Gov. Scott Walker signs refinancing bill into law

PLATTEVILLE (WITI) -- Gov. Scott Walker signed Senate Bill 151 into law at a bank in Platteville on Wednesday, July 17th.

Senate Bill 151 allows the Wisconsin Housing and Economic Development Authority (WHEDA) to refinance loans to borrowers whose loans are owned or serviced by WHEDA.  Previously, WHEDA could not refinance loans to its borrowers.  The new program will be called the WHEDA Refi Advantage.

In a statement included in a news release, Gov. Walker said the following: “This bill, potentially impacting thousands of WHEDA borrowers, provides those homeowners an economic option that can lower their monthly payments, give them extra disposable income, help them build equity faster, achieve better credit scores, and pay off their mortgages sooner."

The bill passed the Senate on a voice vote and the Assembly concurred, also on a voice vote.  Senate Bill 151 is Act 40.