NEWS UPDATE: Day Pitney LLP Updated Commentary Available on "New Jersey's Passing...

NEWS UPDATE: Day Pitney LLP Updated Commentary Available on "New Jersey's Passing of the 'Save New Jersey Homes Act of 2008' To Extend Foreclosure Protection to New Jersey Families."

Day Pitney's Consumer Finance and Creditors' Rights Practice team
is available for media interviews to discuss the impact of the Act on
lenders, borrowers and homeowners in New Jersey.
FLORHAM PARK, N.J.--(Business Wire)--
Governor Jon S. Corzine signed into law recently the "Save New
Jersey Homes Act of 2008" (the "Act"). Effective immediately, the Act
will substantially affect how certain mortgage lenders deal with the
ongoing economic crisis created, in part, by the subprime mortgage
market. Under the Act, "Eligible Borrowers" are able to continue their
current payments, at a rate not to exceed the introductory interest
rate, for a period of up to three years.

"This is one of a number of trends we are seeing by the state
legislatures to assist borrowers through an unusually difficult time,"
notes Joy Harmon Sperling, partner in the Consumer Finance and
Creditors' Rights Practice at Day Pitney LLP. "While the Act is not
going to solve all the problems, it may assist some borrowers by
buying them time to avoid foreclosure."

Adds Roger R. Gottilla, also a partner in Day Pitney's Consumer
Finance and Creditors' Rights Practice, "It is not without cost,
though, to the many lenders on whom the Act is being forced. The Act,
however, still allows the lender to collect all of the deferred
interest, albeit at a later date."

A summary of the "Save New Jersey Homes Act of 2008" is available
on the firm's Web site at http://www.daypitney.com in the newsroom.

Day Pitney partners Joy Harmon Sperling and Roger R. Gottilla are
available to review the impact of the legislation with the media.
Please contact Cindy Morgan-Olson at Day Pitney, 212-297-2496 to
review this or related issues.

About Day Pitney LLP

Day Pitney LLP, formed by the January 1, 2007 merger of Day, Berry
& Howard LLP and Pitney Hardin LLP, is a full-service law firm with
approximately 400 attorneys operating in offices in New York, New
Jersey, Connecticut, Boston, and Washington, D.C. The firm offers
clients strong corporate and litigation practices, with experience on
behalf of large national and international corporations as well as
emerging and middle market companies and individuals. Day Pitney's
practice areas include Consumer Finance and Creditors' Rights, Energy
and Utility Law, White Collar Defense and Internal Investigation,
Bankruptcy and Creditors' Rights Benefits and Executive Compensation.
For more information, visit www.daypitney.com.

Day Pitney LLP
Cindy Morgan-Olson, 212-297 2486

Copyright Business Wire 2008