Joint Subcommittee Hearing to Examine Federal Aid to Neighborhoods Distress by Subprime Mortgage Crisis

Washington, DC -- The Subcommittee on Housing and Community Opportunity will hold a joint hearing with the Domestic Policy Subcommittee of the Committee on Oversight and Government Reform on “Targeting Federal Aid to Neighborhoods Distressed by the Subprime Mortgage Crisis,” at 2 p.m. This hearing will focus on the availability of relevant data, and how best to use those data, to target federal funds to neighborhoods with high incidences of abandoned and foreclosed properties

In 2007, the Subcommittee on Domestic Policy held three hearings on the effects of foreclosure.  These included a field hearing in Cleveland, OH, which at the time had the nation’s highest foreclosure rate.  Since then, the foreclosure crisis has spread, and awareness of the problem has grown.  The collapse of the subprime mortgage market has caused millions of homeowners to lose their homes and ruin their credit, and many lenders and investors to lose significant amounts of money. 

Some of the foreclosed properties resulting from this crisis have been sold to new owners.  But many have not.  This hearing will serve to focus attention on the consequences to neighborhoods when foreclosed properties fail to sell, and when owners abandon them.  The hearing will observe geographical differences in those consequences, as well as regional variations in strategies to deal with them. 

Witness List & Prepared Testimony:

• Mr. Frank S. Alexander, Professor of Law, Emory University School of Law
• Mr. Todd M. Richardson, Director, Program Evaluation Division, Office of Policy Development and Research, U.S. Department of Housing and Urban Development
• Mr. G. Thomas Kingsley, The Urban Institute
• Mr. Christopher Walker, Local Initiatives Support Corporation

Available Member Statements:

Printed Hearing:
The printed version of this hearing will be posted as soon as it is available.

Related Documents: