Fairfield County is a county in the southwestern corner of the U.S. state of Connecticut. It is the most populous county in the state and was also its fastest-growing from 2010 to 2020. As of the 2020 census, the county's population was 957,419, representing 26.6% of Connecticut's overall population. The closest to the center of the New York metropolitan area, the county contains four of the state's top 7 largest cities—Bridgeport (1st), Stamford (2nd), Norwalk (6th), and Danbury (7th)—whose combined population of 433,368 is nearly half the county's total population.
Stamford is a city in Fairfield County, Connecticut, 34 miles outside of New York City. It is the largest city in the Western Connecticut Planning Region, and Connecticut's second-most populous city, behind Bridgeport. With a population of 135,470, Stamford passed Hartford and New Haven in population as of the 2020 census. It is in the Bridgeport-Stamford-Norwalk-Danbury metropolitan statistical area, which is part of the New York City metropolitan area.
Norwalk is a city located in Western Connecticut, United States, in southern Fairfield County, on the northern shore of the Long Island Sound. Norwalk lies within both the New York metropolitan area and the Bridgeport metropolitan area.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
Total Mortgage Arena is a 10,000-seat multi-purpose arena in downtown Bridgeport, Connecticut. It is the home venue of the Bridgeport Islanders of the American Hockey League (AHL) and PWHL New York of the Professional Women's Hockey League (PWHL).
The Connecticut Post is a daily newspaper located in Bridgeport, Connecticut. It serves Fairfield County and the Lower Naugatuck Valley. Municipalities in the Post's circulation area include Ansonia, Bridgeport, Darien, Derby, Easton, Fairfield, Milford, Monroe, New Canaan, Orange, Oxford, Redding, Ridgefield, Seymour, Shelton, Stratford, Trumbull, Weston, Westport and Wilton. The newspaper is owned and operated by the Hearst Corporation, a multinational corporate media conglomerate with $4 billion in revenues. The Connecticut Post also gains revenue by offering classified advertising for job hunters with minimal regulations and separate listings for products and services.
Bridgeport-Stamford-Norwalk is a metropolitan area in the U.S. state of Connecticut. The area is located in Southwestern Connecticut. In its most conservative form the area consists of the city of Bridgeport and five surrounding towns—Easton, Fairfield, Monroe, Stratford, and Trumbull. This definition of the Bridgeport area has a population of more than 305,000 and is within the Bridgeport-Stamford-Norwalk-Danbury metropolitan statistical area, which consists of all of Fairfield County, Connecticut. The estimated 2015 county population was 948,053. The area is numbered as part of the New York-Newark Combined Statistical Area NY-NJ-CT-PA by the United States Census Bureau.
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. The crisis led to a severe economic recession, with millions of people losing their jobs and many businesses going bankrupt. The U.S. government intervened with a series of measures to stabilize the financial system, including the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA).
The Hope Now Alliance is a cooperative effort between the US government, counselors, investors, and lenders to help homeowners who may not be able to pay their mortgages. Created in 2007 in response to the subprime mortgage crisis, the alliance claims to have helped over 1 million homeowners avoid foreclosure through January 2008. Critics of the alliance contend that the assistance provided does not go far enough, and that not enough homeowners are being helped.
Richard H. Neiman is an American financial advisor and attorney who served as the 43rd Superintendent of Banks of New York, managing the New York State Banking Department.
Loss mitigation is used to describe a third party helping a homeowner, a division within a bank that mitigates the loss of the bank, or a firm that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure. These new terms are typically obtained through loan modification, short sale negotiation, short refinance negotiation, deed in lieu of foreclosure, cash-for-keys negotiation, a partial claim loan, repayment plan, forbearance, or other loan work-out. All of the options serve the same purpose, to stabilize the risk of loss the lender (investor) is in danger of realizing.
This article is a subordinate article to the subprime mortgage crisis. It covers some of the miscellaneous effects of the crisis in more detail, to preserve the flow of the main page.
Loan modification is the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure. Loan modifications have been practiced in the United States since the 1930s. During the Great Depression, loan modification programs took place at the state level in an effort to reduce levels of loan foreclosures.
Bridgeport is the most populous city in the U.S. state of Connecticut and the fifth-most populous city in New England, with a population of 148,654 in 2020. Located in eastern Fairfield County at the mouth of the Pequonnock River on Long Island Sound, it is a port city 60 miles (97 km) from Manhattan and 40 miles (64 km) from The Bronx. It is bordered by the towns of Trumbull to the north, Fairfield to the west, and Stratford to the east. Bridgeport and other towns in Fairfield County make up the Greater Bridgeport Planning Region, as well as the Bridgeport–Stamford–Norwalk–Danbury metropolitan statistical area, the second largest metropolitan area in Connecticut. The Bridgeport–Stamford–Norwalk–Danbury metropolis forms part of the New York metropolitan area.
Christopher Meek is an American philanthropist and finance executive and author. Meek is the co-founder and chairman of SoldierStrong, a charitable organization which provides support for U.S. service members and veterans. He is also the co-founder and chairman of START Now!, a non-profit which provides foreclosure counseling to homeowners. He is also the managing director of global relationship management at S&P Global and a member of the Maxwell School Advisory Board at Syracuse University.
The Home Affordable Refinance Program (HARP) is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009, to help underwater and near-underwater homeowners refinance their mortgages. Unlike the Home Affordable Modification Program (HAMP), which assists homeowners who are in danger of foreclosure, this program benefits homeowners whose mortgage payments are current, but who cannot refinance due to dropping home prices in the wake of the U.S. housing market correction.
Robert Bruce Duff is an American politician, currently serving as a member of the Connecticut State Senate, where he represents Norwalk and part of Darien in Connecticut's 25th District. He previously served as a member of the Connecticut House of Representatives, representing the 137th District. He is currently Majority Leader of the Connecticut Senate, and serves as chair of the Executive and Legislative Nominations Committee and vice chair of the Legislative Management Committee.
The Making Home Affordable program of the United States Treasury was launched in 2009 as part of the Troubled Asset Relief Program. The main activity under MHA is the Home Affordable Modification Program.
Carlo Leone is an American politician serving as the senior adviser to ConnDOT commissioner Joseph Giulietti. Leone formerly represented the 27th district of the Connecticut State Senate as a Democrat from 2011 until his resignation in 2021. While in the State Senate, he served as deputy president pro tempore and chair of the Transportation Committee. Leone also served in the Connecticut House of Representatives representing the 148th district from 2003 to 2011. As a Democrat, he served as the deputy majority whip in the House of Representatives.
