Kucinich to Hold Hearing Over Foreclosures

Monday, May 21, 2007
Topics: Economy
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Congressman Dennis Kucinich will be taking the Federal Reserve of Cleveland to task today for the soaring number of foreclosures in the city. ideastream's Bill Rice reports.

Kucinich will hold a hearing in downtown Cleveland to gather information that he hopes will lead to greater federal oversight of lending practices. The congressman led a walking tour Sunday of the east side neighborhood of Slavic Village, where single blocks are home to as many as a dozen boarded up and condemned homes. Kucinich blames the blight on predatory lending practices that have been allowed to flourish.

Dennis Kucinich: It’s kind of a racket, and that what we’re going to be talking about the role of the fed to monitor these practices. And also where do we go from here.

Kucinich says now that democrats are in charge of Congress, passage of legislation to reign in lending standards has a better chance making it into law. County, bank and Federal Reserve officials are scheduled to testify at today’s hearing.

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This feature is part of the series Mortgage Meltdown.