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Monday, December 3, 2012
Second NJ Foreclosure Transformation Act Passes, Awaits Christie Decision
A second iteration of the infamous New Jersey Residential Foreclosure Transformation Act has passed both houses of the New Jersey Legislature and heads to the desk of New Jersey Governor Chris Christie. Christie, facing re-election in 2013 in an admittedly "blue" state, has not indicated his decision, but a veto is no sure bet given the political considerations at play.
The first version of this Act was roundly criticized by me in the spring of 2012 (browse the archives) and despite its passage, was ultimately vetoed without comment by Christie in late June 2012. I testified against the original version before the Assembly Appropriations Committee in June 2012. My concerns about the original bill are equally applicable to the second, revised version.