TRENTON – Senator Shirley K. Turner, D-Mercer, a member of the Senate Budget and Appropriations Committee and author of new legislation aimed at combating predatory lending in New Jersey, issued the following statement regarding today’s hearing on the FY 2009 Budget of the State Department of Banking and Insurance:
“While education is most often the great equalizer in our society, when it comes to the subprime mortgage crisis, it’s simply not enough. While information is critical in making sure that families don’t fall for subprime ARMs (adjustable rate mortgages) in the future, for those families already facing foreclosures, more direct action is desperately needed.