NEWS FLASH

Connecticut’s Foreclosure Mediation Program Keeps 64 Percent Of Participants In Their Homes | New research from the Federal Reserve Bank of Boston shows that 64 percent of the homeowners who participated in Connecticut’s foreclosure mediation program were able to stay in their homes, with another 15 percent “backing out of mortgages through bank-supported short sales, debt forgiveness and other means.” “Connecticut’s mediation program appears to be quite successful in meeting its objectives,” wrote Fed policy analyst Robert Clifford. “The mediation process provides homeowners a channel of communication with their lenders that has been difficult for most to establish on their own.” Mediation programs have sprung up around the country and, if implemented correctly, can be one of the most effective ways to prevent foreclosures.