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TRENTON – In the Assembly Financial Institutions and Insurance Committee meeting, Senator Ronald L. Rice today said that the number residents who are losing their homes because of higher mortgage payments has reached an epidemic proportion and he is drafting a measure to re-finance sub prime mortgages for borrowers who can no longer afford their rising interest rates.

The most immediate thing we in government can do in the midst of this crisis is to provide re-financing assistance,” said Senator Rice, D-Essex.

TRENTON – Senator Ronald L. Rice today said that the number residents who are losing their homes because of higher mortgage payments has reached an epidemic proportion and he plans to introduce a measure to re-finance these subprime mortgages for borrowers who can no longer afford their rising interest rates.

“Many of my neighbors face real financial peril because of rising interest rates and changes to the housing market,” said Senator Rice, D-Essex. “More people are making late mortgage payments, missing payments altogether and going into foreclosure. People all over the State are falling victim to rising interest rates, especially in my district. New Jersey’s reliance on subprime mortgages is increasing the state’s real-estate downturn and causing an increase in mortgage delinquencies. I saw this trouble brewing years ago, and am deeply concerned that the impact will expand beyond homeowners and negatively affect even renters,” added Senator Rice. “It’s my goal to quickly introduce and get signed into law a bill to assist New Jersey families who are facing foreclosure.”