Congress spotlights Georgia foreclosures and bank failures

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Congress spotlights Georgia foreclosures and bank failures

Story Published: Nov 2, 2009 at 11:58 PM EST

Story Updated: Nov 2, 2009 at 11:58 PM EST

ATLANTA (AP) - Foreclosures in the metro-Atlanta area and bank
failures throughout Georgia were the focus of a congressional field
hearing at the state Capitol.

Monday's hearing was led by an unlikely pair of congressmen _
Dennis Kucinich and Lynn Westmoreland. Kucinich, an Ohio Democrat,
is among the most liberal members of Congress and Westmoreland, of
Georgia, is considered one of the most conservative. Kucinich is
chairman of the Domestic Policy Subcommittee of the House Oversight
and Government Reform Committee. He blamed ``ruthless and largely
unregulated predatory lenders'' for trying to make a quick profit
in Atlanta's low-income neighborhoods.

Westmoreland said the region's high number of foreclosures are
``destroying wealth.''

(Copyright 2009 by The Associated Press. All Rights Reserved.)

 


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