To the editor:
I read the article by Carol E. Curtis on the Connecticut attorney general turning his attention to helping investors.
I think everyone leaves out a serious part of the picture ”“ people like me, the homeowner. I have a proper mortgage and pay my bills every month. But I see the value of my home decreasing substantially.
The decrease comes from foreclosures in my area, which lower the comps, which in turn lower the banks”™ assessed valuations. The lower valuation means that banks will lend less, so the prices of homes come down. The lower valuations also put homes possibly underwater and the banks won”™t modify the mortgage.
So my question is: How will homeowners like me receive compensation from the mortgage settlement, specifically for the decline in home prices caused by foreclosure?
You mention investors and foreclosed owners, but others have also been hurt. All property values took a hit during the crisis, but no one looks at this with a view to helping repair the damage.
If the attorney general is to do something, it should be fair to all Connecticut residents who own a home. The attorney general represents us all.
Rick Castro
New Fairfield
