The Effects of the Foreclosure Crisis on Neighborhoods in California’s Central Valley: Challenges and Solutions

Saturday, September 6, 2008, 12:00 p.m., Stockton Arena, 248 W. Fremont Street, Stockton, CA
Full Committee

Financial Services Committee to Hold Field Hearing on Foreclosure Crisis in California’s Central Valley

            Washington, DC – House Financial Services Committee Chairman Barney Frank (D-MA), along with Reps. Dennis Cardoza (D-CA) and Jerry McNerney (D-CA), today announced that the committee will hold a field hearing to examine the effects of the foreclosure crisis on neighborhoods in California’s Central Valley.  The field hearing will focus on Federal, State, and local efforts to address rising foreclosure rates in California’s Central Valley.

            “Being in the Central Valley, it's hard to avoid evidence of the foreclosure crisis, especially in Stockton and San Joaquin County.  The number of foreclosures is startling and serves as an indication of the hardships many families are facing and the destabilizing effect in our communities,” said Rep. McNerney.  “I am happy to join with my colleague, Dennis Cardoza, in welcoming Chairman Frank and the Financial Services Committee for what I anticipate will be a productive and useful hearing about the effect of the foreclosure crisis and solutions moving forward.”

            “The housing crisis in the San Joaquin Valley is nothing short of tragic,” said Rep. Dennis Cardoza. “We cannot stand idly by and see the erosion of one of the most important institutions we have in this country, the family home. We must pursue every possible means to resolve this hardship on our community. This is a significant step forward in doing so.”

Witness List & Prepared Testimony:

Panel One

• The Honorable Michael Machado, California State Senator, 5th District
• The Honorable Ellie Wooten, Mayor of Merced, California
• Ms. Heather Peters, Deputy Secretary for Business Regulation and Housing, Business, Transportation and Housing Agency, State of California
• The Honorable Steven Gutierrez, Supervisor, San Joaquin County Board of Supervisors
• Mr. Joseph C. Bates, Director, Santa Ana Homeownership Center, U.S. Department of Housing and Urban Development 
   

Panel Two

• Ms. Patty Amador, President, Ambeck Mortgage Associates
• Ms. Pam Canada, Chief Executive Officer, NeighborWorks Home Ownership Center Sacramento Region   
• Ms. Carol Ornelas, Chief Executive Officer, Visionary Home Builders of California
• Mr. George Duarte, CMC, Horizon Financial Associates on behalf of the California Association of Mortgage Brokers

Available Member Statements:

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

Related Documents: