Qsseclation to contro). —
- FNOPLQAOQS rates

221.5 Commercial Drive, Vancouver, B.C. Phone 251~214,7

To > Mayor and council: | | CC U Fl C | [

“APR 14 {ggg

‘On March 19, a new organization was formed in British Columbia,,called the
Association to Control Mortgage Rates (ACMR).

The immediate objective of ACMR is to persuade the Federal Government to ine#
troduce legislation at the coming: session of Parliament which would provide
an 18 month freeze on all home mortgages up for renewal--that is, to extend
by law the term of all existing mortauges up for renewal in 1980 till the mid-
dle of 1981 at the individual mortage rate in effect prior to renegotiation.

Our Association has other proposals dealing with mortrares and interest rates
that are of a more long run nature, but for the time being we are primarily
yrconcerned to alleviate the crisis faced by thousands of homeowners facing
very substantial increases in their already high mortpage payments,

We have sent a telegram to the Federal Minister responsible for the Central
Mortgage and Housing Corporation, the Honourable Paul Cosgrove, asking him
to come to Vancouver April 13, or earlier, for a meeting with our executive
and affected homeowners, .

To date the Minister has not accepted this invitation and it is our inten-
tion to intensify our efforts to secure his first hand presence in the
lower mainland area.

We believe that such a visit would be most useful, in that the Minister
could also have meetings with municipal officials and councils at the same
time, and give some indication to you what action is planned at the Federal
level to ease the acute housing crisis in this area.

Accordingly, we are writing you with two requests.

1. That you hear an information representation by some member of our 15
member executive to your Council with regard to our objectives and in
particular how they could act to stabilize the tax base in the munic-
ipality, which is threatened by a significant number of foreclosures,

That you pass a resolution urgently requesting the Honourable Paul
Cosgrove to come to the lower mainland area for a number of meetings,
with councils, with officials, with our association and with the
homeowners directly affected.

We would appreciate the opportunity to appeur before you at the earliest
possible moment, since it would appear that the Federal Covernment has not
yet formilated a policy, and it would ba best to make your concerns known
diractly to them before they introduce lerislation.

Yours truly, B. Yorke, Proasident LS Ceraibl 7
Ve. Johnston, Socretary’ etl Cf pi baste,
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