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.”

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.”

WATSON COLEMAN ANTI-FORECLSOURE BILL CLEARS ASSEMBLY PANEL

Measure Would Protect Homeowners, Neighborhoods At-Risk By Preventing Abusive and Dangerous Practices By Lenders & Loan Services

(TRENTON) - The Assembly Housing and Local Government Committee today released legislation Assembly Majority Leader Bonnie Watson Coleman sponsored to protect New Jersey homeowners who are at-risk of foreclosure and to prevent the issuance of dangerous loan products in the future. 

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.

WATSON COLEMAN TO BUSH:  FORECLOSURE RELIEF NEEDS SOLID FOUNDATION, NOT PRETTY FACADES

Assembly Majority Leader Demands President Make Serious Efforts to Protect At-Risk Mortgage Holders from Threat of Homelessness

(TRENTON) - Assembly Majority Leader Bonnie Watson Coleman today demanded President George W. Bush cease downplaying the serious mortgage and economic crises facing the country, calling on him to offer real federal support for families facing foreclosure.

**PREVIEW**

PAID FAMILY LEAVE, GLOBAL WARMING HIGHLIGHT ACTION BY SENATE PANELS

TRENTON - Several key Senate committees will convene here Thursday to consider issues of importance to the people of New Jersey such as paid family leave, global warming and regulation of self-styled foreclosure consultants.