Gov. Jennifer M. Granholm, D-Mich., has signed legislation aimed at preserving the American dream of homeownership for Michigan families in jeopardy of losing their homes to foreclosure.
The bills are H.B.5443, sponsored by State Rep. Steve Tobocman (D-Detroit); H.B.5446, sponsored by State Rep. Bettie Cook Scott, D-Detroit; S.B.948, sponsored by Sen. Tupac Hunter, D-Detroit; S.B.950, sponsored by Sen. Hansen Clarke, D-Detroit; S.B.951, sponsored by Sen. Buzz Thomas, D-Detroit; and S.B.1133, sponsored by Sen. Randy Richardville, R-Monroe. The bills were given immediate effect.
The bills create two new refinancing options – an adjustable-rate mortgage refinancing option that will help citizens get into fixed-rate mortgages and a ‘rescue’ program that helps those who have been behind in their payments in the past, but are current now.
The legislation is part of the ‘Save the Dream’ initiative that makes housing counselors available to homeowners and raises awareness about avoiding foreclosure. The Save the Dream products and programs are operated and funded entirely by the Michigan State Housing Development Authority, the governor's office says.
‘These new tools will help protect families from losing their homes and work to stabilize Michigan's housing market,’ states Granholm. ‘I applaud the leadership of our legislators and our many partners in the lending community, including bankers, credit union lenders, and mortgage lenders, for making these tools a reality.’
