State homeowners gain debt relief

Nearly 3,000 Connecticut borrowers have received about $185 million in debt relief from a national mortgage-foreclosure settlement, according to state Attorney General George Jepsen.

The Commercial Record reported that the total doesn't include refinancing of several hundred additional Connecticut mortgages, as well as $72 million in loan modifications for state homeowners.

Jepsen said relief, from a $25 billion national pool, came much quicker and in larger quantities than expected. The average mortgage reduction totaled about $65,000.

Connecticut borrowers had originally expected $155 million in various forms of relief.

"I'm very pleased and encouraged that we are exceeding those estimates," Jepsen said.


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