House Committee on Financial Services to Hold Foreclosure-Focused Field Hearing in Stockton, Cardoza and Mcnerney Announce

Press Release

HOUSE COMMITTEE ON FINANCIAL SERVICES TO HOLD FORECLOSURE-FOCUSED FIELD HEARING IN STOCKTON, CARDOZA AND MCNERNEY ANNOUNCE

Today, Congressmen Dennis Cardoza (CA-18) and Jerry McNerney (CA-11) announced that, at their invitation, the House Committee on Financial Services will hold a field hearing in Stockton 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 foreclosure rates in the Central Valley.

The hearing, entitled "The Effects of the Foreclosure Crisis on Neighborhoods in California's Central Valley: Challenges and Solutions" will be held at noon on Saturday, September 6, 2008 at the Stockton Arena. Witnesses will include local elected officials as well as mortgage brokers, realtors, and HUD-approved housing counselors.

"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."

"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."

Among confirmed witnesses testifying to the committee:

State Senator Mike Machado, Chair, Banking, Finance and Insurance Committee
Merced Mayor Ellie Wooten
Cynthia Abbot, HUD Sacramento Field Office Director
Pam Canada, District Manager, NeighborWorks HomeOwnership Center Sacramento Region
Patty Amador, President of Ambeck Mortgage Associates
Carol Ornelas, Chief Executive Officer, Visionary Home Builders

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