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March 31, 2020

CT banks, credit unions sign on to mortgage grace period, other borrower relief

PHOTO | HBJ File Connecticut Banking Commissoner Jorge Perez.
By Matt Pilon

More than 50 Connecticut-based banks and credit unions have signed an agreement with Gov. Ned Lamont’s administration to cut mortgage borrowers a break for the next three months.

Announced Tuesday afternoon, the deal between the Department of Banking and some of the state’s largest financial institutions will allow borrowers to reduce or delay their mortgage payments for up to 90 days, provide a waiver or refund of mortgage-related late fees and other fees, and postpone foreclosures for 60 days, Lamont’s office said.

The deal also includes no credit score deductions or other negative credit reports for consumers who access financial relief during the ongoing COVID-19 outbreak.

Lamont and DoB Commissioner Jorge Perez said the agreement builds upon similar deals enacted recently in California and New Jersey.

Perez said banks and credit unions have pledged not to make borrowers “jump through a lot of hoops” to prove their need.

“All have committed to making it an easy process,” Perez said. 

He said that more institutions are expected to sign on in the coming days and asked that consumers, including businesses, wait a day or two before calling their financial institution about the offer.

The deal was announced moments after Lamont, who appeared emotional at his daily press conference, detailed the latest coronavirus stats for Connecticut:  557 new positive cases since Monday, 16 new fatalities, and 608 people hospitalized across the state, up from 517 on Monday.

“Those numbers continue to ramp up in a way that we had anticipated, sadly,” the governor said.

He said the state was thankful to have received 50 ventilators from the national stockpile recently, but said he was disturbed to learn that the stockpile was now depleted.

“For now we are on our own and for now we are working our heart out scouring the globe for [personal protective equipment] as best we can,” Lamont said.

“I feel like a general sending our troops into battle without the protective gear they deserve,” he added.

A surge of COVID-19 patients is expected at Connecticut hospitals in about 10 days. Connecticut is currently the fourth most infected state per capita, behind New York, New Jersey and Louisiana, Lamont said.
 

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