[{"_1":2,"_88":-5,"_89":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6562072,"mediaKeyId","3281229-34774720c066d27e748eeeacd39cc4ea","parentId",3281229,"title","Senate committee advances bill to let borrowers roll student debt into mortgages amid lender-safety questions","audioSeconds",241,"startMs",184000,"endMs",425000,"viewUrl","/Search/View?dp=1&key=3281229-34774720c066d27e748eeeacd39cc4ea&start=184&end=425","thumbnailUrl","https://assets.pipeline.soar.com/3281229-34774720c066d27e748eeeacd39cc4ea/thumbnail_184000.jpg","articleUrl","/articles/6562072/New-York/Senate-committee-advances-bill-to-let-borrowers-roll-student-debt-into-mortgages-amid-lender-safety-questions","mediaUrl","https://secure.pipeline.soar.com/6562072-2eabdacf4c838d60bb11c1f740a5bdac/orig.mp4?Expires=1771174116&Signature=X447AqgH~pK0sfUlG9rKgmayP23rUUqkSsHUIpjeRJH2jrTSF5-RB9z9nIwwtXKM1u7gTaUpIxM1KnDkWHrSWlFXKwNCPeBWa-8oMEtspdDnzhCIwslpfczH5R6DwoK34cUAplL3v7lfGuWMYEzbigbn02sHCIIYzFQchIqHDTAG-Lh-gttAbbZkUThTRuG2tRgcFtZXMHvlnT5XncfSwqo9IXnupn-bYoxmqyaAFo77lKfGsLh4O0pAPwGi43MenNzNLXis1KU-ZdC4S8u~w~yBmlw6sz3KstJOAvEZox5jaJE84CHzZm2TXETXKQa-PAL8MwgTWKFkCGhT5~skYA__&Key-Pair-Id=KUT5TJCACFTXG","author","New York Legislature","date","2025-05-13T15:16:02Z","article","The New York State Senate Committee on Corporations, Authorities and Commissions on May 13 advanced S.5790, the Student Loan Assistance and Home Purchase Act, sending the bill to the Senate Housing Committee for further consideration.

Sponsor Senator Sepulveda introduced the bill as a measure to facilitate home purchases by individuals carrying student debt by allowing that debt to be consolidated into a mortgage product. The bill, as described in committee, would permit a mortgage-financing program tied to an authority (the bill text names a state mortgage agency to set eligibility and interest-rate terms).

The bill prompted questions from committee members about whether lenders would be allowed or directed to ignore borrowers' past payment histories or defaults when deciding whether to extend financing. Senator Muzera said the proposal raised a risk that banks might issue mortgages to borrowers who cannot afford them and that the policy could ultimately increase foreclosures in vulnerable communities. \"Is it really the right thing to do that we would allow somebody the opportunity to get [a] loan and burden themselves with more loans if we know that they're not gonna be able to pay it?\" Muzera asked.

Senator Sepulveda responded that the principal benefit would be lower interest rates on consolidated debt and that the state mortgage agency named in the bill (the State of New York Mortgage Agency, SONYMA) would determine eligibility and interest-rate terms. \"The benefits to consolidating your student loans into a mortgage is when you're offered a new a lower interest rate,\" Sepulveda said, adding that specifics about eligibility and safeguards could be addressed in amendments.

Committee members also asked whether the consolidation could allow a borrower to finance more than the home's value by folding student debt into mortgage principal, a concern Sepulveda said the committee would examine and could amend.

A motion to move the bill was made in committee; the motion carried and the measure was reported to the Housing Committee for further review and potential amendment.

Next steps: S.5790 will be considered in the Senate Housing Committee, where members indicated they expect to discuss amendments to clarify borrower eligibility, lender underwriting standards and whether the named mortgage agency' will have explicit authority and limits when setting rates and eligibility.

Reporting note: Committee remarks about S.5790 occurred during the bill introduction and debate portion of the May 13 committee meeting; a formal committee vote recorded the bill as passed out of committee and referred to the Housing Committee.","mediaType","Video","parentTitle","Senate Standing Committee on Corporations, Authorities and Commissions - 05/13/2025","oneSentenceSummary","The New York State Senate Committee on Corporations, Authorities and Commissions on May 13 advanced S.5790, the Student Loan Assistance and Home Purchase Act, sending the measure to the Housing Committee for further consideration.","taxTitle","2025 Legislature NY, New York","taxId",77685,"location","New York","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6562068,"Votes at a glance: committee advances nine bills, removes one from agenda",129,629000,758000,"/Search/View?dp=1&key=3281229-34774720c066d27e748eeeacd39cc4ea&start=629&end=758","https://assets.pipeline.soar.com/3281229-34774720c066d27e748eeeacd39cc4ea/thumbnail_629000.jpg","/articles/6562068/New-York/Votes-at-a-glance-committee-advances-nine-bills-removes-one-from-agenda","https://secure.pipeline.soar.com/6562068-d252834b75760613ef045d6d2f61a016/orig.mp4?Expires=1771174116&Signature=Z1ySKXbcLUq8gtV7bWD3aqua7jzjEVYJbBnp9gT8p-afMQ3l5GmVc2a5AT9GHpUjealSIT45MKEf~whhS~L8x1R5phC8BD7GrYfrSny~V9SATZ3A0KuYY3ESqb-mYDVGqVrKoC4gbqnZU3pAv2a6rpP9wZ0fvrovS1Lx-UxT05VDQz6mTJHP09EY4gSG7Z5XEcJ5OevYDR~Ntntk8cNbyj1SSrBsusO5-jJmVl~6ebRWGi5a8T7RKa-bUvUpjwKlKRn~31TGnk0hJkprrHferu3gR2YcXv9ClEGnoVFBc1OapVzBH81baf6rGc0dyCIgu4LTLpe6LXsCvQ5~LeBGBA__&Key-Pair-Id=KUT5TJCACFTXG","The New York State Senate Committee on Corporations, Authorities and Commissions on May 13 considered ten bills. Nine measures were advanced to either the Senate floor or to subsequent committees; one bill was removed from the agenda at a sponsor's request.

Key actions recorded by the committee (motions carried unless noted):

- S.1336 (Parker) — New York State Digital Equity Plan Act: Introduced as an amendment to the Urban Development Corporation Act to align with the federal Digital Equity Act and improve technology access. The committee passed S.1336 and reported it to the Senate floor.

- S.4557 (Comrie) — Procurement negotiation for professional services: Amends the Public Authorities Law to require public authorities and public-benefit corporations to negotiate with professional firms (architectural, engineering, geological, landscape architecture, surveying) in order from most- to least-qualified using annual statements of qualifications and performance data. Passed and reported to the Committee on Procurement and Contracts.

- S.4945 (Comrie) — Public Authorities Reporting (PARIS): Would require certain public-authority reports to be published via the Public Authorities Reporting Information System (PARIS) to increase transparency. Passed and reported to the Senate floor.

- S.5790 (Sepulveda) — Student Loan Assistance and Home Purchase Act: Would allow consolidation of student loans into a mortgage (see separate article for discussion). Passed and reported to the Housing Committee.

- S.6017 (Baskin) — Food Retail Establishment Subsidization (Fresh Communities): Authorizes assistance for establishing or retaining food retail stores selling fresh food in underserved communities. Passed and reported to the Senate floor.

- S.6018 (Baskin) — Rename Robert Moses Niagara power plant: Would authorize the New York Power Authority to rename the Robert Moses Niagara Power Plant to the Shirley J. Hamilton Niagara Power Plant. Passed and reported to the floor.

- S.6341 (Sanders) — New York City Water Board membership: Amends the Public Authorities Law to include borough presidents or their designees on the New York City Water Board. Passed and recorded as forwarded in accordance with cities committee rules.

- F.6483 (Kroger) — Removed from agenda: Committee discussion indicates this bill was taken off the agenda at the sponsor's request and will be considered in a later meeting; no committee vote was recorded on May 13.

- S.7488 (Comrie) — Statewide municipal reciprocal program and bonds: Would authorize a municipal bond bank or agency to provide a financing vehicle up to $75,000,000 to restore program-required surplus for municipal reciprocal programs. Passed and referred to the Insurance Committee.

- S.7681 (sponsor not specified in transcript) — Prohibit authorities from employing lobbyists: Amends the Public Authorities Law to prohibit state or local authorities from employing or designating lobbyists to engage in lobbying. Passed and reported to the Senate floor.

Several measures were advanced with little floor discussion; committee members generally moved bills with the expectation that further review or amendments could follow in downstream committees or on the floor.

The committee indicated it will meet at least once more, possibly twice, in the next two weeks before adjournment to finish remaining business and consider amendments.","The Senate Committee on Corporations, Authorities and Commissions on May 13 advanced nine bills to other committees or the floor and removed one item from the agenda. Key items include a digital equity plan, procurement changes, transparency updates, a $75 million municipal bond authorization, and a bill limiting authorities' use of lobbyists.","actionData","errors"]

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Senate committee advances bill to let borrowers roll student debt into mortgages amid lender-safety questions

Votes at a glance: committee advances nine bills, removes one from agenda