CT Foreclosure Mediation Law Carries 8-month Stay, MERS Not Working

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CT Foreclosure Mediation Law Carries 8-month Stay, MERS Not Working

CT Foreclosure Mediation Law Carries 8-month Stay, MERS Not Working

CTPOST-

State lawmakers hope changes to a successful foreclosure mediation program will grant homeowners struggling to hold on to their property more time and greater piece of mind.

Under the new proposal, which needs to by signed by the governor, lenders cannot proceed with any legal action for eight months.

“A lot of people were able to work things out within three months,” said state Sen. Bob Duff, D-Norwalk, who helped enact the original mediation effort in 2008.

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One Response to “CT Foreclosure Mediation Law Carries 8-month Stay, MERS Not Working”

  1. Virginia says:

    It appears policy making with regard to Wall Street fraud in Connecticut would have somewhat of a conflict looking at the millions of dollars in pension funds lost in the securitization fraud. Just like all the other states and unions – they are treading water and trying to prop up the banks in order that their settlements don’t evaporate in bankruptcy.

    Get a grip – those funds are long gone…. Just ask Gaddafi. time to sit down and tell your constituents and members. Connecticut has about $9.4 billion in its pension fund and $21.1 billion in obligations… no cushy retirements, for you.

    HARTFORD, Conn. – Connecticut’s pension fund lost millions of dollars when a Wall Street buyout firm’s investments soured. Now it is a jury’s job to decide if the firm is obligated to pay the state because of the loss.

    Attorney General Richard Blumenthal and Treasurer Denise Nappier sued Forstmann Little & Co. in 2002, accusing the firm of improperly investing and losing $125 million in state pension money.

    Plaintiffs suing Merrill Lynch & Co. for allegedly selling toxic mortgage-backed securities obtained class-action status this week, allowing more investors a chance to sue to recover financial losses.

    The case’s lead plaintiffs include the Public Employees’ Retirement System of Mississippi, the Los Angeles County Employees Retirement Association, the Wyoming State Treasurer and the Connecticut Carpenters Pension Fund. The lead plaintiffs asked the court to grant class-action, so more parties who questioned the securities could attempt to obtain relief.

    These are just for starters –

    PS – Don’t drink the Kool-Aid.

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