Sen. Richardville recognized for work to protect homeowners and strengthen Michigans mortgage industry
LANSING—Sen. Randy Richardville has been recognized by the Michigan Bankers Association with the 2008 Economic Impact Award for helping advance legislation that protects homeowners, reduces mortgage fraud and appraisal coercion, and safeguards public investment funds.
Richardville was given the award Thursday at the association’s Bank Management and Directors Conference in Dearborn.
“I am honored to receive this award,” said Richardville, R-Monroe. “One of my main priorities as a state legislator is to support legislative initiatives that promote a healthy and strong business climate and protect Michigan families. I look forward to working with the banking industry more in the future to make additional improvements and keep our residents safe.”
Doug Chaffin, president and CEO of Monroe Bank & Trust, noted Richardville’s leadership in promoting a strong and safe banking industry in Michigan.
“As chair of the Senate Banking and Financial Institutions Committee, Senator Richardville has been a thoughtful, fair and adept leader in an economic downturn,” said Chaffin. “He has successfully shepherded various initiatives through the Legislature that target real problems in Michigan. His service to his constituents, and indeed our state, has been exemplary.”
Richardville has helped move several bipartisan, bicameral legislative packages through the state Legislature to strengthen the mortgage industry. The legislation:
- Helps Michigan homeowners refinance their home loans at lower interest rates to avoid foreclosure;
- Requires registration for loan officers to target bad actors conducting fraudulent mortgage transactions;
- Prohibits mortgage brokers or other lending professionals from coercing or inducing real estate appraisers to inflate the value of real property; and
- Provides greater protection for funds in excess of $100,000 invested by local governments and schools.
Senate Majority Leader Michael D. Bishop said Richardville’s willingness to work across the aisle has helped advance the mortgage measures.
“One of the reasons I appointed Senator Richardville to serve as the chair of the banking committee is because of his ability to work with Republicans and Democrats on important initiatives,” said Bishop, former chair of the committee. “I knew he would work to keep people in their homes and reduce fraud in the mortgage industry.”
The award is presented annually to a Michigan lawmaker at both the state and federal levels. Congresswoman Candice Miller is the 2008 federal recipient.
Posted: Friday, December 05, 2008
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