This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NJ Review: Anti-foreclosure Aid Program Flawed

"I assume what you'll hear from these Assembly panels if they're going to play it straight is, 'great job by the administration for getting this thing going and getting help out to people especially now that the moratorium has been lifted,'" Christie said.

Some $59 million of the funds has now been distributed, and the denial rate has dropped to 48 percent, in part because some who apply aren't eligible.

Democratic Assemblyman Jerry Green, who chaired the hearing, said it's clear the administration dropped the ball under the previous DCA commissioner. And, he said toward the end of the hearing, he's still concerned.

"It's obvious it's not moving so smoothly as I was led to believe early this morning," he said.

The panel also heard from anguished homeowners who were denied aid and given no other alternatives, and told by good government groups of other homeowners who qualified for the program when they applied but owed too much to still qualify by the time their application was reviewed.

Phyllis Salowe-Kaye, executive director of New Jersey Citizen Action, a homeowner loan counseling agency, said remaining program funds should be spread out, with some being allocated to other anti-foreclosure initiatives such as a revolving loan fund.

"We urge the Legislature and the governor to establish a complete menu of options to help hard-working New Jerseyans stay in their homes, including expanded funding for counseling and principal reductions, which would require banks to renegotiate mortgages for underwater homeowners at current market values, assuming the homeowners were able to pay," she said.

The Assembly housing committee then advanced three bills meant to help ease the foreclosure problem, including one requiring the state's foreclosure mediation program to continue and another requiring the state to buy foreclosed properties for use as affordable housing.

The Senate is scheduled to take up two foreclosure bills Thursday, one to require the administration to expand the HomeKeeper program and another to force the state's hand on turning foreclosed properties into affordable housing.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs