SB 6620 - DIGEST

     Finds that low and moderate-income homebuyers may not be eligible for loans under traditional standards used by banks and often borrow from subprime lenders at terms that are disadvantageous to them and are not justified by the slight increase in risk they might represent to a lender.

     Declares an intent to assist low and moderate-income borrowers in obtaining loans from standard or prime lenders by encouraging these lenders to conduct outreach and offer technical assistance to homebuyers in low and moderate-income communities and make mortgage loans that they might not otherwise make.