Rice- Redd Measure To Create Housing Rescue Plan Becomes Law

TRENTON – Senator Ronald L. Rice, D-Essex, released the following statement today regarding the approval by the members of the Senate Budget and Appropriations Committee, on his legislation which would create the New Jersey Homeownership Preservation Act.

The bill, SCS-1599 was approved by the Senate panel by a vote of 8 to 0 and 4 abstentions.

TRENTON – Senator Ronald L. Rice, D-Essex, released the following statement today after the Senate Commerce Committee approved his bill, S-1599, which would create the New Jersey Homeownership Preservation Act and would establish among other things a Foreclosure Prevention Fund. The bill now heads to the full Senate for consideration.

“Every day there are new reports on the troubled housing market, and the victims who are losing their homes to foreclosures, and sub prime loans account for roughly 1/2 of all foreclosure.

TRENTON ?Legislation sponsored by Senators Ronald L. Rice and Dana L. Redd to create the New Jersey Homeownership Preservation Act which will help provide needed assistance to those facing foreclosure was approved by the full Senate today.

?There are an increasing number of households that are becoming victims of foreclosures,? said Senator Rice, D-Essex. ?These foreclosures have created an economic downturn in New Jersey. When a home is foreclosed upon, it isn?t just families who are affected. We have seen, first hand, that the negative impact creates a domino effect that leads to an increase in crime and a decrease in area property values.?

NEWARK – Senator Ronald L. Rice is seeking to crack down on the “foreclosure blight” affecting neighborhoods throughout New Jersey by drafting tougher legislation that will increase penalties on the lending institutions that fail to properly maintain properties in their possession.

“When a property is seized from a foreclosure, it is the bank that is responsible for maintaining the property until it is resold, but unfortunately, too many foreclosures are not being kept up and it is becoming a major issue in communities,” said Senator Rice, D-Essex. “A foreclosed property becomes more than just an eyesore; it can become a breeding ground for crime. Too often, the town and its taxpayers are left to foot the bill for cleaning up or providing additional security to areas with foreclosed properties.”

TRENTON –Legislation sponsored by Senators Ronald L. Rice and Dana L. Redd to create the New Jersey Homeownership Preservation Act which will help provide needed assistance to those facing foreclosure was approved by the full Senate today by a vote of xx to xx.

“There are an increasing number of households that are becoming victims of foreclosures,” said Senator Rice, D-Essex. “These foreclosures have created an economic downturn in New Jersey. When a home is foreclosed upon, it isn’t just families who are affected. We have seen, first hand, that the negative impact creates a domino effect that leads to an increase in crime and a decrease in area property values.”

TRENTON – Senator Joseph F. Vitale, D-Middlesex, issued the following statement today regarding Governor Christie’s veto of S-1599, legislation that would have created a legal framework for gestational carrier agreements in the state of New Jersey:

“I am deeply disappointed with the Governor’s decision to veto legislation that would have thoughtfully created rules governing what is already an existing method of having children. Many parents who cannot otherwise have their own children have used this procedure for many years. It is a major setback for parents who wish to create life and give a baby a loving home.

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.

TRENTON – Senator Ronald L. Rice today introduced a measure to provide re-financing assistance to New Jersey homeowners who are facing foreclosure because of rising sub prime mortgage interest rates.

“New Jersey is facing a dramatic increase in the number of foreclosures due to changes in interest rates for sub prime loans, especially in the urban communities,” said Senator Rice, D-Essex. “The dream of homeownership has collided with rising interest rates, declining home values and the collapse of sub prime mortgages and without re-financing assistance, these problems are forcing working families from their homes. By offering re-financed loans traditional fixed-rate mortgages, we will help families remain homeowners and provide a better quality of life for all of the State’s residents.”

TRENTON – Legislation sponsored by Senator Joseph F. Vitale, Senate Majority Leader Loretta Weinberg and Senator Barbara Buono that would permit gestational carrier agreements – where a woman agrees to carry and give birth to a child using another woman’s egg so that the child is not genetically-related to the carrier – was approved today by the full Senate. Currently, New Jersey laws regarding gestational carrier agreements are based solely on case law rather than statute.

“Providing a family that may not be able to get pregnant with a child is the ultimate gift,” said Senator Vitale, D-Middlesex. “And with advancements in reproductive technology, such as in vitro fertilization, a woman can serve as a gestational carrier without having to be biologically related to the child. Yet here in New Jersey we have not recognized these advancements. As a result, contested cases end up in court and the parentage of a child is often not established for years. The status quo is not in the best interest of the children. It is time that we update the law, so that we can provide the necessary support and protection for these families before we conceive these children – not after.”