https://longbeach.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=1018465&GUID=4CDF41AE-8F1F-4AE4-A98B-66C2272E9E5ELegistar15https://longbeach.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=1018465&GUID=4CDF41AE-8F1F-4AE4-A98B-66C2272E9E5E4CDF41AE-8F1F-4AE4-A98B-66C2272E9E5E-2019-01-22-23-11-14Title: Recemmendatio that the City Council approve the following: a) Direct City Manager and City Treasurer to return to the City Council within 30 days with a report about: · The soundness of short and long-term investments in Bank of America, Freddie Mac (Federal Home Loan Mortgage Corporation) and Fannie Mae (Federal National Mortgage Association); · The status of all state and federal legal actions against these entities; · Alternative investments available; · The number of mortgages currently held on Long Beach properties by Bank of America, Freddie Mac and Fannie Mae; · The number of foreclosures processed on Long Beach properties by Bank of America, Freddie Mac and Fannie Mae in the past five years; and · The number of business loans made by Bank of America to Long Beach businesses in the past three years. b) Direct City Manager to send a letter to these financial entities expressing the sense of the Mayor and the City Council that because of our large investments we are demanding that every effort be taken to prevent the foreclosures of residential properties in Long BeTue, 22 Jan 2019 23:11:14 GMT