Kucinich: Neighborhoods are "blameless victims" of mortgage crisis

At a Domestic Policy Subcommittee of the House Oversight and Government Reform Committee hearing on the impact of the subprime mortgage crisis on neighborhoods, Chairman Dennis Kucinich (D-Ohio) says that while "the meltdown of subprime lending has been a genuine tragedy" for individuals, the "totally blameless victims" are the neighborhoods affected by vacant and abandoned property.  Kucinich lists the repercussions of abandoned properties, including falling property value, loss of rental units, rise in crime, and loss in tax revenue. (1:00)
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Foreclosures "send a message" to neighborhoods

At a Domestic Policy Subcommittee of the House Oversight and Government Reform Committee hearing on the impact of the subprime mortgage crisis on neighborhoods, Maryland Councilmember Nancy Floreen says that foreclosed property "sends a message" to the rest of the community that they "don't need to try," and that if they're "on the edge, why not do it to?"  She said it causes others in surrounding homes to wonder why they should improve the "quality of life within a community" by cleaning up graffiti, mowing lawns, repairing broken steps, and other maintenance issues. (0:50)
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Subprime lending market has "preyed upon" people who can't afford loans

At a Domestic Policy Subcommittee of the House Oversight and Government Reform Committee hearing on the impact of the subprime mortgage crisis on neighborhoods, Maryland Councilmember Nancy Floreen says that the market has "preyed upon people who cannot afford the situations in which they've been led."  She also says that the crisis has disproportionately affected minority communities, and said that blacks in Maryland are three times more likely than whites to receive a subprime loan, and Latinos are twice as likely as whites. (0:36)
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