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WASHINGTON – U.S. Rep. Bill Pascrell, Jr. (D-NJ-8) today urged New Jersey Attorney General Jeffrey S. Chiesa to hold accountable those responsible for the foreclosure crisis and protect the interests of the middle class. He further urged the Attorney General to ensure that the consideration of the proposed settlement with the nation's largest mortgage lenders is done through a transparent process so that the benefits, concerns and implications for New Jersey residents are properly evaluated.
The text of Rep. Pascrell's letter follows:
February 1, 2012
The Honorable Jeffrey S. Chiesa
New Jersey Attorney General
25 Market Street
Trenton, NJ 08611-2148
Dear Attorney General Chiesa:
I am writing to express my concern about the proposed settlement agreement between the states' attorneys general, federal officials and the nation’s largest mortgage lenders. As a fellow New Jerseyan, I have seen firsthand the devastation that has come from having an almost 30 percent increase in foreclosures over the last six years. I strongly believe that any settlement must fairly compensate the injuries suffered by homeowners who have already lost their homes, and adequately punish anyone found to have violated the law.
Other states' attorneys general have expressed many concerns about the proposed draft settlement agreement. I applaud your effort to represent the victims of the mortgage industry's unscrupulous practices. But we must ensure that this settlement holds wrongdoers accountable, adequately addresses consumers' interests, and does not ask middle class workers to pay the price of bad decisions made for the sake of expediency.
As of today, California's attorney general has rejected the settlement as "inadequate," and states' attorneys general in New York, Nevada and Delaware have expressed concern over whether this agreement is a sufficient redress. As such, I ask that you consider any proposed settlement very carefully, and ensure that whatever process takes place during your consideration is fair and transparent. This decision will immediately affect millions of New Jersey homeowners, and it will have implications for generations to come.
Thank you for your commitment to serving New Jersey and for providing me this opportunity to express my concerns.
Sincerely,
Bill Pascrell, Jr.
Member of Congress
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