Four New England banks are offering an initiative called the Mortgage Relief Fund, a $100 million refinancing program to address the subprime mortgage crisis in Connecticut and other New England states.
Participating banks include Citizens Bank, Sovereign Bank, TD Banknorth and Webster Bank. The $100 million may be expanded depending on need. Connecticut has about 71,000 active subprime mortgages, and many are delinquent or in default.
