GRANHOLM - Governor Granholm's Statement on Foreclosure Legislation

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Governor Granholm's Statement on Foreclosure Legislation

Contact: Liz Boyd 517-335-6397

May 19, 2009

LANSING - Governor Jennifer M. Granholm issued the following statement on foreclosure legislation passed today by the Michigan Senate:

"I'm pleased the Legislature has given final approval to legislation that will protect Michigan homeowners by helping them stay in their homes. Nothing symbolizes the American Dream more than the family home, but for thousands of Michigan homeowners, that dream is being jeopardized by the looming threat of foreclosure. By providing a 90-day period during which lenders and homeowners can work together to modify the terms of a mortgage loan and thereby stave off foreclosure, this legislation is a victory not only for homeowners and lenders but also our neighborhoods and communities. I look forward to signing this legislation once it reaches my desk."

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