Foreclosure Crisis Brings Congress To Cleveland

[OhioChick]

Source: AP

CLEVELAND -- A congressional panel is coming to Cleveland for an up-close look at the foreclosure crisis in Ohio.

Members of a U.S. House subcommittee on housing plan to hear testimony on Monday from state and local officials, representatives from the banking and mortgage industries, and leaders of housing advocacy groups.

Subcommittee chairwoman Maxine Waters says she has seen neighborhoods plagued by foreclosed properties in Cleveland as well as in her home state of California. The congresswoman says lawmakers are looking for guidance as they search for effective solutions to the problem.

The latest monthly survey from a real estate research group showed that Ohio had the nation's ninth highest foreclosure rate in May.

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