Apr 27, 2008 3:42 am US/Pacific
Speaker Pelosi Kicks Off SF Foreclosure Workshop
SAN FRANCISCO (CBS 5 / KCBS / AP) ―
Speaker of the House Nancy Pelosi spoke Saturday to residents of San Francisco's Bayview neighborhood that was hit hard by the home foreclosure crisis, telling them it's a challenge they don't have to face alone.
"This is a challenge to the country's economy and to a large number of people," she said. But the problem needs to be taken care of "one family, one homeowner at a time."
That's what dozens of volunteers from local non-profits were trying to do as they sat down with residents that flocked to the workshop at San Francisco City College's Southeast Campus.
The workshop was one of three being held Saturday in the Bay Area. The others were in San Leandro and Santa Rosa.
Pelosi said she was glad that as she talked, she could hear the buzz of conversations between financial counselors and residents who needed help. She gave examples of efforts by local elected officials to prevent foreclosures and connect San Franciscans to banks and solid financial advice, thanking them.
The problem is affecting not only individual families, but the country's economy as well, she said, adding that in California, one in 20 homeowners are projected to be in foreclosure in the next two years.
Ten percent of American homeowners, said the top Democrat, owe more on their homes currently than the home is worth.
"While this mortgage foreclosure issue is a challenge to our country, our economy, and to large numbers of people across the country, we think of it as one family, one homeowner at a time," said Pelosi.
Pelosi called for more government regulation of the lending industry and a generally simplified process for borrowing.
Her call came as the Cow Palace played host to a seven-day foreclosure auction.
(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
