State Senator Bob Duff
March 17, 2009
Duff Discusses Proposal for Mandatory Foreclosure Mediation in State
New podcast available from Senate Democrats
Hartford- Connecticut’s voluntary foreclosure mediation program has become a model for the rest of the nation. This year, the General Assembly’s Banks Committee has approved legislation to make the program mandatory, and committee co-chair Senator Bob Duff (D-Norwalk) discusses the success of the current program and this year’s proposal to expand foreclosure mediation in a new podcast now available from the Senate Democrats.
“We want to keep people in their homes, we want to stabilize neighborhoods, we want to help get this economy back on track again, and the foreclosure mediation is an important part of that,” Senator Duff said.
The podcast is available on Senator Duff’s Web page at www.senatedems.ct.gov/Duff.html.
Currently, about 25 percent of mortgage holders who qualify for foreclosure mediation actually use the state program. Of those who do use the program, 73 percent reach some sort of settlement with their lender
“The foreclosure mediation program has really been a hallmark of the bill that we did last year; it has become a national model,” said Senator Duff. “We were the first state in the nation to undertake this foreclosure mediation program, and now it had become something that many other states want to duplicate.”
Senator Duff continued, “We need to have this mandatory mediation at this point in order for lenders or servicers and borrowers to come together and really try to work something out. This state — and actually our nation — cannot afford to have people thrown out onto the streets; they cannot afford to have boarded up houses in neighborhoods all across the state and nation. So, having a program like this which costs very little and generates big results to me is something that’s worth doing.”
To download this and other podcasts from the Senate Democrats, visit www.senatedems.ct.gov/pod.html.
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