GREEN STATEMENT ON HEARING FOCUSING ON HOME MORTGAGE AND FORECLOSURE CRISIS

GREEN STATEMENT ON HEARING FOCUSING
ON HOME MORTGAGE AND FORECLOSURE CRISIS

(PLAINFIELD) - Assembly Speaker Pro Tempore Jerry Green (D-Union) released the following statement today on the Assembly Housing and Local Government Committee's Monday hearing on the ongoing home mortgage and foreclosure crisis.
The hearing was held with the Assembly Financial Institutions and Insurance Committee as part of a daylong emphasis on the economy. Green is the housing panel chairman:

"We already knew the American dream was being put at risk for many of our families through unscrupulous lending and subprime loans, but Monday's hearing clearly shows the state needs to set the table and employ a full court press to help our struggling homeowners.
"Statistics show home foreclosures in New Jersey rising from 23,000 two years ago to nearly 35,000 last year. But even more disconcerting is that the state may see 50,000 foreclosures this year.
"That's more than 100,000 New Jersey families who will have suddenly found themselves unable to put a roof over their heads and to sleep soundly knowing they have a home for their children.
"Clearly we are limited in what we can do as a state, but Monday's hearing shows we are ready to help.
"Seven bills combating foreclosures and questionable lending practices were advanced by various Assembly committees. These bills do everything from giving homeowners time to negotiate better terms to imposing tough new requirements for foreclosure consultants to requiring mortgage lenders to maintain vacant homes to ensure we have vibrant neighborhoods.
"Answers aren't easily found, but we are striving to find them as we continue working to keep the American dream alive for so many New Jerseyans."