Councilman Anthony Brancatelli, Ward 12, has accepted an invitation to testify before the United States Senate Joint Economic Committee on the impact of subprime lending and foreclosure on the Cleveland community on Wednesday, July 25, 2007 at 10:00 am in Washington DC. 

Cleveland's Slavic Village neighborhood, which Councilman Brancatelli represents, is among the areas hardest hit by predatory lending, property flipping and foreclosure in the nation.   Councilman Brancatelli serves as a constant advocate of the victims of the schemes that result in a plethora of vacant and abandoned homes lost to foreclosure.   The Councilman strongly believes in holding accountable those responsible for the current foreclosure crisis.

"The most obvious victims of predatory lending are those individuals that lose their homes," said Councilman Brancatelli.   "However, the people that get pulled into investment schemes and commit themselves to large sums on near valueless properties are also part of the problem.   The neighbors whose properties values decline because of the vacant homes surrounding them and are faced with the significant social problems around vacant and abandoned properties are also victims.   Those responsible must be held accountable for the destruction of our neighborhoods."

Councilman Brancatelli will be joined in testimony by Cuyahoga County Treasurer James Rokakis, and Northeast Ohio residents Ms. Annette Robinson and Mrs. Audrey Sweet.  The hearing will specifically focus on Cleveland as one of the communities hardest hit by subprime lending practices.