Assembly Committees to Hold Joint Meeting on Residential Foreclosure Crisis in New Jersey

(TRENTON) – Collaborating to develop a solutions-driven strategy in response to New Jersey’s residential foreclosure crisis, the Assembly Housing and Community Development and Financial Institutions and Insurance Committees will hold a joint meeting to discuss a
9-bill legislative package. (This meeting was originally scheduled for February 20 but was cancelled due to inclement weather.)

The meeting will address a number of residential foreclosed property issues impacting New Jersey, including ways to expedite legal proceedings; the impact of foreclosures on overall property values; mortgage lending licensing and practices; and the development of a database with an interactive mapping system that provides a graphic representation of foreclosed properties in the state. With more than 16,000 residential foreclosed properties, New Jersey has one of the highest foreclosure rates in the United States.

The meeting will be held Wednesday, March 6, 2 p.m. in Committee Room 4, First Floor, State House Annex, Trenton, New Jersey. Audio will be streamed online at www.njleg.state.nj.us/media/live_audio.asp.