Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Finance topic
No spam. Unsubscribe anytime.
House committee votes to refer mortgage loss‑guarantee bill to housing committee
Summary
The House Committee on Commerce and Consumer Protection opened a work session Feb. 4 on House Bill 3,188, which would direct the Department of Consumer and Business Services to establish a program to guarantee lenders against losses on mortgage loans extended to first‑time home buyers.
The House Committee on Commerce and Consumer Protection opened a work session Feb. 4 on House Bill 3,188, which would direct the Department of Consumer and Business Services to establish a program to guarantee lenders against losses on mortgage loans extended to first‑time home buyers.
Representative Nathan Sosa, chair of the committee, described the bill in brief before members moved to refer it. "Directs the Department of Consumer Business Services to establish a program to guarantee against losses in mortgage loans and lenders extend to first time home buyers," an aide read during the session.
Vice Chair Chi Chi moved that the committee report the bill without recommendation as to passage and refer it to the House Committee on Housing and Homelessness. The committee then held a roll‑call vote. Representatives recorded as voting yes included Representative Chilton, Representative Johnson, Representative Dunbar (who arrived late), Representative Naugham, Representative Reschke, Representative Walters, Vice Chair Taichi and Chair Sosa. Representatives Wallach and Vice Chair Osborne were listed as excused. The motion passed and the bill will be forwarded to the House Committee on Housing and Homelessness.
Committee members did not take further public testimony during the work session on HB 3,188. The referral means the housing committee will receive formal consideration and any additional amendments or hearings.
Action at a glance: the Commerce and Consumer Protection Committee completed a work session and formally referred HB 3,188 to the House Committee on Housing and Homelessness without recommendation as to passage. No further committee action was taken at the Commerce and Consumer Protection meeting.
The bill text would require the Department of Consumer and Business Services to create the guarantee program; the committee record does not specify program details such as funding source, eligibility criteria or effective dates. Those details will be considered in the receiving committee.
