Jim Whelan voted Yea (Concurrence Vote) on this Legislation.
Title: Mortgage and Housing Assistance Programs
Signed by Governor Jon Corzine
Title: Mortgage and Housing Assistance Programs
Vote to concur with House amendments and pass a bill that appropriates $25 million to establish and administer the Mortgage Stabilization Program, appropriates $15 million to establish and administer the New Jersey Housing Assistance and Recovery Program, and establishes additional regulations on creditors pursuing foreclosures.
- Establishes the Mortgage Stabilization Program to assist homeowners and lenders willing to refinance covered mortgages in order to ensure that mortgage payments are affordable, and defines "affordable mortgage payment" as a payment that does not exceed 33 percent of the household's monthly average gross income or the applicable percentage of household monthly average gross income required by governmental or private first mortgage loan insurance, whichever is greater (Secs. 4-5). - Specifies that the Mortgage Stabilization Program shall provide the following types of loans (Secs. 4-5):
Title: Mortgage and Housing Assistance Programs
Vote to pass a bill that appropriates $25 million to establish and administer the Mortgage Stabilization Program, appropriates $15 million to establish and administer the New Jersey Housing Assistance and Recovery Program, and establishes additional regulations on creditors pursuing foreclosures.
- Establishes the Mortgage Stabilization Program to assist homeowners and lenders willing to refinance covered mortgages in order to ensure that mortgage payments are affordable, and defines "affordable mortgage payment" as a payment that does not exceed 33 percent of the household's monthly average gross income or the applicable percentage of household monthly average gross income required by governmental or private first mortgage loan insurance, whichever is greater (Secs. 4-5). - Specifies that the Mortgage Stabilization Program shall provide the following types of loans (Secs. 4-5):
Title: Mortgage and Housing Assistance Programs