Saturday, April 28, 2012

The Left's Dangerous and Destructive Foreclosure Scheme

Americans for Prosperity Blasts Trenton’s “Dangerous and Destructive” Foreclosure Scheme, Launches Effort to Defeat Bill

Pro-Taxpayer Groups Says NJ Towns, Property Values Across State Will Be Decimated by “New Jersey Foreclosure Transformation Act”

BOGOTA, NJ – Americans for Prosperity’s New Jersey chapter is calling on Trenton legislators to put a stop to what it calls a “dangerous and destructive” foreclosure bill now making its way through the Legislature.

The bill (A2168/S1566), entitled the “New Jersey Foreclosure Transformation Act”, would empower the State to borrow as much as a billion dollars, or more, without voter approval in order to turn foreclosed homes into taxpayer-subsidized “affordable housing” units; a move the pro-taxpayer group says would increase crime, drive up property taxes and further decimate the value of homes already battered by the burst housing bubble.

Americans for Prosperity state director, Steve Lonegan, launched the first salvo against the bill in an open letter sent to legislators earlier today. The pro-taxpayer group also unveiled a hard-hitting television and radio ad (see above) while calling on its 64,000-plus army of citizen activists to sign a petition letter pressuring lawmakers to oppose the bill.

“The New Jersey Foreclosure Transformation Act is one of the most dangerous and destructive schemes I’ve ever seen come out of Trenton,” said AFP state director Steve Lonegan. “This would put Fannie and Freddie to shame and further decimate already battered property values in New Jersey.”

“On top of borrowing billions more on the backs of taxpayers, this crazy scheme would deliver former homeowners who have lost their job and lost their home to foreclosure the additional indignity of seeing their former residence turned into a low income housing unit with their own tax dollars,” continued Lonegan. “And to make matters worse the home will then be handed over to an ex-con, a sex offender, a homeless person, a drug addict or a possibly a juvenile delinquent all at taxpayer expense.

“People who have worked hard, striven to achieve the American Dream and improve the quality of life for their families would see their property further devalued and their neighborhoods deteriorate overnight.

“It’s crazy schemes likes this that are driving our friends and neighbors out of this state and continuing to make New Jersey a hostile place for people to live,” continued Lonegan. “Why would anyone want to buy a home here when property values are being driven into the ground, the quality of life in our towns is under assault and our property taxes remain nearly the highest in the nation?”

“This is just outrageous. This bill needs to be stopped now before it’s too late and Americans for Prosperity will be doing everything possible to see that it is,” Lonegan concluded.

Americans for Prosperity (AFP) is a nationwide organization of citizen-leaders committed to advancing every individual’s right to economic freedom and opportunity. AFP believes reducing the size and intrusiveness of government is the best way to promote individual productivity and prosperity for all Americans.

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