Kanjorski Announces Congressional Hearing on Poconos Housing Problems

WASHINGTON - Congressman Paul E. Kanjorski (PA-11) today announced that he has arranged a Congressional hearing focusing on housing problems in the Poconos to be held at 10 a.m. on June 14 at East Stroudsburg University. The Financial Services Capital Markets Subcommittee will host the hearing. Congressman Kanjorski is the most senior Democrat on this panel and the second leading Democrat on the Financial Services Committee.

"We have scheduled this special meeting so that Members of Congress can understand the problems of the many homeowners in the Poconos who have faced foreclosure because of problems with their mortgages. We expect to hear from affected homebuyers, industry officials, other experts and leaders who are trying to develop solutions to ensure equitable lending practices for all people," Congressman Kanjorski said. "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 their own homes."

The problems in the Poconos' housing markets have been documented extensively since 2001 after the Pocono Record revealed its investigation into these matters. The New York Times recently conducted its own examination of these problems, and government entities also continue to study the situation.

Subcommittee Chairman Richard Baker (LA-6) commended Congressman Kanjorski for garnering attention in Washington and addressing this problem. "I agree with Congressman Kanjorski that the housing and mortgage lending problems in his district in Pennsylvania are a concern and deserve national attention because they are problems that are national in scope, and I appreciate the opportunity to begin to get to the bottom of them," Chairman Baker said.

The 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 a.m. on June 14 in the Keystone Room at East Stroudsburg University, East Stroudsburg. Witnesses will be by invitation only, in accordance with Financial Services Committee standard practices. The public is invited to attend the hearing and seating will be available on a first-come, first-served basis. More details on the hearing will be announced at a later date.

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