Rell signs bill to ease mortgage crisis
Posted by ConnPolitics.tv Editor on June 19th, 2008
Hartford (AP) – Gov. M. Jodi Rell has signed a bill aimed at providing some relief to Connecticut homeowners facing mortgage payment problems.
The bill signed into a law Wednesday boosts funding to three programs intended to help homeowners cope with turmoil in the mortgage and credit industries.
The measure includes $40 million for the Connecticut Families Program, created by Rell and the Connecticut Housing Finance Authority last year to help homeowners refinance their mortgages.
It also includes $30 million in bonding so CHFA can buy mortgages directly from lenders and place eligible borrowers in a more affordable, 30-year, fixed-rate mortgages.
The bill also puts new restrictions and licensing requirements on mortgage lenders and creates a foreclosure mediation program with the Judicial Branch.
3 comments
I am refinancing my home today, not because I'm in foreclosure, not because I'm going to take more out, but because I'm going to cut my term and lower my payments. It is a fiscally good decision for me-one which I educated myself on and read each and every document beforehand.
It's called personal responsiblity.
To be fair though, everyone whose rate is over 6 should be allowed the same deal, regardless of ARM or not.
bailout which appears to be funded with tax $. So many of
these people used homes as
piggy banks, and many others
either didn't want to read the
details of what they were getting into, or simply didn't want to know at the time. I'm all for more stringent communication regulations at the point where people are securing financing, but I don't know why responsible people are being penalized via
taxes....the state is already
broke....
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