Mar 17, 2009

Senate Banking and Financial Institutions Committee to hear testimony on foreclosure lifeline bills

LANSING -- Homeowners facing foreclosure may be able to catch a lifeline Wednesday when the Senate Banking and Financial Institutions Committee will take testimony on a three-bill package of bills passed earlier this month in the House.

The Committee will meet 9 a.m. Wednesday in room 210 in the Farnum Building, 125 W. Allegan St. across from the Capitol. The hearing, like all committee hearings, is open to the public.

The plan was conceived by the House Democrats, and the plan will create a 90-day reprieve from foreclosure for homeowners who commit to working with their lender and a housing counselor. Counselors are available through the Michigan State Housing Development Authority (MSHDA) and the U.S. Department of Housing and Urban Development (HUD).

"Most homeowners who face foreclosure never thought they would find themselves in that position," said Rep. Andy Coulouris, D-Saginaw, lead sponsor of the plan. "This plan is not a bailout; it's a lifeline for our hard-working homeowners who deserve a little extra time to work things out.
“Helping homeowners find a way to stay in their home is the right thing to do not only for them, but for taxpayers and our economy as well,” he said.

The bills up for consideration are House Bill 4453, introduced by Rep. Shanelle Jackson, D-Detroit; HB 4454, introduced by Coulouris; and HB 4455, introduced by Rep. Bert Johnson, D-Detroit.

Lansing will be the place to be on Wednesday; following the Banking and Financial Institutions Committee hearing, you can attend the House Regulatory Reform Committee hearing that is meeting to discuss an indoor smoking ban that includes bars and restaurants at noon on Wednesday in room 326 in the House Office Building at 124 N. Capitol in Lansing.

You can conclude the day with a fundraiser for the next Senator for the 9th District, Rep. Martin Griffin, D-Jackson. The fundraiser is set for 4:30 – 6 p.m. at the Governor’s Room at 121 W. Allegan, right next to the Farnum Building at Capitol and Allegan.

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