Years of federal policy that has allowed the big oil corporations and Wall Street traders to profit at the expense of the family budgets of ordinary Americans are coming to fruiting with the unjust and massive increases in gasoline and oil prices we are experiencing. We need reforms in federal policies to reign in the excesses of Wall Street and the big oil corporations in order to bring prices down.

Even though the causes of this crisis are a federal issue, I wanted to take action to help people. That is why I voted to approve Public Act 08-2.

This legislation does several things. It stops major oil companies from using their franchise agreements to block local gas stations from offering to customers who pay in cash, rather than credit. The Attorney General says these discounts could save people 10 to 12 cents per gallon. This legislation also cancels the half percent increase to the gross receipts tax paid by oil companies that was scheduled to take effect July 1st.

In addition to rising gasoline prices, heating oil costs are going up. This raises the concern that people will have trouble paying for heating oil next Winter. That is why this legislation also authorizes the immediate release of $2.5 million from the Oil Conservation Fund, which can be used for the purchase of new, energy efficient boilers.

Hopefully, legislation under consideration at the federal level to reign in speculators on Wall Street who are driving up oil prices. But, either way, I hope that the legislation we approved here in Connecticut offers some relief.

Gasoline prices are not the only things rising right now - food and many other necessities of life are becoming more expensive, as well. Most people are struggling to make ends meeting right now. But for working people whose incomes are not large to begin with, it can be crushing.

That is why raising the minimum wage is so important.

This is why I voted with most other legislators to approve House Bill 5105. This legislation raised the minimum wage twice: once by 35 cents, to $8/hour on January 1, 2009 and a second time a year later, on January 1, 2010, by another 24 cents.

Even these increases are very small. They are not even enough to keep a worker at minimum wage up with the rising cost of living, as measured by the inflation rate. This is especially true since, because there was no raise in the minimum wage in 2008, it will have been two years since the minimum was increased.

That is why I was so surprised that the Governor vetoed HB5105. I strongly disagreed with her decision, it is very clear to me that her reasons have little or no merit.

Even though prices have been going up dramatically, the last increase in the minimum wage was a year and half ago. That is why I voted in the legislature to approve to raise the minimum wage. 08-92

Fortunately, the legislature came back again in special session and voted to override the Governor's veto, making HB5105 law - Public Act 08-92.

Even after these increases, the minimum wage is not nearly high enough to allow workers to provide for themselves or their families. That was all the more reason why we could not allow the rising cost of living to cut even further into the family budget of people who are struggling to work for a living.

Here is some information, sent to legislators by the Connecticut Housing Finance Authority (CHFA), with some of the details of Public Act 08-176, "An Act Concerning Responsible Lending and Economic Security". I hope this information is helpful:

Summary of P.A. 08-176

“An Act Concerning Responsible Lending and Economic Security”

Emergency Mortgage Assistance Program (EMAP),

Homeowner’s Equity Recovery Opportunity (HERO) Loan Program,

Foreclosure Mediation and CT FAMLIES Program

P.A. 08 -176 “An Act Concerning Responsible Lending and Economic Security” takes effect on July 1, 2008 and includes several components relative to homeowners who are delinquent and/or facing foreclosure.

Emergency Mortgage Assistance Program (EMAP)
The Emergency Mortgage Assistance Program is available to provide emergency mortgage assistance payments to eligible homeowners. Funding in the amount of $64 million has been provided for EMAP and will be administered by Connecticut Housing Finance Authority (CHFA).

• All lenders are required by law to take specific actions prior to commencing a judgment of strict foreclosure or foreclosure by sale for one-to-four family, owner-occupied residential real property located in the State of Connecticut, including condominiums.
• Lenders who start a foreclosure process upon a borrower, are required to give written notice to the borrower by registered or certified mail indicating that the borrower has 60 days from the date of the notice to confer with the lender or have a face-to-face meeting with a consumer credit counseling agency to attempt to resolve the delinquency or default. (A list of CHFA-approved counseling agencies is attached for your reference.)
• In the notice, the lender must also inform the borrower that the EMAP Program is being administered by Connecticut Housing Finance Authority (CHFA). If the lender and borrower are unable to resolve the delinquency or default, the borrower will have 60 days from receipt of the written notice to obtain information and apply for the EMAP Program.
• EMAP is not available to borrowers who have FHA-insured loans.
• Homeowners may contact the CHFA Special Programs Call Center located at 999 West Street, Rocky Hill, CT 06067 via telephone 8:30 a.m. to 5:00 p.m. – local calls 860-571-3500 or toll free 877- 571-CHFA (2432) or via e-mail at EMAPinfo@chfa.org
  

WorkPlace, Inc., in conjunction with other regional workforce development boards, will establish a mortgage crisis job training program for eligible borrowers if they are at least 60 days delinquent on their mortgage, are referred by the CHFA lender or demonstrate an imminent need to increase earnings in order to avoid delinquency or foreclosure.

Homeowner’s Equity Recovery Opportunity (HERO) Loan Program

The purpose of the HERO Program is to permit CHFA to purchase eligible mortgages directly from lenders and place those borrowers on an affordable repayment plan. Funding in the amount of $30 million will be available for this program. There are several options currently being developed. Anyone with questions may contact the CHFA Special Programs Call Center located at 999 West Street, Rocky Hill, CT 06067 via telephone 8:30 a.m. to 5:00 p.m. – local calls 860-571-3500 or toll free 877- 571-CHFA (2432) or via e-mail at HEROinfo@chfa.org.

Foreclosure Mediation
All lenders are required by law to attach to the front of the complaint that is served on the borrower a copy of the “Notice to Homeowner: Availability of Foreclosure Mediation” form and a “Foreclosure Mediation Request” form. In the mediation process, EMAP, HERO and the CT FAMLIES Programs will also be discussed with the borrower as alternatives to saving the borrower’s home from foreclosure. Inquires regarding Foreclosure Mediation may be directed to Roberta Palmer, Superior Court Operations at (860) 363-2734 or via e-mail at: roberta.palmer@jud.ct.gov.

CT FAMLIES Program

CHFA continues to offer the Connecticut Fair Alternative Mortgage Lending Initiative and Education Services (CT FAMLIES) Program, a refinancing mortgage loan that is at a fixed rate for a term of 30 years. Eligible homeowners who have an Adjustable Rate Mortgage (ARM) or their current mortgage is no longer suitable for their financial situation may qualify for a CT FAMLIES Loan. Homeowners may contact the CHFA Special Programs Call Center located at 999 West Street, Rocky Hill, CT 06067 via telephone 8:30 a.m. to 5:00 p.m. – local calls 860-571-3500 or toll free 877- 571-CHFA (2432) or via e-mail at CTFAMLIES@chfa.org.

CONNECTICUT HOUSING FINANCE AUTHORITY

EMAP COUNSELOR LISTING

AGENCY INFORMATION

Co-opportunity, Inc. 20-28 Sargeant Street Hartford, CT 06105 (860)236-3617 (860)808-1757

Housing Education Resource Center 901 Wethersfield Avenue Hartford, CT 06114 (860) 296-4242 (860) 296-1317

Neighborhood Housing Services of New Britain 223 Broad Street New Britain, CT 06053 (860) 224-2433 (860) 225-6131

Urban League of Greater Hartford 140 Woodland Street Hartford, CT 06132 (860) 527-0147 (860) 293-2621