The Connecticut Fair Alternative Mortgage Lending Initiative & Education Services Program (CT FAMLIES) is a $50 million project administered by the Connecticut Housing Finance Authority (CHFA) designed to address the subprime mortgage crisis in Connecticut.
CT FAMLIES was created to enable first-time homebuyers to refinance their adjustable-rate mortgages into 30-year, fixed rate amortizing loans at 0.25% above CHFA’s regular rate, which is typically below market rates.
Michael Sheahan, director of mortgage banking division at Webster, said: Most adjustable-rate subprime mortgages carried low initial rates so many of the borrowers may not have fully understood that their monthly payments could rise sharply after the first two or three years. Webster is proud to have been selected to participate in this important new program and demonstrate our continued commitment to meeting the needs of the communities we serve.
