NOTE: The Senator’s Office announced on Jan. 12 that the subcommittee hearing would be postponed until further notice.
PLAINFIELD – On Friday morning, U.S. Sen. Robert Menendez, chairman of the Senate Banking Committee’s Subcommittee on Housing, Transportation, and Community Development, will hold a field hearing in Plainfield on the topic of “Saving Our Neighborhoods from Foreclosures.” The hearing will be held at Black United Fund Health and Human Services at 403 West 7th Street at 11 a.m.
Menendez (D-NJ), chose Plainfield due to the high number of foreclosures in the area as well as the evidence of devastating effects to the community that is caused by New Jerseyans losing their homes.
Scheduled witnesses include Tim Touhey, Chief Executive Officer, New Jersey Builders Association; Dr. DeForest B. Soaries, Chief Executive Officer, Central Jersey Community Development Corporation; Mr. Wayne Meyer, President, New Jersey Community Capital; Alan Mallach, Senior Fellow, Brookings Institution and Board Member Emeritus, Housing and Community Development Network of New Jersey ; Glenn Pecoraro, New Jersey Homeowner
The subcommittee will hear from witnesses about the effects of foreclosures on New Jersey neighborhoods. They will also review what steps the Senator and other witnesses have taken or are advocating to fix these problems, such as funding for foreclosure counseling; more sustainable mortgage modifications including reducing the debt owed through shared appreciation; new standards for mortgage servicing; helping homeowners refinance; and more quickly fixing properties that have been foreclosed or converting them to rentals.
The hearing is open to the public to observe the proceedings only. There will not be an opportunity for public comment.
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