May 7, 2008, Introduced by Senators GLEASON, CLARKE, THOMAS, BRATER, ANDERSON, SCOTT, CLARK-COLEMAN, CHERRY, OLSHOVE and SCHAUER and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1966 PA 346, entitled
"State housing development authority act of 1966,"
(MCL 125.1401 to 125.1499c) by adding section 44h.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 44h. If a foreclosure has been stayed pursuant to section
3116 or 3237 of the revised judicature act, 1961 PA 236, MCL
600.3116 and 600.3237, the authority may provide the mortgage
holder with a loan guarantee in the amount of the outstanding
mortgage balance or the authority may loan the borrower an amount
sufficient to bring delinquent payments current. The authority may
establish criteria for the loans and may require additional
security from the borrower. Funding for the loan guarantee or
provision of funds shall be provided through the issuance of bonds
under section 25.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 1306
of the 94th Legislature is enacted into law.