If a few Michigan lawmakers get their way, homeowners challenging foreclosures in the state could soon face a 60-day redemption period, down from the existing six-month requirement.

Channel-4 out of Detroit published a report, noting Michigan's Senate Banking and Financial Institutions Committee approved the bill.

The news channel has more:

The package of four bills is backed by Michigan's banks, which say that the longer redemption period leads to abandoned homes and blight, and that new federal regulations will help people avoid foreclosure. But critics of the measures say the changes will be devastating for Michigan homeowners struggling to save their property.