HB 3188
Directs the Housing and Community Services Department to establish a program to guarantee against losses in mortgage loans that lenders extend to first-time home buyers.
| Status | In House Committee (JWM) |
| Sponsors | Ben Bowman (Democrat) (Chief), April Dobson (Democrat) (Chief), Lisa Fragala (Democrat), Vikki Breese-Iverson (Republican) (Chief), Cyrus Javadi (Republican), Hai Pham (Democrat) (Chief), Mark Gamba (Democrat), Hoa Nguyen (Democrat), Willy Chotzen (Democrat), Christine Drazan (Republican), Sue Rieke Smith (Democrat) |
| Fiscal impact | Fiscal impact issued |
| Revenue impact | No revenue impact |
| Emergency clause | Yes |
Bill Text
Directs the Housing and Community Services Department to establish a program to guarantee against losses in mortgage loans for first-time home buyers.
Overview#
Digest: Tells a state agency to back home loans that a lender makes to first-time buyers in this state. Says what kinds of loans qualify and how a lender must claim a loss from a loan. Creates a fund to hold moneys for the loan guarantees. (Flesch Readability Score: 88.3). Directs the [Department of Consumer and Business Services] Housing and Community Services Department to establish a program to guarantee against losses in mortgage loans that lenders extend to first-time home buyers. Specifies which mortgage loans qualify for the guarantee and the qualifications and duties of first-time home buyers. Specifies circumstances under which a lender may make a claim and documentation a lender must provide as support for the claim. Establishes the Welcome Home Assistance Program Fund and appropriates moneys in the fund to the department to carry out the purposes of the Act. Declares an emergency, effective on passage.
Public Testimony
| Name | Organization | Position | Date |
|---|---|---|---|
| Shannon Vilhauer | Salem | Support | 2025-02-10 |
| Pam Leavitt | GoWest Credit Union Association | Support | 2025-02-11 |
| Larry Ellifritz | Hood River | Support | 2025-02-11 |
| David Wall | Newberg | Oppose | 2025-02-12 |
Legislative History
| Date | Chamber | Action |
|---|---|---|
| 2025-01-13 | H | First reading. Referred to Speaker's desk. |
| 2025-01-17 | H | Referred to Commerce and Consumer Protection with subsequent referral to Ways and Means. |
| 2025-02-04 | H | Work Session held. |
| 2025-02-06 | H | Without recommendation as to passage, be referred to Housing and Homelessness, and then to Ways and Means by prior reference. |
| 2025-02-06 | H | Referred to Housing and Homelessness by order of Speaker and then Ways and Means by prior reference. |
| 2025-02-12 | H | Public Hearing held. |
| 2025-03-24 | H | Work Session held. |
| 2025-03-31 | H | Recommendation: Do pass with amendments, be printed A-Engrossed, and be referred to Ways and Means by prior reference. |
| 2025-03-31 | H | Referred to Ways and Means by prior reference. |
| 2025-06-27 | H | In committee upon adjournment. |