A proposal by a Republican lawmaker in the Massachusetts legislature to support homeowner refinancing by backing it with $100 million from the state’s rainy day account was batted back by Democrats who argued that the proposal should be hashed out by a commission exploring the issue and due to release a report in December, according to the Boston Herald.

Rep. Daniel Winslow, R-Norfolk, contended that homeowners with good credit scores but who lack the necessary equity to be considered safe refinance candidates are ineligible for programs that serve homeowners in default.

Enabling them to refinance would give homeowners disposable income and generate economic activity across Massachusetts, he said.

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