About the Committee
Press Office
A Local Look at the National Foreclosure Crisis: Cleveland Families, Neighborhoods, Economy Under Siege from the Subprime Mortgage Fallout
Wednesday July 25th, 2007

There have been widespread and serious problems in the subprime mortgage market over the past several months, but little attention has been paid to the economic impact of foreclosures caused by subprime loan defaults on local communities across the nation.

Over the last year, Ohio has consistently ranked in the top 10 of states with the highest rate of foreclosures in the country. Cities such as Dayton, Akron and Cleveland are ranked in the top 20 metropolitan cities nationally with the highest number of foreclosures in 2006. According to June 2007 data, Cleveland has been hit particularly hard by the increase in foreclosures. In particular, Cuyahoga County has the largest number of new foreclosure filings in the country. With 3,261 new unique address foreclosure filings in June, the county has one new foreclosure filing for every 169 households.  Last year alone, Cuyahoga County had 13,000 foreclosures.

The JEC will examine the destructive impact of the foreclosure boom on Cleveland, Ohio, which is currently among the cities with the highest rates of subprime foreclosures in the country.  The hearing will investigate the impacts of foreclosures on homeowners, neighborhoods, and cities, and explore federal policy responses.

Opening Statements: Senator Schumer's Opening Statement
  Representative Maloney's Opening Statement
Witnesses: Honorable James Rokakis, Treasurer Cuyahoga County, Ohio
  Honorable Anthony Brancatelli, Councilman Slavic Village, Ohio
  Ms. Barbara Anderson, Resident Slavic Village, Ohio
  Mrs. Audrey Sweet, Resident Maple Heights, Ohio
  Mr. Kenneth Wade, CEO of NeighborWorks America
Charts and Data: Cleveland Magazine: "Welcome to Foreclosure Central" by Erick Trickey, July 2007
  Slavic Village Vacant Property Survey, Submitted by Anthony Brancatelli
  Chart - The High Cost of Foreclosure
  Chart - Acceleration in Home Foreclosures in Ohio
  Chart - Economic Conditions in Ohio Do Not Explain Spikes in Delinquency and Foreclosure
  Chart - Foreclosures Up Across Cuyahoga County; African-American Neighborhoods Hit Hardest
Location: 216 Hart Senate Office Building
Time: 10:00am

Joint Economic Committee to Reveal the Individual Faces of the Subprime Mortgage Crisis by Examining Cleveland’s Foreclosure Nightmare

Watch the Hearing