Kanjorski Announces Witnesses for Congressional Hearing on Poconos Housing Problems

WASHINGTON -- Congressman Paul E. Kanjorski (PA-11) today announced the lineup of a diverse group of knowledgeable individuals and national experts for the Congressional hearing focusing on the problems in the Monroe County housing markets to be held on Monday, June 14 at East Stroudsburg University.

"We have scheduled this field hearing so that Members of Congress can learn more about the problems of the many homeowners in the Poconos who have unfortunately faced foreclosure, run into difficulties with their mortgages, and encountered problems in buying a home," Congressman Kanjorski said. "During the hearing, we will hear from affected homeowners, local advocates and industry leaders, and national experts who are trying to develop solutions to ensure equitable lending practices for all Americans. It is important that we find a solution to the obstacles faced by honest, hardworking people who have come to Northeastern Pennsylvania to achieve the American Dream of owning a home."

The House Financial Services Capital Markets Subcommittee will host the hearing. Because Congressman Kanjorski serves as the leading Democrat on this panel, he was able to convince his colleagues to convene a hearing outside of Washington to investigate these matters. Congressman Kanjorski also presides as the second most senior Democrat on the Financial Services Committee and has developed a reputation for working in a bipartisan manner on complex financial services and consumer protection issues.

The invited witnesses at the Capital Markets Subcommittee hearing entitled "Broken Dreams in the Poconos: The Response of the Secondary Markets and Implications for Federal Legislation" represent a variety of viewpoints. The participants will include:

• Mr. Robert Hay, Broker and Owner, BobHay.com Realtors
• Ms. Maureen McGrath, Pocono homeowner and housing advocate
• Mr. Richard J. Peterson, Executive Director, Pocono Builders Association
• Mr. Almus Wilson, Founder and CEO, Pocono Homeowners Defense Association
• Mr. Donald J. Bisenius, Senior Vice President, Credit Policy and Portfolio Management, Freddie Mac
• Mr. Zach Oppenheimer, Senior Vice President, Single-Family Mortgage Business, Fannie Mae
• Mr. Gary P. Taylor, President, Appraisal Institute

"In addition to this diverse group of witnesses, I am especially pleased that we will have a chance to hear from Mr. Ira Goldstein with the Reinvestment Fund, hired by the Pennsylvania Department of Banking to conduct an investigation into the problems of the Poconos housing markets. Secretary William Schenck, selected by Governor Rendell to head the Banking Department, has reinvigorated the Commonwealth's efforts to respond to these reported problems. Learning more about some of the initial observations in the study commissioned by Secretary Schenck in advance of its formal release will significantly improve the quality of the hearing and help everyone involved to gain a better background understanding of these matters," noted Congressman Kanjorski.

Mr. Goldstein, the Director of Public Policy and Program Assessment at the Reinvestment Fund, will brief Members of Congress at the start of the hearing about some of the preliminary findings in the Pennsylvania Banking Department's forthcoming report on mortgage foreclosures in Monroe County. Secretary Schenck recently announced that he expects to release the comprehensive report, coupled with recommended action steps to address the identified abuses, later this summer.

The problems in the housing markets of Monroe County have been documented extensively since 2001 after the Pocono Record revealed its investigation into these matters. In April, the New York Times published its own examination of the situation, and several other media outlets have also reported about housing in the Poconos. In addition to the Pennsylvania Banking Department, several other governmental entities are also continuing to investigate.

"The reported problems in the Poconos housing markets deserve national attention because they are national in scope. Hopefully, Monday's hearing will further efforts in Washington to develop legislation to increase homebuyer and homeowner protections," added Congressman Kanjorski.

The House Financial Services Committee has begun to examine abuses in mortgage lending and the need to update federal laws to protect homeowners against such practices. The hearing in the Poconos will help the panel in its study of this matter.

The hearing will begin at 10:00 a.m. on Monday, June 14 in the Keystone Room of the Center for Hospitality Management at East Stroudsburg University in East Stroudsburg, Pennsylvania. The public is invited to attend the hearing and seating will be available on a first-come, first-served basis. Parking is available in the lots located along Ransberry Avenue and South Green Street.

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