The newly minted commission is part of the subprime bill adopted by the legislature in June and is mandated to procude its’ first report in January of 2009.
Larry Bentley, business development officer for Patriot National Bank, was designated by state Sen. Bob Duff, D-25, to be part of the 13-member Commission on Nontraditional Loans and Home Equity Lines of Credit.
“He’s seen different types of lending practices over the years and I believe he can bring a certain type of knowledge others cannot,” Duff said.
Subprime mortgages, traditionally given to borrowers with bad credit, cast a long shadow on the foreclosure crisis during the summer of 2006, as the loan interest rates reset to much higher values. The loans continue to negatively affect the stock market as foreclosures continue to rise.
The commission was created as part of a sweeping subprime mortgage bill passed in June. In addition to establishing the commission, the bill also funds three programs to help homeowners pay back subprime loans and puts new restrictions and licensing requirements on the mortgage industry.
The commission will study the characteristics of subprime loans that may lead to foreclosure. It will also determine circumstances for which a nontraditional loan would be appropriate.
Bentley, who has 40 years of experience in the financial sector, said he has been keeping tabs on the subprime mortgage issue for about one year and he has a thick file of news articles on the subject.
The business development officer declined to comment on what his role in the ad-hoc committee will entail. He also did not wish to divulge his views about the affect of subprime loans on Connecticut’s economy.
Bentley said he is waiting for the committee to meet before commenting on the issues that it will address.
“I’m waiting to see where we are to go when going forward,” he said.
Duff said he chose Bentley because of the business development officer’s knowledge of Fairfield County’s economy.
“He’s served in a number of different roles in banking and I think he will definitely be a great asset to the committee,” Duff said.
Bentley also serves zoning commissioner for the city of Norwalk and is on the small business council of the Norwalk Chamber of Commerce.
In addition to Bentley, 12 members will be named to the committee. Howard Pitkin, commissioner of the Connecticut Department of Banking, will serve as chairman of the new commission.
source: The Hour, Banker named to panel looking into subprime pending mess, By Steve Kobak, July 31, 2008
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