A House committee will come to Stockton on Saturday to conduct a formal hearing on the nation's foreclosure crisis and what can be done about it.
The House Committee on Financial Services, chaired by Rep. Barney Frank, D-Massachusetts, will convene at noon at Stockton Arena to examine the effects the foreclosure crisis in the Central Valley. The field hearing will focus on federal, state and local efforts to address foreclosure rates in the Central Valley.
The House committee was invited to Stockton by Rep. Jerry McNerney, D-Pleasanton, who represents the Lodi area, and Rep. Dennis Cardoza, D-Merced, who also represents parts of San Joaquin County.
State Sen. Mike Machado, D-Linden, will testify at the hearing in his role as chairman of the State Senate's Banking, Finance and Insurance Committee.
Machado describes San Joaquin County as "Ground Zero" when it comes to home foreclosures. In fact, the county has the second-highest foreclosure rate in the nation, according to RealtyTrac. Only Merced County is higher.
Machado said that San Joaquin County has the second-highest foreclosure rate because people thought they could move into a larger home or onto a larger lot they thought they could afford. Other issues, he said, include many people having stagnant incomes, and the high cost of gas for San Joaquin County residents commuting to work in the Bay Area.
"Somewhat of a perfect storm," Machado added.
The public is invited to attend the hearing, but they will not be allowed to speak from the floor.
The community may submit written statements about foreclosures to the committee by dropping them off today at McNerney's Stockton office, 2222 Grand Canal Blvd., No. 7, or sending a fax to 476-8587.
House field hearing at a glanceWhen: Noon Saturday. Should last two hours.
Where: Stockton Arena, 248 W. Fremont St.
Confirmed to testify:
- State Sen. Mike Machado, D-Linden, chairman of the State
Senate's Banking, Finance and Insurance Committee.
- San Joaquin County Supervisor Steve Gutierrez.
- Merced Mayor Ellie Wooten.
- Cynthia Abbot, Sacramento field office director for the U.S.
Department of Housing and Urban Development.
- Patty Amador, president, Ambeck Mortgage Associates, with
offices in Modesto and Turlock.
- Pam Canada, district manager, NeighborWorks HomeOwnership
Center, Sacramento region.
- Carol Ornelas, chief executive officer, Visionary Home Builders
of California, based in Stockton.
Source: Rep. Jerry McNerney
Foreclosures at a glance2,714: Number of filings in San Joaquin County in July, down 13 percent from June.
72,285: Number of filings in California in July, up five percent from June.
272,171: Number of filings nationwide.
One of every 82 households in San Joaquin County received a foreclosure filing in July, more than six times the national average. That compares with one of every 182 homes in California and one of 464 in the United States.