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2007 Senate Bill 948: Allow MSHDA to subsidize mortgage refinancing
Public Act 57 of 2008
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- Introduced by Sen. Tupac Hunter (D) on December 5, 2007, to allow the Michigan State Housing Developing Authority to provide loan subsidies for the refinancing of home loans. Under current law the Authority may subsidize loans for acquisition only. The bill is part of a package comprised of Senate Bills 948 to 952. See also House Bills 5442 to 5447.
- Referred to the Senate Banking and Financial Institutions Committee on December 5, 2007.
- Reported in the Senate on February 7, 2008, with the recommendation that the substitute (S-1) be adopted and that the bill then pass.
- Substitute offered in the Senate on March 5, 2008, to replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described. The substitute passed by voice vote in the Senate on March 5, 2008.
- Referred to the Senate Banking and Financial Institutions Committee on December 5, 2007.
- Passed 38 to 0 in the Senate on March 6, 2008, to allow the Michigan State Housing Developing Authority to provide loan subsidies for the refinancing of home loans. Under current law the Authority may subsidize loans for acquisition only. The bill is part of a package comprised of Senate Bills 948, 950, 951 and 1133, and House Bills 5443 and 5446.
Who Voted "Yes" and Who Voted "No" - Received in the House on March 6, 2008.
- Referred to the House Banking and Financial Services Committee on March 6, 2008.
- Reported in the House on March 11, 2008, without amendment and with the recommendation that the bill pass.
- Referred to the House Banking and Financial Services Committee on March 6, 2008.
- Passed 103 to 2 in the House on March 13, 2008, to allow the Michigan State Housing Developing Authority to provide loan subsidies for the refinancing of home loans. Under current law the Authority may subsidize loans for acquisition only. The bill is part of a package comprised of Senate Bills 948, 950, 951 and 1133, and House Bills 5443 and 5446.
Who Voted "Yes" and Who Voted "No" - Signed by Gov. Jennifer Granholm on April 2, 2008.
Most Recent Comments
1) "no vote explanation" by Admin003 on March 22, 2008Rep. Caswell, having reserved the right to explain his protest against the passage of the bill, made the following statement:
“Mr. Speaker and members of the House:
My no vote is based on the fact that the bill goes well beyond helping single family home owners to owners of up to 4 unit apartment complexes. I have no problem helping owners of homes. I don’t believe that should include small apartment complexes.”
Reply
Introduced in the Senate on December 5, 2007, to allow the Michigan State Housing Developing Authority to provide loan subsidies for the refinancing of home loans. Under current law the Authority may subsidize loans for acquisition only. The bill is part of a package comprised of Senate Bills 948, 950, 951 and 1133, and House Bills 5443 and 5446
The vote was 38 in favor, 0 opposed and 0 not voting
(Senate Roll Call 104 at Senate Journal 24)
Click here to view bill details.
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