Help Is on the Way for Ailing Mortgages

Gov. Rell finds stash of fed cash to help home owners

Connecticut residents struggling to keep up with their mortgage payments could soon be getting a hand from Gov. M. Jodi Rell and the Democratic state Senate.

Rell has proposed a slate of reforms aimed at mortgage modification, delinquency plans and direct assistance that would help people hold onto their homes. And she says she can fund it all without touching state funds. According to Rell, there's plenty of federal money kicking around.

"Since the beginning of the sub-prime lending crisis, more than 15,000 Connecticut families have been able to avoid foreclosure and keep their homes with the help of state programs designed to assist those borrowers," Rell said in a statement.

"But with many families still in danger of foreclosure, we are making major changes to our mortgage assistance programs so that more families will be eligible and can successfully apply," she said.

Sen. Bob Duff, a Norwalk Democrat and co-chair of the Banking Committee, told the Connecticut Post that he was eager to work with the governor on these programs.

"I welcome the governor to the table once again on these important issues and believe we're on the same page when it comes to keeping homeowners in possession of their most important assets," Duff said. "We always knew we were going to have to modify the bill we did last year."

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