NJ Legislator Seeks Subpoena Power To Probe Foreclosure Rescue Industry

In New Jersey, PolitickerNJ.com reports:

• Assemblyman Neil M. Cohen [yesterday] announced the introduction of legislation that would give an Assembly panel subpoena powers to investigate the largely unregulated and potentially exploitative foreclosure consultant industry that has cropped up in the wake of the nation's subprime mortgage lending meltdown. "We will need these broad powers to get to the bottom of what's happening in New Jersey's foreclosure consultant industry," said Cohen (D-Union), chairman of the Assembly Financial Institutions and Insurance Committee. "It's very likely that shysters and scam artists are bilking New Jersey homeowners on the brink of foreclosure out of their hard-earned equity."

For more, see Cohen Seeks Subpoena Power to Investigate Foreclosure Consultants (Measure Would Aid Assembly Financial Institutions and Insurance Committee In Thorough Examination of Largely Unregulated Industry).

Go here to view the pending state foreclosure rescue legislation (which is a reintroduction of a bill from the last legislative session), New Jersey Assembly Bill A281 - Foreclosure Rescue Fraud Prevention Act.