Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Michigan governor signs anti-foreclosure bills
LANSING, Mich. (5/27/09)--Michigan Gov. Jennifer Granholm signed a package of foreclosure prevention bills into law Thursday. The acts will not take effect for 45 days, giving financial institutions, including credit unions, time to prepare for the changes. The Michigan Senate had unanimously passed the anti-foreclosure package on May 19, including House Bills 4453, 4454 and 4455, sponsored by State Reps. Shanelle Jackson (D-Detroit), Andy Coulouris (D-Saginaw) and Bert Johnson (D-Highland Park), respectively (Michigan Monitor May 26). Michigan has one of the highest foreclosure rates in the nation, said State Sen. Randy Richardville (R-Monroe). Given that, “it was important for the legislature to approve these measures to help struggling homeowners. We have developed a plan that will help residents who want to stay in their homes and are willing to take appropriate steps to do so.” Coulouris referred to the package as a “90-day lifeline” for homeowners. The bills offer a judicial workout option for homes that fall into foreclosure, and gives three months for the lender and borrower to find a solution. The package does not address homes already in foreclosure. Home loans that qualify for modification will qualify for judicial intervention if the lender chooses not to cooperate to modify payments. Lenders will now be required to send a notice of foreclosure to all homeowners. Borrowers can request a meeting within 14 days of receiving a foreclosure notice, at which point the lender must stop any foreclosure proceedings for 90 days. The Michigan Credit Union League did not comment on the matter.
Other Resources

RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
13 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
13 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
14 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
14 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
17 hours ago