NJ Lawmakers Consider Clipping Lenders With $2K Tax When Filing Foreclosure Actions

In Trenton, New Jersey, Reuters reports:

• A panel of New Jersey legislators on Monday approved a measure to make mortgage lenders pay $2,000 before taking a homeowner into foreclosure. The measure, which is opposed by some banks, is believed to be the first of its kind. It joins a growing list of local and national efforts to stem a tide of home foreclosures.

For more, see NJ may bill mortgage lenders $2,000 per foreclosure.

See also, PolitickerNJ.com: McHose: Assembly Action Places The Response To A Crisis In The Wrong Hands.

• [T]he legislation, A-2517, establishes a “Foreclosure Prevention Revolving Trust Fund” and collects a $2,000 tax on every foreclosure action initiated by a creditor against a borrower under a covered mortgage.