State Senator Bob Duff
November 13, 2008
AARP Recognizes Duff for Leadership on Mortgage Relief Legislation
Senator Duff, with Betty and Abbott White and Dorothy Girouard of Norwalk, receives AARP's Legislative Achievement Award for his leadership on legislation designed to help bring relief to Connecticut families caught in the nationwide foreclosure crisis, prevent predatory lending in the future and protect the state's fragile economy. (November 13, 2008)
Southington — At a ceremony in Southington today, AARP recognized state Senator Bob Duff (D-Norwalk) for his leadership and dedication to legislation aimed at mitigating the effects of the national subprime mortgage crisis in Connecticut earlier this year.
Senator Duff, who serves as the Senate chair of the General Assembly’s Banks Committee, received AARP’s Legislative Achievement Award for his work on Public Act 08-176, An Act Concerning Responsible Lending and Economic Security — legislation designed to help bring relief to Connecticut families caught in the nationwide foreclosure crisis, prevent predatory lending in the future and protect the state’s fragile economy.
“These are difficult times, and even darker clouds are right on our horizon,” said Senator Duff. “Earlier this year, I recognized that we had two options: Sit back and wait for the federal government to find a solution to our economic problems or take the proactive steps necessary to protect our Connecticut’s families and economy. We made the right choice with this legislation. I was proud to be a part of it, and I look forward to working hard in the coming legislative session to help bring our state through these difficult times.”
“AARP is delighted to recognize Senator Duff as a recipient of AARP’s Legislative Achievement Award for his tireless work and leadership on preserving affordable home ownership and curbing abusive predatory lending practices in Connecticut,” said Gardner Young, chairman of AARP Connecticut’s Advocacy Leadership Committee. “Senator Duff should be commended not only for this significant legislative accomplishment but also for the way in which he brought both Democrats and Republicans together to support this truly bipartisan solution. Senator Duff’s work is a critical down payment on the broader effort to protect Connecticut families in this difficult economy.”
Public Act 08-176 created several programs and made a number of changes to state banking law. Specifically, it:
- Established the Homeowner’s Equity Recovery Opportunity Loan (HERO) program through the Connecticut Housing Finance Authority (CHFA). It authorizes CHFA to use $30 million in existing bonds to purchase mortgages directly from lenders and place eligible borrowers on an affordable payment schedule for a 30-year fixed-rate mortgage. To qualify for HERO assistance, borrowers must have made an effort to meet financial obligations, have a sufficient and stable income, have the legal title to the mortgaged property and reside in it as their permanent residence, show an accounting for their cash flow and agree to attend in-person financial counseling at a CHFA-approved agency.
- Reinvested in the state’s emergency mortgage assistance program (EMAP) for borrowers facing foreclosure
- Continued of the $40 million CT FAMILIES assistance program
- Empowered CHFA develop a program to purchase foreclosed residential property for the purpose of providing affordable and supportive housing.
- Created a foreclosure mediation program within the state Judicial Branch.
- Established a mortgage crisis job training program at Workplace Inc., in association with other regional workforce development boards and one-stop centers.
- Defined “nonprime loans” and imposes new restrictions and licensing requirements on mortgage lenders and brokers.
- Gave the commissioner of the state Department of Banking additional responsibilities
- Allowed the commissioner to participate in the Nationwide Mortgage Licensing System.
With over 39 million members, AARP is the leading nonprofit, nonpartisan membership organization for people age 50 and over in the United States. AARP is dedicated to enhancing quality of life for all as we age.
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