[Congressional Record Volume 156, Number 6 (Wednesday, January 20, 2010)]
[House]
[Page H197]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           A SOBERING PICTURE

  (Mrs. MALONEY asked and was given permission to address the House for 
1 minute.)
  Mrs. MALONEY. Mr. Speaker, this is a map from a new report by the 
Government Accountability Office that I requested in my role as Chair 
of the Joint Economic Committee. The report provides a detailed 
understanding of the state of the housing market at the end of June 
2009, and it provides a sobering picture of the housing crisis this 
administration, President Obama, inherited.
  By the end of last June, 1.7 million of the nonprime mortgages that 
originated from 2000-2007 had completed the foreclosure process. This 
map shows the estimated percentage of seriously delinquent nonprime 
loans by congressional district. It also serves as a map of the 
economic damage and social pain caused by lending practices of the past 
decade that were unsound by any measure.
  Last year, this House passed financial regulatory reform to protect 
both consumers and our economy from the damaging effects of predatory 
lending. This sobering map is a reminder of why this legislation needs 
to pass into law.

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