NJ Assembly Panel Advances Foreclosure Relief Bill

Law360, New York (June 18, 2012, 6:55 PM EDT) -- A New Jersey Assembly panel on Monday cleared a bill empowering the state to purchase foreclosed homes from lenders and turn those properties into affordable housing, though some conservatives bashed its potential cost and the creation of new bureaucracy.

To combat the state's foreclosure crisis, the legislation would establish the New Jersey Foreclosure Relief Corp. under the New Jersey Housing and Mortgage Finance Agency to buy foreclosed homes using about $200 million in municipal affordable housing funds, which would otherwise go into the state's general fund....
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