An anti-predatory-lending bill that contains among the strictest limits on high-cost loans in the country has been signed into law by New Jersey Gov. James McGreevey.In negotiations, assignee liability -- an issue of major concern to the mortgage industry -- was the biggest point of contention, and a form of assignee liability was included in the final law, the New Jersey Home Ownership Security Act of 2002. ACORN, a consumer group that was involved in the negotiation process, called the law “very, very strong and very, very balanced.” Bob Levy, executive director of the New Jersey League of Lenders, who was also involved in the negotiations, said the law is “workable” despite some ambiguities.
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