01/26/1998 09:02 AM Senate FIN

                                                                               
 SENATE BILL NO. 221                                                           
An Act relating to negatively amortizing loans                                 
originated under a program approved or sponsored                               
by the state or federal government.                                            
                                                                               
                                                                               
Theodore Chandler, Vice-President Housing Impact for Fannie                    
Mae was invited to join the committee and explained SB 221.                    
Mr. Stephen Routh, Esq., Anchorage Attorney also testified                     
via teleconference.  Senator Phillips moved amendments #1                      
and #2 and without objection both were adopted.  Senator                       
Sharp moved CSSB 221(FIN) with zero fiscal notes and                           
individual recommendations and without objection it was                        
reported out; zero fiscal note from the Department of                          
Commerce and Economic Development.