Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Saturday, January 23, 2016
HB326: Bad Mortgages to be Foundation for Calvin Say State Bank
By Andrew Walden @ 7:36 PM :: 6503 Views :: Development, Hawaii State Government

“Man has got to know his limitations.” -- Inspector Harold Francis Callahan, SFPD

by Andrew Walden

It’s baaaack.

Four years after the ‘Bank of Abercrombie’ bill was laughed out of the legislature, the push for a state-owned bank is being revived in the form of HB326 sponsored by Reps. Calvin Say, Clift Tsuji, Marcus Oshiro, and Isaac Choy.

Their plan involves redirecting hundreds of millions of dollars of State money to an as-yet nonexistent bank focusing its lending efforts on troubled Hawaii mortgages.  HB326 doesn’t actually create the bank, instead mandating the DCCA to come up with legislation.  But the bill directs HHFDC to rush out with millions of dollars in taxpayer money and begin buying up “distressed residential properties encumbered by problematic mortgages” right away.

Testifying against a similar bill in 2012, Stefanie Sakamoto of the Hawaii Credit Union League explained:  “…the state would be in an extremely precarious situation in the event of any financial difficulty within the bank, and within the state. Coupled with the notion of purchasing troubled mortgages, this could be an extremely dangerous concept, which would place taxpayer money at enormous risk….”

Introduced in 2015, HB326 is double referred on sheet one to CPC and Finance.  The bill has no Senate companion.

HB326 will be heard Wednesday, January 27 at 2:30pm before the House Consumer Protection and Commerce Committee chaired by Rep Angus McKelvey. 

UPDATE: HB326 deferred by CPC Jan 27, 2016

---30---

HB326: Hearing Notice Before CPC

HB326: Text, Status  “Directs DCCA to conduct a comprehensive review of relevant state laws to develop legislation to establish the bank of the State of Hawaii. Appropriates funds to conduct the review. Directs the HHFDC to establish and operate an interim purchase program for distressed residential properties encumbered by problematic mortgages until the bank of the State of Hawaii is operational. Establishes minimum percentages of state funds that shall be deposited in the bank of the State of Hawaii.”

Remember Last Time?

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT