New Connecticut Law To Establish Foreclosure Mediation Programs To Be Conducted Through Court System

In Connecticut, a press release from the office of the Governor announces:

• Governor M. Jodi Rell [last week] signed into law a landmark bill that funds three programs to help struggling homeowners cope with the mortgage credit crunch and imposes reforms on the mortgage industry to avoid future problems. [...] The bill establishes foreclosure mediation programs to be conducted through the Judicial Branch, puts new regulations in place on the mortgage industry – including a ban on prepayment penalties – and expands the authority of the Department of Banking.

For more, see Governor Rell Signs Landmark Subprime Mortgage Assistance Bill (Governor Says Bill Sets National Model for Helping Homeowners, Preserving State’s Economic Foundation).