Saturday, July 07, 2012

Christie Vetoes Foreclosure Relief Bill

Law 360 reports that Gov. Chris Christie, on Friday, vetoed legislation empowering the state to buy foreclosed properties from lenders and turn them into affordable housing along with other measures from the Democrat-controlled Legislature.

 The veto drew criticism from supporters of the bill, who contend it would have helped New Jersey address its affordable housing needs and revitalize communities impacted by a wave of foreclosures in the state.
 Said one supporter: “The governor took the side of sprawl and overdevelopment over good planning and environmental protection."

 Another commented:"This was a serious bill that attempted to solve the most serious problem still facing this state and this country. We need to stabalized our housing prices. This would have done more than any tax cut would ever do to stimulate our economy."

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