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January 11, 2012


Dear Mayor:

U.S. Senator Bob Menendez, Chairman of the Senate Banking Committee’s Subcommittee on Housing, Transportation, and Community Development, has asked us to advise you that a committee hearing has been scheduled for this Friday, January 13, in Plainfield, New Jersey. The Subcommittee will use witness testimony to work on proposals that will alleviate the burden of foreclosures on New Jersey families, neighborhoods, and municipalities.

Topics covered by the Senator and witnesses will include the effects of foreclosures on New Jersey neighborhoods such as families displaced, crime, and declines in home values.  They will also review what steps the Senator and other witnesses have taken or are advocating to fix these problems, such as funding for foreclosure counseling; more sustainable mortgage modifications including reducing the debt owed through shared appreciation; new standards for mortgage servicing; helping homeowners refinance; and more quickly fixing properties that have been foreclosed or converting them to rentals. 

The hearing is open to the public to observe the proceedings only. This will not be an opportunity for public comment.  

Details are attached (see below)

Very truly yours,

William G. Dressel, Jr.
Executive Director

WHAT:                 U.S. Senator Robert Menendez to hold a field hearing of the Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation and Community Development:  “Saving Our Neighborhoods from Foreclosures”

WHO:                   U.S. Senator Robert Menendez, Chairman, Subcommittee on Housing Transportation and Community Development

Mr. Tim Touhey, Chief Executive Officer, New Jersey Builders Association
Dr. DeForest B. Soaries, Chief Executive Officer, Central Jersey Community Development Corporation
Mr. Wayne Meyer, President, New Jersey Community Capital
Mr. Alan Mallach, Senior Fellow, Brookings Institution and Board Member Emeritus, Housing and Community Development Network of New Jersey 
Additional witnesses may be announced

WHEN:                 Friday, January 13, 2012
                              11:00 AM

WHERE:               Black United Fund Health and Human Services
                              403 W. 7th Street
Plainfield, New Jersey 07060       

Questions can be addressed to:
Olga Alvarez
Press Secretary for New Jersey
U.S. Senator Robert Menendez
1 Gateway Center, 11th Floor
Newark, New Jersey 07102
(973) 645-3030 office
(973) 297-4917 direct
(201) 803-4537 cell



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