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HB6646 - Illinois - Housing, Mortgage

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Latest Update: Sunday, July, 06th 2008

IDHA-REFINANCE MORTGAGE

Amends the Illinois Housing Development Act. Provides that the Authority must use at least $1,000,000,000 of its borrowing authority to refinance residential adjustable-rate mortgages with increased interest rates that take effect within 5 years after the effective date of the amendatory Act. Provides that the Authority must work with entities in the private sector to make and manage the loans. Effective immediately.

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Latest Actions

05/19/2008 - First Reading
05/19/2008 - Referred to Rules Committee
05/16/2008 - Filed with the Clerk by Rep. Michael Tryon
05/16/2008 - Chief Co-Sponsor Rep. Ronald A. Wait
05/16/2008 - Chief Co-Sponsor Rep. Brent Hassert

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Michael Tryon

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