Dems Take it to the House; Houses to be Demolished

We all know about the housing crisis facing local communities in Michigan, so its good to know that some people are at least trying to do something about it...

The House Banking and Financial Services committee passed a package of bills yesterday that would require lenders to make sure loans benefitted borrowers.

According to MIRS, the pro-consumer bills "require loan agencies to assess whether the loan will be 'reasonably advantageous' to the borrower, mandates use of an automatic underwriting system, and prohibits falsifying or misrepresenting a borrower's credit history or income."

Area Representatives Andy Coulouris (D-Saginaw) and Jeff Mayes(D-Bay City), along with two other Democrats and one Republican, voted for the package, while 3 Republicans committee members did not support it.

Meanwhile, MLive reported yesterday that the city of Saginaw receive funds from the Michigan Housing Development Authority's Cities of Promise initiative to tear down an estimated 297 vacant homes. Last year 187 homes Saginaw homes were demolished.

Now if only we could figure out what to build to replace these vacant and demolished houses (instead of half-way houses and empty parking lots).