MI HR0326

Encourages federal mortgage loan servicers to participate in administering the federal Hardest Hit Fund to assist struggling homeowners.

Notes Michigan received $154.5 million in federal assistance with an additional $128.4 million available to help homeowners through payment assistance, rescue funds, and principal reduction.

States the Hardest Hit Fund could potentially assist more than 17,000 Michigan homeowners facing foreclosure due to medical emergencies, layoffs, unemployment, or underemployment.

Criticizes large federal banks that received billions in federal bailout funds but have declined to participate in the Hardest Hit Fund program.

Directs copies of the resolution be sent to the American Bankers Association, Credit Union National Association, Michigan Bankers Association, Michigan Credit Union League, and Michigan's congressional delegation.