HOUSE DOCKET, NO. 2314        FILED ON: 1/20/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2602

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Daniel B. Winslow

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act to create jobs by increasing disposable income in the state economy.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Daniel B. Winslow

9th Norfolk

1/20/2011

George T. Ross

2nd Bristol

2/3/2011

James J. Dwyer

30th Middlesex

2/3/2011

Ryan C. Fattman

18th Worcester

2/3/2011

Robert L. Hedlund

 

2/3/2011

Steven S. Howitt

4th Bristol

2/3/2011

Bradley H. Jones, Jr.

20th Middlesex

2/4/2011

Kevin J. Kuros

8th Worcester

2/3/2011

Donald H. Wong

9th Essex

2/3/2011


HOUSE DOCKET, NO. 2314        FILED ON: 1/20/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2602

By Mr. Winslow of Norfolk, a petition (accompanied by bill, House, No. 2602) of Daniel B. Winslow and others relative to job creation by increasing disposable income in the state economy.  State Administration and Regulatory Oversight.

 

The Commonwealth of Massachusetts

 

_______________

In the Year Two Thousand Eleven

_______________

 

An Act to create jobs by increasing disposable income in the state economy.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. (a) Notwithstanding any general or special law to the contrary, the Massachusetts Housing Finance Agency, herein referred to as the agency, shall establish an enhanced mortgage refinance program for real property located in the commonwealth to provide mortgage refinance products to all eligible participants.  For the purpose of this section, eligible participants shall be all persons who reside in the Commonwealth who meet the following eligibility criteria: (1) has been assigned a credit rating greater than six hundred and eighty by each of the three major credit bureaus; (2) holds no history of default; (3) holds no history of bankruptcy; and (4) is not currently in default of mortgage payments due.

(b) Notwithstanding any general or special law to the contrary, $100 million shall be encumbered from the Commonwealth Stabilization fund, established under section 2 of chapter 29, to be pledged to the agency as a mortgage refinance guarantee.

(c) Notwithstanding any general or special law to the contrary, the agency may charge a reasonable fee, as determined by the agency, to cover the expenses of administering the program and any liability that may arise given an anticipated rate of default; provided, however, that the fee charged to each borrower for mortgage refinance product shall not exceed 10% of the difference between the annual payment on the original mortgage and that of the refinanced mortgage.

(d) Notwithstanding any general or special law to the contrary, said guarantee on a refinanced mortgage sold to a borrower by the agency shall expire upon the sale of the property, at the time the borrower has refinanced with another lender, or at such time as the amount outstanding on the mortgage falls below 80% of the real property’s assessed value.