Bill Text: HI HCR304 | 2011 | Regular Session | Introduced
Bill Title: Hawaiian Home Lands; Mortgage Loans
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-03-29 - (H) This measure has been deleted from the meeting scheduled on Wednesday 03-30-11 8:30AM in conference room 329. [HCR304 Detail]
Download: Hawaii-2011-HCR304-Introduced.html
|
HOUSE OF REPRESENTATIVES |
H.C.R. NO. |
304 |
|
TWENTY-SIXTH LEGISLATURE, 2011 |
|
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
HOUSE CONCURRENT
RESOLUTION
URGING BANK of america to fulfill its commitment to lend $150 Million UNDER FHA 247 for residential mortgage loans for Housing on Hawaiian Home lands.
WHEREAS, the Hawaiian Homes Commission Act, 1920, as amended, was enacted to allow native Hawaiians to return to their lands to promote self-sufficiency and preserve the values, traditions, and culture of native Hawaiians; and
WHEREAS, the Department of Hawaiian Home Lands is charged with implementing this objective by managing the Hawaiian Home Lands trust and delivering trust lands to native Hawaiians to enjoy, develop, and build healthy communities; and
WHEREAS, one of the largest impediments to the advancement of native Hawaiians and the goal of the Hawaiian Homes Commission Act, 1920, as amended, is the inability of many native Hawaiians to obtain adequate financing for home ownership or long-term leases; and
WHEREAS, in 1994, Bank of America pledged $150 million toward a residential mortgage loan program for native Hawaiians seeking housing on Hawaiian Home lands. This commitment was made as part of Bank of America's acquisition of Liberty Bank, and the initial timeline was a four-year payout to take place between July 1994 and June 1998, which was incorporated in the Federal Reserve Board of Governor's order approving the acquisition; and
WHEREAS,
although Bank of America sold its Hawaii branches to American Savings Bank in
1997, it reaffirmed its commitment to make the $150 million available for loans
by August 12, 1997; and
WHEREAS, Bank of America failed to meet this self imposed deadline, but on
August 11, 1998, representatives of the bank, including Catherine Bessant,
visited the State to meet with Hawaiian elders, the Department of Hawaiian Home
Lands Chairperson, Kali Watson, and Governor Ben Cayetano, when they again
pledged to set aside $150 million for residential mortgage loans to native
Hawaiians; and
WHEREAS, a letter dated January 10, 2003, from Bank of America Community Development Banking Group President, Doug Woodruff, to Pu‘uhonua Kanahele, leader of the Nation of Hawaii, promised that Bank of America would secure the $150 million as promised; and
WHEREAS, the Federal Reserve Board of Governor's order approving acquisition concluded by stating:
"The Board's approval is specifically conditioned upon compliance with all of the commitments made by BankAmerica in connection with this application and with the conditions referred to in this order... For purposes of this action, the commitments and conditions relied on in reaching this decision shall be deemed to be conditions imposed in writing by the Board and, as such, may be enforced in proceedings under applicable law";
and
WHEREAS, it is now 2011, and Bank of America has yet to fulfill its commitment to lend $150 million in FHA 247 loans to assist native Hawaiians with residential mortgages; now, therefore,
BE IT RESOLVED by the House of Representatives of
the Twenty-sixth Legislature of the State of Hawaii, Regular Session of 2011,
the Senate concurring, that the Legislature calls on Bank of America to fulfill
the commitment it made to dedicate $150 million for residential mortgage loans
to native Hawaiians seeking housing on Hawaiian Home Lands; and
BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution
be transmitted to the Governor, Chairperson of the Office of Hawaiian Affairs,
Chairperson of the Department of Hawaiian Home Lands, and Chief Executive
Officer and President of Bank of America.
|
|
OFFERED BY: |
_____________________________ |
|
|
|
|
Hawaiian Home Lands; Mortgage Loans
