Targeting Federal aid to neighborhoods distressed by the subprime mortgage crisis

Chairman Dennis Kucinich
Domestic Policy Subcommittee
Oversight and Government Reform Committee

And

Chairwoman Maxine Waters
Housing & Community Opportunity Subcommittee
Financial Services Committee

Thursday, May 22, 2008
2 p.m.
2154 Rayburn
Washington, D.C. 20515

This hearing, the second in the most recent series, concerns the federal response to the effects on neighborhoods of the subprime mortgage and foreclosure crises. 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 those foreclosed properties have been sold to new owners. But many have not. When foreclosed properties become vacant and abandoned, neighborhoods suffer and deteriorate.

This hearing concerns targeting federal funds to address the vacant and abandoned property problems. Witnesses will testify about the availability of relevant data, and how best to use those data, to target federal funds to neighborhoods in need.
Witnesses for the hearing include:

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, Urban Institute
Mr. Christopher Walker, Local Initiatives Support Corporation