Press Release

Senate Panels to Assess Sub prime Lending Crisis, Shore Protection

Release Date: Sep 14 2007

Two Senate committees will meet on Monday, one to hear experts offer ways to help those ensnared by mortgage problems in the sub prime lending crisis and a second to advance the creation of a shore protection panel and a statewide program that would promote fishing as an alternative to drug use among young people.

            “We want workable and realistic remedies for families whose dreams of home ownership have been threatened by the nightmares of foreclosure, lost credit and scam artists,” said Senator Ronald L. Rice, Chairman of the Senate Community and Urban Affairs Committee.

            Senator Rice’s committee will meet here at 10 a.m. on Monday to gather testimony from nearly a dozen experts invited to weigh in on the sub prime lending and credit crisis from their positions with the State Attorney General’s Office, the Federal Home Loan Mortgage Corp.(Freddie Mac), the Department of Banking and Insurance, the New Jersey Housing and Mortgage Finance Agency, the Mortgage Bankers and Brokers Association of New Jersey and several other agencies.

            Meanwhile, the Senate Environment Committee will travel to Monmouth University in West Long Branch for a 10 a.m. session to consider two measures, one of which, S-2645, would establish the New Jersey Coastal and Ocean Protection Council to recommend ways to restore and preserve coastal ecosystems.

            “Protecting New Jersey’s beaches and marine ecosystem is vital to our economy and our quality of life,” said Senator Ellen Karcher, D-Monmouth and Mercer, who added that creation of the Coastal and Ocean Protection Council “will allow us to examine every possible idea and solution that will help improve our ocean water and allow for continued recreational opportunities that are essential to sustaining coastal tourism.”

            Senator Bob Smith, Chairman of the Senate panel, said he chose to have the committee visit Monmouth University because of its proximity to the Atlantic Ocean and to those concerned with its future condition.

            “I’m grateful that we have the opportunity to bring government closer to the people affected by the issues before us,” said Senator Smith, D-Middlesex.

            A second bill before the environment committee, S-138, sponsored by Senator Leonard Connors, R-Ocean, would establish a statewide drug use prevention program for young people focused on the positive, character-building aspects of sport fishing. The Connors bill would appropriate $200,000 and expand on a pilot program set up in Ocean County.

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The agendas for the two committees have been distributed to the State House media and are available at the Senate Democratic Website, www.njsendems.com.

Contact:

Jim Manion
jmanion@njleg.org
609-292-5215