S1853

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.”

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.”