Archive for June, 2011
June 29th, 2011 | 
Author: Sometime in the past, a new wave of unscrupulous mortgage finance activities, collectively referred to as “Predatory lending” has emerged in the state of New Jersey, which disproportionately affect homeowners who belong to the minority, low income, elderly, and urban sector. The loan scam had resulted in unjustified increased payments, inability to refinance loans, and, in too many cases, equity stripping and foreclosure. The event happened at the time when Holly Bakke was the incumbent Commissioner of the New Jersey Department of Banking and Insurance.
With the continued proliferation of Predatory lending in the area, its exercise became prevalent, more vicious, sophisticated, and became a growing problem in the State of New Jersey. It had lead to losses of equity in homes along with corresponding increase in the number of foreclosure actions instituted in the state. It had also brought out significant threat to New Jersey homeowners. Due to the complex set of issues presented by predatory lending, the state, thru the leadership of Commissioner Holly Bakke, pushed for the enactment of anti predatory lending practices law, in order to curb the disturbing increase in abusive lending and battle or dismantle the evil or harm brought by such unlawful exercise. The law enacted was coined as the “New Jersey Homeowners Security Act” which was signed on May 2003 and took effect on November 2003.
The Act as framed provides substantial protection against abusive provisions in high-cost loans, and encourages lending at reasonable rates with reasonable terms. With its passage, the State of New Jersey became a national leader in the fight to stop predatory lending. The New Jersey Homeowners Security Act, including the recent amendment, has not only curtail but also eliminated fraudulent lending transactions and since then had worked to provide a competitive market for New Jersey’s consumers and a fair place for lenders to do business. Thanks to Former Commissioner Holly Bakke, for because of her assistance, state’s mortgage loan market continues to be very active and lenders have entered the marketplace.
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