On November 2, 2009, The Committee on Oversight and Government Reform Subcommittee on Domestic Policy began witness testimony on the hearing entitled “Examining the Continuing Crisis in Residential Foreclosures and the Emerging Commercial Real Estate Crisis: Perspectives from Atlanta.”
You can read the interesting opening testimony on the subcommittee’s website:
The witnesses seem to be a cross section of those involved in the real estate industry. Interestingly, each perspective on the cause of the real estate bubble burst and its effects on the current recession (and vice verse) are different. Among the witness testimony, one blames all lenders for predatory lending practices, one blames large lenders for not lending in the current climate with government TARP funds, one blames excessive government regulation for not allowing small local banks provide loans because they are deemed “high priced…”