Stamford Advocate (CT) (05/08/08); Lockhart, Brian
Connecticut lawmakers have passed legislation intended to help struggling mortgage borrowers and to reform the home loan industry. The bill extends the $40 million Connecticut Families mortgage-refinancing program started by Gov. M. Jodi Rell last year and establishes the Homeowners' Equity Recovery Opportunity Loan program. The new initiative would leverage $30 million in existing state bonds so that the Connecticut Housing Finance Authority can buy mortgages from lenders and arrange 30-year, fixed-rate mortgages with more affordable payments for cash-strapped borrowers. Additionally, the measure calls for a foreclosure mediation program, sets forth a definition of "nonprime" mortgages, expands the state Department of Banking commissioner's authority over lending practices and forces mortgage lenders and brokers to comply with new lending restrictions and licensing requirements. Rell is expected to sign the bill into law.
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