House Urges Feds to Consider AK in Home Lending Laws with HJR 51
HJR 51 pushes to make changes to home lending laws
Wednesday, March 31, 2010, Juneau, Alaska – The Alaska State House today unanimously passed House Joint Resolution 51, urging the federal government to make adjustments to the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE) as it applies to Alaska. Representative Wes Keller, R-Wasilla, sponsored the bill.
HJR 51 urges the reconsideration of home lending standards as they apply to Alaska under SAFE. SAFE was implemented to bring a standard of lending practices and to shore up the banking industry. Keller says the opposite is true in Alaska. He says that SAFE makes it difficult to secure loans and accrue profit for certain types of property and homes—such as cabins or other unique Alaska structures.
“Owner-financing must be permitted for many of the properties sold in Alaska,” Keller said. “Many Alaskans have significant, lifetime investments in lodges, remote cabins, and homes that are heated with wood, powered by generators, and use outhouses. Owner-financing is a great tool for allowing sellers and buyers to negotiate a fair selling price for these unique facilities.”
Copies of HJR 51 would be sent to the Alaska Delegation and the U.S. Dept. of Housing & Urban Development.HJR 51 now heads to the Alaska State Senate for consideration.
Posted: April 1, 2010