Wednesday, December 3, 2008

APP - Gov Signs Bill to Ease Foreclosures

Check out the Asbury Park Press's report 12/2/08 - Then...

Did I read that right? The governor wants to stem housing foreclosures by giving counseling agencies money to tell homeowners how to ask banks to restructure their mortgages? We're already asking. The answer is no, not unless you've got a steady job and are willing to pay high interest rates. If you're a small business or just got layed off, forget it.
The State should forget the counseling fees and just give the money to the banks in an outright bribe in return for suspending late fees, extending terms, lowering payments. The banks have the deeds to our properties already, extending repayment schedules won't hurt their interests.

And did I read in the same article that New Jersey will get $51.4 million in federal funds to "stabilize neighborhoods", but "The money can't be used to help people stay in their homes..."? Is there an oxymoron there?
Instead, the money will go to "neighborhood recovery projects such as property acquisition and rehabilitation, demolition of blighted homes and development of appropriate commercial projects like grocery stores." Are we bailing out the building lobby now?
What will keep predatory developers, property dealers who behave like vultures preying on struggling homeowners and neighborhoods, from using this money to fund their acquisitions. Will the state be subsidizing the very people who will take our homes from us?
Assembly members Sean Kean, Mary Pat Angelini, Dave Rible and everyone else with a voice or an email account must speak out against this bill.
Maureen Nevin

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