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Senate committee advances bill to let borrowers roll student debt into mortgages amid lender-safety questions
Summary
The New York State Senate Committee on Corporations, Authorities and Commissions on May 13 advanced S.5790, the Student Loan Assistance and Home Purchase Act, sending the measure to the Housing Committee for further consideration.
The New York State Senate Committee on Corporations, Authorities and Commissions on May 13 advanced S.5790, the Student Loan Assistance and Home Purchase Act, sending the bill to the Senate Housing Committee for further consideration.
Sponsor Senator Sepulveda introduced the bill as a measure to facilitate home purchases by individuals carrying student debt by allowing that debt to be consolidated into a mortgage product. The bill, as described in committee, would permit a mortgage-financing program tied to an authority (the bill text names a state mortgage agency to set eligibility and interest-rate terms).
The bill prompted questions from committee…
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