Part of the Bay Area News Group

House panel to probe mortgage mess in Stockton

By Josh Richman
Wednesday, August 27th, 2008 at 9:48 am in Dennis Cardoza, General, Jackie Speier, Jerry McNerney, U.S. House.

Congressmen Jerry McNerney, D-Pleasanton, and Dennis Cardoza, D-Atwater, announced yesterday that, at their invitation, the House Committee on Financial Services will hold a field hearing at noon Saturday, Sept. 6 in the Stockton Arena to examine the effects of the foreclosure crisis on neighborhoods in California’s Central Valley.

Witnesses including local elected officials, mortgage brokers, realtors, and HUD-approved housing counselors will testify on federal, state and local efforts to address foreclosure rates.

“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 McNerney said in a news release. “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 who’ll testify:

    State Senate Banking, Finance and Insuance Committee Chairman Mike Machado, D-Linden

Freshman Rep. Jackie Speier, D-Hillsborough, is the House Financial Services Committee’s only Bay Area member.

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