The foreclosure act would allow the state to buy foreclosed homes from institutional lenders for use as affordable housing. It's won praise from bankers and housing advocates, though that hasn't made its plight in Trenton any easier.
Lesniak introduced his first "Foreclosure Transformation Act" in February 2012 as S-1566. The bill, which included a measure to expedite the foreclosure process, passed the Legislature in June, but was vetoed by Gov. Chris Christie the following month.
NJ state rep makes another push to buy foreclosed homes