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Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) convened a hearing to investigate the ongoing foreclosures for non-prime borrowers in the residential housing market.  The hearing entitled, “Current Trends in Foreclosures and What More Can Be Done to Prevent Them,” took place on Tuesday, July 28, 2009 at 10:00 a.m.  At the request of Chair Maloney, the Government Accountability Office reported on previously undisclosed loan-level data, revealing current trends in the non-prime foreclosure crisis which continues to wreck havoc across the country.  In addition, the Committee reviewed past federal regulatory failures and discuss efforts by the current Administration and Congress to reduce foreclosure rates, direct some of those borrowers into fixed rate FHA loans, and efforts to prevent a similar future crisis.