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February 9, 2012

RE: U.S. SENATOR ROBERT MENENDEZ TO HOLD SENATE BANKING COMMITTEE FIELD HEARING: “SAVING OUR NEIGHBORHOODS FROM FORECLOSURES” 

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, February 10, 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.

Senator Menendez and the witnesses will discuss the effects of foreclosures on New Jersey neighborhoods, which include displaced families, crime, and declines in home values.  Participants will also review what steps the Senator and other witnesses have taken or are advocating, in order to fix these problems. Solutions could include: 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. 

Heading the list of witnesses will be Plainfield Mayor, and League Board Member, Sharon Robinson-Briggs. The Hearing will take place:

Friday, February 10, 2012
11 am – 1 pm
(Doors open 10:30 am)
The Black United Fund Health and Human Services
403 West 7th Street, Plainfield, New Jersey 07060

The public is invited to observe this hearing, only. There will not be an opportunity for public comment.   Senator Menendez welcomes written comments on this issue from any interested parties.

Very truly yours,

William G. Dressel, Jr.
Executive Director

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