CT mortgage assistance plan isn’t
Bob Morris @ Feb 22nd 2008 13:26 - Category: Credit crisis
A $50 million dollar assistance plan for first-time homeowners in CT who have resetting subprime mortgages has been a dismal failure, with only 25 homeowners getting help to date.
A spokesperson for comatose CT Gov. Jodi Rell said “she is open to tweaking the program and finding more ways to reach more people” as long as such undue mental strain doesn’t cause her head to explode. This is the same governor who recently trumpeted a plan to stimulate the Connecticut economy by putting a speed trap on a portion of one freeway and giving business owners a $250 rebate. Like I said, “comatose.”
Why has the mortgage assistance program failed? Among the reasons, it takes months to get approved and the homeowner must show they can pay most of their bills.
[The plan] may in effect be tailored for people who don’t need help.
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