53:06 minutes (25.49 MB)
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Some seventy thousand Connecticut residents have sub-prime loans and many of them are caught up in the spiraling costs of home ownership.
Governor Jodi Rell convened a taskforce to take a look at the problem in the state - as homeowners around the country suffer under crushing adjustable mortgage rates. Defaults on many of these loans have caused financial turmoil in the lending industry - and are causing ripple effects throughout the economy.
But what steps can the state take? We'll talk with Banking Commissioner Howard Pitkin about the new report released by the taskforce and about a plan to help those in mortgage trouble. We'll talk about regulation, homeowner education and the role of responsible mortgage lenders.
Our in-studio guests today are Banking Commissioner Howard Pitkin and Law Professor Patricia McCoy. Our phone-in guests are Carol de Rosa of the Connecticut Housing Finance Authority, Peter Spalthoff, Executive Director of the Connecticut Society of Mortgage Brokers, and Attorney Erin Boggs with the Connecticut Fair Housing Center.
For more information, please contact the Mortgage Foreclosure Assistance Hotline at (877)-472-8313.
For pictures of our guests, please visit our Flickr page.
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