Foreclosure Problems and Solutions: Federal, State, and Local Efforts to Address the Foreclosure Crisis in Ohio

Monday, June 16, 2008, 9:30 a.m., Joseph E. Cole Center for Continuing Education, Cleveland State University, 3100 Chester Avenue, Cleveland, Ohio
Housing

 Housing Subcommittee to Address Ohio Foreclosure Crisis at Cleveland Field Hearing

            Washington, DC –  Rep. Maxine Waters (D-CA), chairwoman of the House Financial Services Subcommittee on Housing and Community Opportunity, today announced that the Subcommittee will hold a field hearing in Cleveland, Ohio entitled “Foreclosure Problems and Solutions: Federal, State, and Local Efforts to Address the Foreclosure Crisis in Ohio” on Monday, June 16, 2008.

            The purpose of this hearing is to address the growing problem of subprime lending and foreclosures, a problem throughout the nation that the state of Ohio has felt acutely. In fact, Ohio ranked fourth in foreclosures last year with foreclosure filings climbing approximately 30 percent between 2005 and 2007. According to Realty Trac, there were 11,680 foreclosure filings in Ohio in April, the third highest number of filings of any state. One in 432 Ohio households received a foreclosure filing in April.

            Congresswoman Waters said, “I have visited communities like Cleveland as well as in California and seen neighborhoods where block after block is dotted by foreclosed properties.  Not only does this indicate the economic hardship for millions of American families, but also these abandoned and foreclosed properties drag down the value of homes of their neighbors, erode the tax base, and harm real-estate related industries.”

            According to a report released by the Mortgage Bankers Association this month, approximately 1 in 11 American mortgages were past due or in foreclosure at the end of March and the first quarter of 2008 proved to be the worst period for homeowners in the past 30 years. By the end of March, 4.8 millions loans were past due or in foreclosure.

            Congresswoman Waters said, “I am committed to helping homeowners and communities nationwide coping with the foreclosure crisis, and I look forward to hearing from witnesses from state, Federal, and local government, non-profit organizations and the private sector who can guide us in assessing effective solutions.  I applaud the members of the Ohio Congressional Delegation participating in this field hearing for their attention to this issue and for their advocacy on behalf of homeowners.  We must all work together to insure that the people of Ohio, California, and the entire nation find relief in the midst of this devastating crisis.”