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Michigan House approves higher minimum mortgage thresholds after floor debate
Summary
The Michigan House passed House Bill 5497, changing state minimum mortgage thresholds and adding an inflation-adjustment mechanism. Supporters said the measure modernizes an outdated rule; opponents warned it could shut out small-dollar borrowers. The bill passed 72–29 with one abstention.
The Michigan House on third reading approved House Bill 5497, a proposal to change the state's minimum mortgage thresholds and add an inflation-adjustment mechanism, passing the measure 72–29 with one member recorded as abstaining.
Representative Myers Phillips urged colleagues to oppose the bill, saying the change “will raise the minimum mortgage from 10,000 to 45,000” in practical effect and would “shut people out of one of the most important wealth‑creating tools ever invented, home…
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