13:20 minutes (6.41 MB)
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In November, Governor Rell called for a new program to help Connecticut Families, hit hard by the sub-prime lending crisis. It followed a task force report on the subject - and was meant to assist first-time home buyers who are facing steeply adjusting interest rates. Of the some 71,000 subprime loans in the state, only about 3500 homeowners could qualify for the "Connecticut Families" program - and of that group, only about 400 inquiries have been made. The Connecticut Housing Finance Authority, which administers the program, has just now granted new loans to only 2 homeowners. It's led many to wonder why a $55 million dollar program touted as a help to homeowners is helping so few. Carol DeRosa is Administrator of Residential Mortgage programs for the CHFA. She wanted to address criticisms she's seen - and heard in the media.
For more information on CHFA outreach seminars, call 860 571 3500.