis Neri, Mabuhay
Alliance program coordinators/foreclosure counselors and many Filipino American
community leaders.

Greenlining Institute and Mabuhay Alliance were among those responsible for the
$3.5B settlement made by Countrywide Bank of America to almost 400,000
homeowners in the state of California.

This resolution comes in an opportune time. From the data supplied by First
America, Vallejo ranks first in the number of foreclosures in the whole of Solano
County. For Solano county as a whole, there were 2730 foreclosure filings for the
first seven months of 2008 or 13 times greater than 2006 when there were only
215. For Vallejo, there were 1750 filings for the first seven months of 2008 which is
40 times more than the number for the same period in 2006 when there were just
32 filings. It is estimated by Greenlining that for the whole year of 2008, Solano
county will have a total of 4800 foreclosure filings with Vallejo will have an
estimated 2200 or 45% of the total filings.

The increasing number of foreclosures in Solano county has had a devastating

impact not only on families who have lost their homes but also on entire
neighborhoods as well as diminished property mortgage lenders/servicers will be
present to do loss mitigation work on home mortgages and help keep our people
values and revenues for the County.
Your action on this resolution is symbolic. Symbolic in the sense that we can not
enforce it. But it will send the signal to all of California and America that the people
of Solano County was the first County and Vallejo, the first City, to declare a
foreclosure crisis and demanded from the banks/lenders/servicers of mortgage
loans to deal with its troubled mortgages and to enable homeowners stay in their
homes by modifying their loans.

This was done in Ontario in Southern California on October 4 where more than 250
troubled homeowners attended a foreclosure clinic and lenders loss mitigation
representatives from JP MORGAN CHASE Washington Mutual, Bank of America,
HSBC, CITI Group, Wells Fargo, Wachovia were present and had their loans modified
right on the spot.

Your approval of this resolution is your moral obligation to a community and a state
and a nation that is hurting. What you do here will be heard all over the county.
Vallejo residents demonstrated it through its City Council. Now it is your turn for the
county.

The good news is that this action has reverberated not only throughout California
but out side of the United States of America. The French wall street Journal,
LATRIBUNE, is featuring this story in Paris, France. A Japanese Business Weekly has
taken interest on the story.

From the domestic front, the State Treasurer has communicated with our General
Counsel Bob Gnaizda his endorsement of the Vallejo Resolution. Several counties,
like the county of San Bernardino, will follow suit. As we speak this morning, JP
MORGAN CHASE/ WASHINGTON MUTUAL executives are talking to our Executive
Director Faith Bautista, and Bob Gnaizda, on how to work out a loan modification
program for Solano County and the State of California.

PREPARED BY: FRANCIS C. NERI, PROGRAM COORDINATOR, MABUHAY ALLIANCE,

707.6318980. Email @ fcneri2001@yahoo.com