The Return of the New Jersey Residential Foreclosure Transformation Act

One of the most outrageous proposals of the last legislative session is back. On Thurs., Feb. 20, (that’s today)  the Assembly Housing & Community Development Committee will take up the “New Jersey Residential Foreclosure Transformation Act,” Bill A470.  This reckless legislation would authorize the State to borrow billions of dollars to purchase foreclosed homes throughout the state-then use the properties to fill the state’s “affordable housing” quotas, including housing them with drug addicts, ex-cons, and sex offenders.

Assembly Housing and Community Development
Thursday, February 20, 2014 – 2:00 PM
Meeting – Committee Room 9, 3rd Floor, State House Annex, Trenton, N.J.

An Act concerning the foreclosure of residential properties, the transfer and dedication of foreclosed residential properties for affordable housing, and supplementing Title 2A of the New Jersey Statutes and Title 55 of the Revised Statutes.


     Be It Enacted by the Senate and General Assembly of the State of New Jersey:


     1.    This act shall be known and may be cited as the “New Jersey Residential Foreclosure Transformation Act.”


     2.    The Legislature finds and declares that:

     a.    In recent years, there has been an enormous expansion in the number of mortgage foreclosure filings in New Jersey and across the nation.  The number of mortgage foreclosure actions filed in the New Jersey Courts grew from just over 20,000 in 2005 to more than 51,000 in 2008, 66,000 in 2009, and 58,000 in 2010.

     b.    Preliminary information indicates a decline in the number of residential mortgage foreclosure filings over 2011.  However, this decline is largely attributable to actions undertaken by the New Jersey Judiciary which, in December of 2010, suspended the processing of uncontested residential foreclosures by the six biggest lenders in order to address “robo-signing” and other processing irregularities.

     c.    Despite this decline, it has been reported that more than one in 10 New Jersey mortgage loans are already in foreclosure or are 90 days or more in arrears.  Because of the large number of foreclosures filed during the 2009-2010 period, and the Judiciary’s suspension of foreclosure processing, reports indicate that as of August 2011 more than 100,000 residential foreclosure cases were still open.  Now that the courts have resumed processing foreclosures for the big six lenders, it is widely believed that foreclosure filings will increase during 2012.  This is due in part to the large number of mortgages that are seriously delinquent, more than 90 days past due.  Reports have indicated that during the suspension period mortgage lenders were waiting to file more than 28,000 additional foreclosures and that another 55,000 mortgage loans were over 90 days delinquent.

     d.    Many of these foreclosed residential properties are vacant, undermining the health, safety, and economic vitality of neighborhoods, depressing their property values, and reducing revenues to municipalities.

     e.    It is the public policy of this State to encourage the production of low-income and moderate-income housing to serve the general welfare of all the State’s residents.

      f.  The availability of tens of thousands of foreclosed residential properties presents a unique opportunity for the State to facilitate the purchase and dedication, or the rental, of housing units for low-income and moderate-income residents.

     g.    Establishment of a temporary State entity dedicated to the purpose of identifying foreclosed residential properties and facilitating their purchase and dedication for occupancy or their rental, including but not limited to low-income and moderate-income families, is in the public interest of the State.

The last three items – e., f., and g., tell the story; this is all about social engineering.  The state government taxed business right out of the state, taking their living-wage jobs with them.  Then, Jimmy Carter’s CORA (Community Reinvestment Act) finished its long work of ruining savings and loan associations, banks, and mortgage institutions.  The Secretary of the Treasury then lowered interest rates to a dangerous level, encouraging people who couldn’t afford houses to take out very long-term mortgages on expensive houses.  All the while, the Democrats blamed the Republicans for the eventual economic collapse.

Now that neighborhoods are in ruins, homes abandoned, businesses boarded, the state bureaucrats figure it’s time for a “fire sale” by which they can redistribute the wealth and relocate welfare families into the midst of the hapless suburbs, increasing crime, lowering educational standards, and destroying property values.

Americans For Prosperity fought this bill hard last session by exposing the facts about this offensive and outrageous piece of legislation. They post a  hard-hitting YouTube ad.

The voices of TEA Party activists were instrumental in convincing Gov. Christie to issue an absolute veto of the foreclosure bill. You and I will defeat this bill again. But first, the members of the Assembly Housing and Community Development Committee need to hear from you! Contact the members listed above and tell them to vote NO on the ridiculous foreclosure scheme and to stop meddling in the housing market!  Contact these committee members now! Tell them to vote NO on the outrageous foreclosure scheme! 

Please call and say NO to this destructive piece of social-engineering legislation. 

Legislator (click to e-mail)              Phone#
Asm. Jerry Green (D-22) – Chair        908-561-5757
Asw. Mila Jasey (D-27) – Vice-Chair   973-762-1886
Asm. Angel Fuentes (D-05)               856-541-1251
Asw. Maria Rodriguez-Gregg (R-08)   609-654-1498
Asm. Robert Clifton (R-12)                732-446-3408
Asm. Jason O’Donnell (D-31)




Published in: on February 20, 2014 at 11:38 am  Comments (3)  

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3 CommentsLeave a comment

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