By a vote of 124-24, the Connecticut House of Representatives has passed H.B.5577, a bill designed to help struggling borrowers, according to an Associated Press report. The bill, which now moves to the Senate, includes new, affordable refinancing programs with more flexible credit underwriting than is available through the Connecticut Housing Finance Authority (CHFA) program now in place.
The bill also creates an emergency mortgage assistance program that is designed to offer loans to borrowers whose credit problems and other complications prevent them from qualifying for other programs.
In addition, the legislation enacts new restrictions and licensing requirements for mortgage lenders and brokers; creates a foreclosure mediation program in the state's judicial branch; and forms a program for CHFA to buy foreclosed homes for use as affordable and supporting housing, the article adds.
Source: Associated Press
