Foreclosure Fraud Rescue Bill Comes Out Of Committee

PolitickerNJ — Thursday, March 3, 2011

By Max Pizarro

Assemblyman Gary Schaer (D-36) watched from the front row as the Senate Commerce Committee passed his Foreclosure Rescue Fraud Act out of committee this afternoon. Assembly Bill 359 provides greater government protections for homeowners against mortgage or sale-leaseback fraud.

New Jersey Citizen Action reps called Schaer's bill a plus for consumers. Legal Services also approved, and so did Bruce Shapiro of the New Jersey Association of Realtors.

The bill passed by a vote of 3-1, after state Sen. Gerald Cardinale (R-39) asked Senate Commerce Committee Chair Nia Gill (D-34) if he could vote half yes and half no.

"I never thought you were that indecisive," Gill jokingly told her colleague.

"I'm sympathetic to the idea that people not get ripped off," Cardinale said. "But I don't like licensing, and as long as this bill has licensing in it, I'm going to vote no.

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