Interim Legislative Study Committee on Mortgage Lending Practices and
Home Loan Foreclosures Final Report 

After holding four meetings throughout the summer of 2007, the Interim Legislative Study Committee on Mortgage Lending Practices and Home Loan Foreclosures issued its final report in October 2007. Click here to read the complete final report with exhibits. The final report includes a draft of a bill that would add additional requirements for mortgage broker licensing and regulation. It is likely that other legislation will be introduced as a result of the final report. The final report of the Study Committee is independent of the legislation that is being considered by Congress, and any legislation that Congress enacts may affect what the Indiana General Assembly does when it convenes in January 2008.

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Market Stabilization Program (MSP)
 

As part of the Housing and Economic Recovery Act of 2008, over $151M was allocated to Indiana as part of the national Market Stabilization Program. Of this, over $33M is available for the purchase and renovation of foreclosed and abandoned homes, up to $15,000/house! For more information on this program click on the link below:

 

http://www.in.gov/ihcda/3118.htm

 

Additionally, to determine if a property that is listed for sale is eligible to be purchased under this program, click on the link below and then input the address of the property. This will provide you with the answer:

 

http://www.indianahousingnow.org/ProgramGISLookup.html

 

IMBA supports the MSP and encourages you to contact one of our lender members to learn more and to see if you can qualify for this great program