CHFA Success Stories

Responses to the Housing Crisis

The Connecticut Housing Finance Authority (CHFA) has played a key role in the development and implementation of the state’s strategic response to the sub-prime mortgage crisis since 2007.  That year, Governor Rell named CHFA co-chair of a newly convened Sub-Prime Mortgage Task Force that was comprised of public officials, lenders and housing professionals.  The Task Force examined sub-prime lending practices and adopted recommendations designed to stem the tide of home foreclosures in Connecticut.   

Task Force findings demonstrated the need for the state to marshal and modify current programs and to design new programs aimed at maintaining homeownership for those at risk of foreclosure.  To this end, in 2008 CHFA redesigned the Emergency Mortgage Assistance Program (EMAP) that provides loans, with deferred repayment requirements, to homeowners experiencing a temporary financial hardship. Since then, hundreds of EMAP applications have been submitted to CHFA.   

In the same year, by legislative mandate, CHFA launched the Connecticut Fair Alternative Mortgage Lending Initiative and Education Services (CTFAMLIES) program to provide a refinancing opportunity to qualified homeowners with high-interest Adjustable Rate Mortgages.  To date, tens of millions of dollars of CTFAMLIES refinance loans have been closed.  

In addition to these loan programs, CHFA is conducting an ongoing public education campaign and has increased the staff and homeownership counseling services available at over ten CHFA- and HUD-approved counseling agencies statewide.  

To learn more about CHFA’s participation in Connecticut’s response to the housing crisis, download and review the documents below.

 

Related Documents Found: 14  matches     Displaying: 1 - 14  File Size Type CT FAMLIES, EMAP & HERO – Status Report May 2009 This is the report provided to the CHFA Mortgage Committee and the CHFA Board of Directors in May 2009 on the status of CHFA-administered homeownership crisis programs, including CT FAMLIES, EMAP and HERO. 134K doc Sub-Prime Final Report 11-09-07 This is the final report of the Governor’s Sub-Prime Task Force convened in 2007 to study the impacts of sub-prime lending in Connecticut. 217K pdf Sub-Prime Final Report Appendix A 11-09-07 This is the appendix to the Sub-Prime Final Report containing the Senate Banking Committee Mortgaged Summit Principles. 1377K pdf Sub-Prime Final Report Appendix B 11-09-07 This is the appendix to the Subprime Final Report containing the Federal Reserve System and Banking Regulators Statement. 3673K pdf Sub-Prime Final Report Appendix C 11-09-07 This is the appendix to the Sub-Prime Final Report containing the Report of the Task Force Subcommittee on Policy Regulation and Consumer Education. 1380K pdf Sub-Prime Final Report Appendix D 11-09-07 This is the appendix to the Sub-Prime Final Report containing the Geographic Distribution of Sub-Prime Loans in Connecticut. 1028K pdf Sub-Prime Final Report Appendix E 11-09-07 This is the appendix to the Sub-Prime Final Report containing the State Mortgage Refinance Programs. 296K pdf Sub-Prime Final Report Appendix F 11-09-07 This is the appendix to the Sub-Prime Final Report containing other mortgage refinance and assistance programs. 1040K pdf Sub-Prime Final Report Appendix G 11-09-07 This is the appendix to the Sub-Prime Final Report containing the “Guidance on Non-Traditional Mortgage Products Risks,” of the Conference of State Banking Supervisors and American Association of Residential Mortgage Regulators. 2742K pdf Sub-Prime Final Report Appendix H 11-09-07 This is the appendix to the Sub-Prime Final Report containing the “Statement on Sub-Prime Mortgage Lending.” 2062K pdf Sub-Prime Final Report Appendix I 11-09-07 This is the appendix to the Sub-Prime Final Report containing the “Model Examination Guidelines – Non-Traditional Mortgage Product Risks and Sub-Prime Lending,” Conference of State Banking Supervisors and American Association of Mortgage Regulators. 5696K pdf Sub-Prime Final Report Appendix J 11-09-07 This is the appendix to the Sub-Prime Final Report containing State Department of Banking and Task Force Correspondence. 9948K pdf Sub-Prime Final Report Appendix TOC 11-09-07 This is the Table of Contents of the appendices of the Sub-Prime Task Force’s Final Report. 180K pdf Sub-Prime Report Update 6-26-08 This report describes the programs implemented in response to the Sub-Prime Task Force’s recommendations. 3866K pdf File Size Type Found: 14  matches     Displaying: 1 - 14