[Congressional Record Volume 155, Number 116 (Wednesday, July 29, 2009)]
[House]
[Page H8964]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          GAO MORTGAGE REPORT

  (Mrs. MALONEY asked and was given permission to address the House for 
1 minute.)
  Mrs. MALONEY. Mr. Speaker, the Joint Economic Committee just 
concluded a hearing highlighting a GAO report that analyzed the 
performance of subprime loans in all 435 congressional districts, as 
this map illustrates. This report that I requested provides a sobering 
snapshot of the ongoing foreclosure crisis inherited by the Obama 
administration. The dark red is where there are high instances of 
foreclosure.
  So we see that California, Florida, and Nevada are the places where 
the most nonprime loans were originated with noxious prepayment 
penalties and exploding interest rates. The end results are obvious. 
The hearing reviewed past Federal regulatory failures and identified 
the actions that the administration and Congress have taken to reduce 
foreclosure rates and prevent a future recurrence. The report is online 
by congressional district with the hearing Web site at the JEC Web 
site, www.jec.senate.gov.

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