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House Panel to Examine Continuing Foreclosure Crisis

The media might be turning their attention to the looming crisis in commercial real estate, but some on Capitol Hill still doubt that the White House is doing

Jul 31, 2020
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The media might be turning their attentionto the looming crisis in commercial real estate, but some on Capitol Hill still doubt that the White House is doing enough to curtail residential foreclosures.
With that in mind, the House Oversight Committee’s Domestic Policy subpanel will hold a hearing next Tuesday on the administration’s anti-foreclosure efforts, Chairman Dennis Kucinich (D-Ohio) announced today. An unnamed Treasury Department official will testify, Kucinich says — and will have some explaining to do. Despite the administrative moves to stem the housing crisis, foreclosures topped 315,000last month — up 15 percent from the year before, according to RealtyTrac, an online foreclosure database.
The White House isn’t blind to the problem. Today, President Obama will announce a reported $1.5 billionin federal funds to help stabilize the housing markets in California, Michigan, Florida, Nevada and Arizona — five states that have been pummeled by the housing collapse. Still, that the administration wasn’t more aggressivetackling the housing crisis — which, after all, was the rootof the entire downturn — might be its biggest failureof the last year.
Dexter Cooke

Dexter Cooke

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Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide. He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina. Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations. As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all. Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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