The Hartford Courant reports: Mortgage Relief Plan Leaves Lots Of Pain.
A new, highly touted state program designed to aid first-time homeowners facing exploding mortgage costs has such strict standards that the vast majority of those seeking help don't qualify — a stark reality for financially troubled Connecticut residents looking for a mortgage bailout.
More than 1,000 homeowners have flooded the Connecticut Housing Finance Authority with calls as they sought to qualify for the new loans, which were announced in November and funded by $50 million in state bond money.
The loans are intended to help people refinance adjustable-rate mortgages at fixed rates.
But so far, eight weeks into the program, only 25 loans have been approved. At one of the three mortgage lenders participating, more than 300 inquiries resulted in just three loan approvals.
MISSION ACCOMPLISHED!!!
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