Governor Rell receives progress update from sub-prime mortgage task force

Governor M. Jodi Rell today announced she has received an update from her Sub-Prime Mortgage Task Force, which was formed to help Connecticut homeowners affected by the slump in the credit market.

The Task Force intends to make several recommendations, including coordinating a “summit” where mortgage-holders can meet with lenders to discuss refinancing their loans and a special mortgage refinancing program to help homeowners who are at risk of losing their homes due to increased interest rates on sub-prime loans.

The Task Force notes that the dramatic increase in sub-prime mortgages nationwide was reflected in Connecticut, with the number of these loans increasing sharply between 2001 and 2005.
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