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Thursday, June 21, 2012

New Jersey Admits Foreclosure Bill Is Fiscal Disaster

The New Jersey Office of Legislative Services reports that the disastrous New Jersey Residential Foreclosure Transformation Act, up for a vote Thursday in the State Assembly (A.2168) and Monday in the State Senate (S.1566), will have an "indeterminate fiscal impact on the State and certain local governments."  Just as Steve Lonegan of Americans For Prosperity said in his testimony Monday before an Assembly Appropriations Committee.

I have previously written about the Act's potential to destroy homeowner wealth, and New Jersey Governor Chris Christie's apparent and suspicious refusal to announce the Act is dead on arrival.  I testified in opposition to the Act on Monday before the Assembly Appropriations Committee. Several Republican assembly representatives have been vocal in their opposition to the bill. 

Updates on these bills' status in the New Jersey Legislature will be provided as developments warrant.

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