Governor signs Richardville legislation that will help homeowners avoid foreclosure and obtain affordable housing
LANSING-Bipartisan legislation that will allow Michigan homeowners to refinance their home loans at lower interest rates to avoid foreclosure was signed today by the governor, said Sen. Randy Richardville, who will attend the bill signing ceremonies in Jackson and Detroit.
"Many homeowners in Michigan are facing economic challenges and are fearful of losing their homes," said Richardville, R-Monroe. "This legislation will help them refinance their home loans with lower interest rates. It should help reduce the number of foreclosures in Michigan and strengthen the state's struggling housing market."
Senate Bill 1133, sponsored by Richardville, will expand the total family income cap threshold to $108,000 for those seeking a loan offered by the Michigan State Housing Development Authority. It will also allow state residents to have increased access to MSHDA programs.
"As chair of the Senate Banking and Financial Institutions Committee, issues related to Michigan's housing and mortgage industries are very important to me," Richardville said. "Throughout the past several months, I have worked closely with the members of the mortgage community, state representatives, and the administration to develop this legislative package. I am pleased that it is now state law so that homeowners can begin taking advantage of these new programs."
Other signed legislation, House Bills 5443 and 5446 and Senate Bills 948, 950 and 951, will allow MSHDA to create the ARM Assistance Refinance Program and the MSHDA Rescue Refinance Program. These refinancing programs will help homeowners who are in good standing refinance their loans at a lower interest rate.
MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues.
Posted: Wednesday, April 02, 2008
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