Frank Demarais testimony on HPAP

TESTIMONY OF FRANK DEMARAIS, VICE PRESIDENT, MANNA MORTGAGE

ROUNDTABLE ON THE IMPACT OF FORECLOSURES ON HOMEOWNERSHIP AND AFFORDABLE HOUSING IN THE DISTRICT OF COLUMBIA

May 28, 2009

Good morning and thank you for opportunity to comment on the serious impact the growing foreclosure problem will have on District Homeownership and Affordable Housing. My name is Frank Demarais, and I am vice president and general manager of Manna Mortgage, the District’s only non-profit mortgage company.

The increasing numbers of foreclosures in the District have already wiped out significant amounts of home value and undercut hard fought growth in financial stability for many current District residents. Continue reading

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