GREEN STATEMENT ON PLANS TO HOLD JOINT MONDAY HEARING FOCUSING ON HOME MORTGAGE AND FORECLOSURE CRISIS

(PLAINFIELD) – Assembly Speaker Pro Tempore Jerry Green (D-Union) released the following statement today on plans by the Assembly Housing and Local Government Committee to hold a joint hearing Monday on the ongoing home mortgage and foreclosure crisis.

The hearing will be held with the Assembly Financial Institutions and Insurance Committee as part of a daylong emphasis on the economy.

TRENTON –  A bill sponsored by Senators Nia H. Gill and M. Teresa Ruiz to protect homeowners caught up in the subprime mortgage crisis as well as those threatened by foreclosure was signed into law today by Governor Corzine.

            The new law is called The Save New Jersey Homes Act of 2008

GILL MEASURE TO PROVIDE EXTENSION OF INTRODUCTORY MORTGAGE RATES FOR HOMEOWNERS IN NEED APPROVED IN SENATE

‘Save New Jersey Homes Act of 2008’ Would Also Allow for Suspension of Foreclosure Process

TRENTON – In an effort to combat the foreclosure crisis affecting the nation, a bill sponsored by Senator Nia H. Gill which would provide protections for homeowners facing substantial mortgage interest rate increases or foreclosure was approved by the Senate today by a vote of 39-0, receiving final legislative approval.

“Today in New Jersey, homeowners are losing their homes due to the national mortgage crisis created by the practices of some subprime, predatory lenders,” said Senator Gill, D-Essex and Passaic, and Chair of the Senate Commerce Committee. “The State must provide some level of protection for our citizens who may be on the brink of, or already face, financial insolvency, trying to cope with soaring mortgage payments. Through this bill, we’re ensuring that our State property owners are given the notice and flexibility they need to survive crushing mortgage increases.”

ASSEMBLY PASSES COHEN/CONNERS BILL SUSPENDING MORTGAGE INTEREST PAYMENTS FOR ACTIVE DUTY SOLDIERS

(TRENTON) - Legislation Assemblymen Neil M. Cohen and Jack Conners sponsored to temporarily suspend mortgage interest payments for active duty military personnel was unanimously passed today by the General Assembly.

GILL MEASURE TO PROVIDE EXTENSION OF INTRODUCTORY MORTGAGE RATES FOR HOMEOWNERS IN NEED ADVANCES

‘Save New Jersey Homes Act of 2008’ Would Also Allow for Suspension of Foreclosure Process

TRENTON – In an effort to combat the foreclosure crisis affecting the nation, a bill sponsored by Senator Nia H. Gill which would provide protections for homeowners facing substantial mortgage interest rate increases or foreclosure was unanimously approved by the Senate Commerce Committee today.

“New Jerseyans are losing their homes at an alarming rate due to foreclosure and the home loan crisis which is going on nationwide,” said Senator Gill, D-Essex and Passaic, and Chair of the Committee. “The Legislature has an obligation to create a statutory scheme to allow protection for consumers who are struggling to live with the effects of a crisis created by the subprime lending practices of some predatory mortgage lenders. By ensuring early notification of rate increases and giving homeowners a grace period from higher payments, we can hopefully provide some relief for hard-hit families in the Garden State.”

COHEN/CONNERS BILL SUSPENDING MORTGAGE INTEREST PAYMENTS FOR ACTIVE DUTY SOLDIERS ADVANCES

(TRENTON) - Legislation Assemblymen Neil M. Cohen and Jack Conners sponsored to temporarily suspend mortgage interest payments for active duty military personnel was unanimously released today by the Assembly Financial Institutions and Insurance Committee.

COHEN/SCHAER/WATSON COLEMAN/SPENCER/SMITH 'SAVE NEW JERSEY HOMES ACT OF 2008' ADVANCES

Measure Would Provide Three-Year Reprieve from Foreclosures; Give Families More Options to Stay in Their Homes

(TRENTON) - Legislation Assembly members Neil M. Cohen, Gary S. Schaer, Bonnie Watson Coleman, L. Grace Spencer, and L. Harvey Smith sponsored to extend foreclosure protection to thousands of New Jersey families caught-up in the recent mortgage market upheaval was released today by an Assembly panel.

WISNIEWSKI BILL INCREASING TIME HOMEOWNERS CAN REPURCHASE FORECLOSED HOMES ADVANCES

(TRENTON) - The Assembly Financial Institutions and Insurance Committee today unanimously released legislation Assemblyman John S. Wisniewski sponsored to extend the length of time provided to foreclosed homeowners to repurchase their property.

COHEN UNVEILS COMPREHENSIVE PLAN TO SAVE FAMILY HOMES FROM FORECLOSURE DURING NATIONAL MORTGAGE CRISIS

Provide Three-Year Payment Plan for Families in Foreclosure to Protect Their Homes; Bill Would Give Families More Notice of Changes to Interest Rates

(ROSELLE) - Assemblyman Neil M. Cohen, chairman of the Assembly Financial Institutions and Insurance Committee, today unveiled legislation he has crafted to help give the thousands of New Jersey families caught-up in the recent mortgage market upheaval an opportunity to retain their homes.

(TOMS RIVER, March 28) – Third District Republican candidate for Congress – Freeholder Jack Kelly – offered the following on the economic crisis many across the nation are facing: