June 17, 2008

Congress Holds Foreclosure Hearings in Cleveland

View local broadcast NBC Affiliate WKYC

A Congressional subcommittee visited Cleveland, Ohio, June 16 to consider additional federal regulations that might help people who are losing their homes or about to lose them. Bankers, lenders, and community organizations working to prevent foreclosures all testified during of the Subcommittee on Housing and Community Opportunity, held at Cleveland State University.

Congresswoman Maxine Waters of California chairs the subcommittee. Several Ohio Congressional representatives joined subcommittee members during the four-hour hearing.

Lou Tisler, who heads Neighborhood Housing Services of Greater Cleveland, said people in trouble with their home loans or mortgages must act early to prevent foreclosure. "Nothing is worse than doing nothing," Tisler told Cleveland television station WKYC. "You really need to reach out and talk to a HUD housing counseling agency, whether you call us, whether you call one of our colleagues."

Cleveland congresswoman Stephanie Tubbs Jones said the subcommittee was looking for real solutions and results for homeowners and renters seeking assistance. Cleveland's weak housing market coupled with a housing oversupply has created a large number of foreclosures and abandoned properties. Ohio has one of the highest foreclosure rates of any state.

View local broadcast NBC Affiliate WKYC

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