2007 House Bill 5376

Authorize mortgage downpayment and foreclosure subsidies

Introduced in the House

Oct. 26, 2007

Introduced by Rep. Bettie Cook Scott (D-3)

To create a new state fund to provide subsidies to “low income individuals seeking to avoid foreclosure” on home loans, subsidies for downpayments to people seeking mortgages, and various other purposes. The bill would earmark for the fund certain fines on lenders for violation of a http://www.michiganvotes.org/2002-HB-6121"subprime mortgage regulation law</a> passed in 2002.

Referred to the Committee on Banking and Financial Services