TRENTON, N.J., Nov. 5 –The New Jersey Credit Union League has joined a public-private alliance designed to both educate and assist the state’s homeowners.
The alliance was announced Thursday by the commissioners of New Jersey’s Department of Banking and Insurance (DOBI) and representatives of financial services institutions and their trade associations.
The alliance resulted from New Jersey Gov. Jon Corzine’s desire to understand what products and resources might be available to homeowners, and the need to disseminate that information to the public, said DOBI Commissioner Steven Goldman.
Assistance from the alliance includes programs from financial institutions representing more than $433 million in available mortgage refinancing. The program is highlighted by the New Jersey Housing and Mortgage Finance Agency’s (HMFA) Homeownership Preservations Refinance Program, a $30 million pilot program serving families earning up to 140% of the state’s median income.
Additional expected services include a task force to monitor the mortgage crisis, and with the legislature, develop solutions.
The goal of the alliance is to enhance home ownership preservation by raising consumer awareness of available mortgage products and funding, providing increased access to credit union and loan counseling if needed, and providing temporary assistance to consumers in immediate danger of foreclosure.
The New Jersey Home Ownership Preservation Effort is a voluntary alliance that includes the league, the U. S. Department of Housing and Urban Development, NeighborWorks America, the New Jersey Bankers Association, the New Jersey League of Community Bankers, the New Jersey Mortgage Bankers Association, the Department of Banking and Insurance, the Department of Community Affairs, and the New Jersey Housing and Mortgage Finance Agency.
The alliance is “a strong first step in an ongoing effort to address the current instability of the residential mortgage market and mitigate its impact here in New Jersey,” said Goldman.
