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. Additional details will be announced later this week:

“Homeownership has long been the American dream and is key to helping foster stable and vibrant neighborhoods where families feel safe and children prosper, but that dream is now at risk for many of our hard-working families.

“The ongoing home mortgage and foreclosure crisis has threatened not only a way of life for many New Jerseyans, but their future. New Jersey has the 12th highest foreclosure rate in the nation. This is a frightening statistic that doesn’t bode well for our long-term future.

“The industry is largely federally regulated, but the onus is on us to find what options the state has to help people suffering through foreclosure and to prevent this from reoccurring in the future. “The questions are many.

“What programs have been successful in combating foreclosures? How can they be improved? What can the state do to help?

“What solutions have nonprofits and faith-based organizations found? How can we build on their success?

“How do we ensure communities experiencing foreclosures don’t suffer from blight?

“What unscrupulous schemes have befallen homeowners facing foreclosure? What can be done to protect them?

“Answers aren’t easily found, but we must strive to find them as we work to keep the American dream alive for so many New Jerseyans.”