Media Kit
Talk to us

News Jan 31, 2013 - 7:40:19 AM

Tong welcomes Malloy proposal to help distressed homeowners

By Rep. Tong's office

Font size: Small Big
Email this article
 Printer friendly page
Share this article:
facebook Yahoo! MyWeb Digg reddit Furl Blinklist Spurl
Buy the "As seen on" mug
Rep. William Tong (left) and Rep. Larry Butler (right) listen as Gov. Dannel P. Malloy presents his legislative proposal for helping distressed homeowners at a press conference in Hartford.
Banks Committee Chairman William Tong (D-Stamford, New Canaan) welcomed Governor Dannel P. Malloy’s proposed legislation Wednesday that is designed to protect homeowners facing mortgage delinquency or who are in foreclosure. The proposal also would streamline the process for addressing abandoned and blighted properties.

“Despite the improvement in the economy, regrettably many homeowners are still finding themselves in difficult financial situations,” Rep. Tong said. “We must continue to look for new ways to help them and make sure they are treated fairly.”

“This legislation will build on ongoing efforts to assist distressed homeowners,” Governor Malloy said at a news conference on the proposal. “This bill takes another step by offering protections to homeowners engaged in the mediation process.”

Governor Malloy said his legislative proposal would ensure better protections for homeowners facing delinquency or foreclosure by refining the mediation process and making it more efficient for borrowers and lenders. It will require that banks have a representative who has full settlement authority to be present in each mediation session. All parties must mediate in good faith or face sanctions, fines, or dismissal of the foreclosure. It will also ensure homeowners engaged in mediation will not simultaneously face foreclosure-related litigation.

Rep. Tong led passage of legislation last year that makes it easier for people to qualify for the Connecticut Housing Finance Authority’s Emergency Mortgage Assistance Program (EMAP). The program allows for EMAP recipients to file defenses, counterclaims or set-offs against foreclosure on the assisted mortgage and specifies that the calculation of the maximum 60 months of EMAP payments begins with the first payment.

The legislative proposal also would fast-track the process for addressing abandoned and blighted properties — properties that cause the values of surrounding homes to decline and cost municipalities needed tax revenue. Under the legislation, in cases where a property is abandoned, the foreclosure process can be conducted in 56 days, down from the current 70 days.

© Copyright by Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of, Stamford Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar.

[an error occurred while processing this directive]

Note: We reserve the right to delete posts at any time if we decide that they are offensive or distasteful.
Spring Benefit brings luck to Wilton Library on March 17
Treetops CMS Opens Spring Concert Series with Heath Quartet from London
Fairfield Rotary’s Celebrity Luncheon to Feature Noted Sportscaster Dan Patrick
Governor Malloy announces drop in recidivism and projected prison population
Dramatic comedy plays limited run at Curtain Call

Top of Page
 is part of the Canaiden Online Media Network.
Stamford Plus Online | Norwalk Plus Online | | Best of Norwalk | Best of Stamford | Hauterfly Magazine |

Copyright ©2005-2010 Canaiden,LLC All Rights Reserved.