WA People
BILL · 2011–12 SESSION

HB 1558: Mortgage financing

Addressing the foreclosure crisis in Washington state through the creation of alternative mortgage financing based on shared appreciation.

Summary

  • Requires a beneficiary to inform the borrower of the option for a shared appreciation loan modification in certain circumstances.
  • Makes the failure of a beneficiary to contact a borrower who requested a shared appreciation loan modification a defense to a foreclosure.
  • Exempts shared appreciation loan modifications from the state real estate excise tax.

From the House Bill Analysis 2011 (HB 1558), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedJan 25, 2011
  2. Out of committeestopped here
  3. Passed House
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
Zack Hudgins (D-11)
Introduced
January 25, 2011 in the House
Last action
April 11, 2012
Budget
Has a fiscal note

AN ACT Relating to addressing the foreclosure crisis in Washington state through the creation of alternative mortgage financing based on shared appreciation;

Sponsors

Prime sponsor: Zack Hudgins (D-11)

4 co-sponsors (4 Democrats, 0 Republicans)

Tina Orwall D-33Joe Fitzgibbon D-34Jeannie Darneille D-27Luis Moscoso D-1

Votes

No recorded floor votes. This measure never reached a floor vote.

History

  1. By resolution, reintroduced and retained in present status.
  2. By resolution, reintroduced and retained in present status.
  3. By resolution, reintroduced and retained in present status.
  4. By resolution, reintroduced and retained in present status.
  5. By resolution, reintroduced and retained in present status.
  6. First reading, referred to Business & Financial Services.

HB 1558 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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