TRENTON – Senator Dana Redd, D-Camden and Gloucester, issued the following statement regarding her measure, S-1599, which would assist residents that are facing foreclosure. The bill was approved by the members of the Senate Commerce Committee today.
“As a member of the Legislative Black Caucus and a State Senator Representing the 5th District, which includes Camden and Gloucester counties, I am deeply concerned about the impact that foreclosures are having on the residents of this State. There are an increasing number of households that are becoming victims of foreclosures. These foreclosures are also starting to create an economic downturn in New Jersey.
“Unfortunately, some of the foreclosures in this State are a direct result of years of predatory lending practices. When a home is foreclosed upon, it isn’t just families who are affected. The negative impact can, many times, create a domino effect that leads to an increase in crime and a decrease in area property values.
“I am looking forward to holding a hearing in my district this summer on foreclosures, sub prime loans and predatory lending practices, with Senator Rice. The foreclosure problem is difficult, but I feel that we must continue to work together to find the best solution for the residents of this State.” ###