Senate committee approves home ownership protection legislation
LANSING - The Senate Banking and Financial Institutions Committee today approved legislation which will allow Michigan homeowners to refinance their home loans at lower interest rates to help save their homes from foreclosure, said Sen. Randy Richardville, committee chair.
"As the governor reiterated in the State of the State address, the Senate is working in a bipartisan manner to help alleviate the state's foreclosure crisis," said Richardville, R-Monroe. "Too many homeowners in Michigan are hurting from mortgages they can no longer afford. We need to move these bills through the Legislature to provide more assistance for residents who are facing foreclosure."
The legislative package, House Bills 5443 and 5446 and Senate Bills 948, 950 and 951, will allow the Michigan State Housing Development Authority to implement the "Save the Dream" program, which will help homeowners, who are in good standing, refinance their loans at a lower interest rate.
According to MSHDA, the refinancing program will help approximately 2,400 people in the first year.
"This is a great program that will really benefit some state residents, but it would be better if the program could help even more," Richardville said. "I am looking at ways to expand the legislation so that more people can receive help during these troubling economic times."
The bills will now advance to the full Senate for consideration.
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Editor's note: A photograph of Sen. Richardville presiding over the committee meeting is available on the Senate Majority Photowire, located at: http://www.MISenateGOP.com/photowire.asp?District=17
Posted: Wednesday, February 06, 2008
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