Carolyn Maloney: “This is a map from a new report by the Government Accountability Office that I requested in my role as Chair of the…”

“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.”