Assembly Committees Schedule Hearings On NJ’s Slow Response To Foreclosure Crisis

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The New Jersey State House (Photo credit: Marion Touvel)

The New Jersey State House (Photo credit: Marion Touvel)

TRENTON – Two Assembly committees will meet jointly on Wednesday to examine New Jersey’s efforts to help families facing foreclosure.

New Jersey has the nation’s second highest foreclosure rate, but questions have been raised about the inability of the Christie administration to help out more families with $300 million in federal foreclosure aid given to the state.

The Assembly Housing and Local Government Committee and the Assembly Financial Institutions and Insurance Committee will meet jointly on Wednesday at 10 a.m. in Committee Room 11 on the 4th floor of the State House Annex in Trenton.

The committees will receive testimony on issues relating to the NJ HomeKeeper Program, including the program’s record in providing financial assistance to New Jersey homeowners in danger of foreclosure and the extent to which it has used the $300 million received from the U.S. Treasury’s “Hardest Hit Fund.”

The NJ HomeKeeper Program is administered by the New Jersey Housing and Mortgage Finance Agency, which is established under the Department of Community Affairs.

“Gov. Christie may not want to be held accountable for failing to help New Jersey families facing foreclosure, but he cannot hide from his failure to help New Jersey families at risk of losing their homes,” said Assembly Speaker Pro Tempore Jerry Green (D-Union/Middlesex/Somerset), who chairs the housing panel. “The administration’s approach is clearly not working. New Jersey’s middle-class and poor deserve answers and help.”

“We need to get answers and get this program moving for the benefit of struggling New Jersey families,” said Deputy Speaker Gary Schaer (D-Passaic/Bergen), who chairs the financial institutions and insurance panel. “Helping families affected by the Great Recession must be among the highest priorities of the General Assembly. I remain concerned about his administration’s slow action in helping as many affected homeowners as possible.”

Audio of Wednesday’s hearing will be streamed live at:

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