HARTFORD, Conn. — Connecticut Gov. Dannel P. Malloy and Attorney General George Jepsen say Connecticut's share of a $25 billion mortgage settlement will be spent to improve and expand programs helping distressed homeowners in the state.
Malloy and Jepsen said Monday the money will help Connecticut avoid preventable foreclosures and ensure that borrowers receive the full benefits of the settlement.
The national settlement announced in February with the nation's five largest mortgage loan servicers will provide about $119 million in loan modification and refinancing relief to Connecticut homeowners. It also will provide about $7.3 million to Connecticut foreclosure victims and $28.1 million to the state to offset the impact of the foreclosure crises.
The state's $28.1 million share will be used to support state and nonprofit initiatives that directly help homeowners who face foreclosure.
Malloy and Jepsen said Monday the money will help Connecticut avoid preventable foreclosures and ensure that borrowers receive the full benefits of the settlement.