Governor Says New Jersey Will Go All Out To Protect Foreclosure Victms
October 15th, 2008
New Jersey Governor Jon Corzine said that the state would go all out to protect foreclosure victims. He added that as yet the full impact of the stock market fall and foreclosure crisis has not been felt. New Jersey, if required will buy houses to protect its people from foreclosure.
Corzine was speaking at “Meet the Press” (NBC) and suggested that the federal government purchase the mortgages at the market value and then rebuild them apart from buying houses outright. In another appearance a little while later – Eyewitness News Up Close (WABC) he said that he would follow up his own suggestions and the state would start buying houses. He said, “We’re going to do some on-the-ground purchases of homes.” He promised to give protection to the neighbourhoods that had been mauled by huge numbers of foreclosures. It has had a negative impact on the value of adjoining houses.
Later on Corzine will disclose plans of his relief package that will give a kick to the economy of the state. House owners in need of immediate help would be assisted to ward off foreclosures. Loans would be forwarded to community organizations that would purchase the units and lease them out as rent to the occupants.
Democrat Corzine is supporting Senator Barack Obama, opined that the country needs a big push. He rejected the plans of Senator McCain to save the banks that had been responsible for the foreclosure crisis. Corzine said, “Right now, nobody has confidence to do things. We need to be putting demand into the system. That means infrastructure. Build highways, build schools, build our energy system so that we can actually create jobs, get people back to work.” If this was not done then New Jersey will end up cutting jobs and spending less on education.
Rep. Rob Portman, formerly an Ohio congressman and director of the Office of Management and Budget, appeared on the televised programme with Corzine. He warned that they should all be cautious because the debt figure is a staggering $10 trillion. He commented that Obama always has new ideas about spending and it is this spending that has caused the present foreclosure crisis. He supported the stand taken by McCain camp. Previously in another interview vice presidential nominee Sarah Palin had said that Obama was “palling around with terrorists.” She was referring to Obama’s connection with radical William Ayers.
- Florida Courts are Overwhelmed by Foreclosure Cases as Justices Mull Over Solutions
- Spurt in Sales of Foreclosed Properties
- Foreclosure Climate Changes Spirit of Competition to Cooperation Among Contractors
- Bouncing Cheques Issued by Title Companies Lead to Foreclosures
- Increase in Foreclosures Prompting Class Action Legal Suits
- Avoiding Foreclosures by Walking Away From Loans are not Without Problems
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