Today is the first of two initial hearings on predatory mortgage lending: the problem, the impact, and the responses. This morning, we will first hear from a number of families that have been victimized by predatory lenders. Later this morning, and again tomorrow morning, an array of public interest and community advocates, industry representatives, and legal and academic experts will discuss the broader problem and the impact that predatory lending can have not only on families, but also on communities.

Homeownership is the American Dream. It is the opportunity for all Americans to put down roots and start creating equity for themselves and their families. Homeownership has been the path to building wealth for generations of Americans. And in my view, it has been the key to ensuring stable communities, good schools, and safe streets.

This report is part of the collection of scanned documents available to the public.