State Senator Joseph J. Crisco, Jr.
February 28, 2008
Crisco Backs Mortgage Relief Bill to Help Homeowners Across Connecticut
Citing the dramatic rise in the number of foreclosures in Connecticut because of the supprime mortgage crisis, the vice-chair of the General Assembly Banks Committee, Senator Joseph Crisco (D-Woodbridge) has endorsed a comprehensive package of short and long-term reforms that are designed to help keep mortgage holders from losing their homes.
"A new report shows that Connecticut is one of the 10 states with the highest foreclosure rates. This is more evidence that we have to take action to provide relief for homeowners in our state," said Senator Crisco. "This legislation includes mortgage assistance and other programs to help homeowners, and could include other necessary provisions as the need arises."
The comprehensive proposal includes:
- A multi-tiered mortgage assistance program, slated to begin accepting applications on October 1, 2008,
- Creation of an Emergency Mortgage Assistance Program Committee to govern the administration of the multi-tiered mortgage assistance program,
- New restrictions on mortgage brokers and lenders in Connecticut,
- Expanded responsibilities for the Commissioner of the Department of Banking, and
- Creation of a Mortgage Crisis Job Training Team through the state's CTWorks One Stop Career Centers.
"I'm especially pleased with the Emergency Mortgage Assistance Program that creates a $100 million revolving loan fund and the new restrictions for mortgage brokers," said Crisco. "Another key section of the bill would give the Banking Commissioner the authority on a case by case basis, to order a six month moratorium on foreclosures. Overall this legislation will benefit the housing industry and the economy, but most of all it should help prevent foreclosures and keep families in their homes."
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