Transcribed interview for the Philadelphia Business Journal, as published in February. As, the mortgage crisis weighs on, I thought some might be interested to learn a bit more from an industry expert.
Name: E. Robert Levy
Title: Executive director and counsel & executive director of legislative and regulatory information & legislative regulatory counsel
Organization: Mortgage Bankers Association of New Jersey & Mortgage Bankers Association of Pennsylvania & Pennsylvania Association of Mortgage Brokers
Education: Rutgers School of Law in York, Boston University (started undergrad) and Farleigh Dickinson (graduated undergrad),
Career History (most recent first): Private practice in law; deputy commissioner to New Jersey state Department of Banking and Insurance; Attorney general and counsel to New Jersey state Department of Banking and Insurance
Home: Livingston, N.J.
1) What are the major differences in the mortgage crisis between New Jersey and Pennsylvania?
Well, the differences are probably fairly negligible, depending upon what data you look at. Overall, the negative impact on both states, or on either state, is far less than what you find in other parts of the country, California, Florida, Nevada. As far as foreclosure rates are concerned, they are affected by the nature of the urban parts of the state, which get hit harder than others as there is some evidence that non prime lending was more prevalent in those markets.
2) How are the state legislatures and executive branches in each state approaching the problem differently?