Milgram lauded for efforts against mortgage providers

Iapplaud the efforts of New Jersey Attorney General Anne Milgram to crack down on individuals and companies trying to take advantage of vulnerable people in the current economic crisis. Just recently, the attorney general announced the state will sue 37 mortgage-loan providers, industry employers, lawyers and others for fraud and racketeering.

Roughly 50 homeowners throughout the state have lost more than $3 million in equity through these foreclosure rescue plans. These companies have preyed on residents who have fallen behind on their mortgages, through intricate plans to have the property owner sell their property to a third-party individual in hopes of renting their home from the new owner. The companies never followed through with their guarantee after the purchase of the home and left the homeowner with no means to live in their home and destroyed their credit history.

It is imperative we protect distressed New Jersey homeowners from those who wish to take advantage of them in their darkest hour. The attorney general’s suit to protect these victims and bring the companies responsible to justice is a step in the right direction for the state of New Jersey.
Assemblyman Dave Rible
(11th District)
Wall Township