A. If any member, officer or employee of the authority has an interest, either direct or indirect, in any contract to which the authority or any secondary market facility is or is to be a party or in any mortgage lender requesting a loan from or offering to sell mortgage loans to the authority or […]
The Mortgage Finance Authority Act shall be deemed to provide an additional and alternative method for the doing of the things authorized by that act, shall be regarded as supplemental and additional to powers conferred by other laws and shall not be regarded as in derogation of any powers now existing; provided that the issuance […]
The Mortgage Finance Authority Act, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect its purposes. History: 1953 Comp., § 13-19-27, enacted by Laws 1975, ch. 303, § 27; 1995, ch. 9, § 36. ANNOTATIONS The 1995 amendment, effective June 16, 1995, substituted “effect its purposes” for […]
As used in the Mortgage Finance Authority Act: A. “authority” means the New Mexico mortgage finance authority; B. “bonds” or “notes” means the bonds or bond anticipation notes, respectively, issued by the authority pursuant to the Mortgage Finance Authority Act; C. “federal government” means the United States of America and any agency or instrumentality of […]
As used in the Mortgage Finance Authority Act: A. “multiple-family dwelling project” means residential housing that is designed for occupancy by more than four persons or families living independently of each other or living in a congregate housing facility, at least sixty percent of whom are persons and families of low or moderate income, including […]
As used in the Mortgage Finance Authority Act: A. “pass-through securities” means securities representing undivided ownership interests in a pool of mortgage loans; and B. “secondary market facility” means a corporation, trust or other form of legal entity established by the authority for the purpose of the purchase, with private or public funds legally available […]
A. There is created a public body politic and corporate, separate and apart from the state, constituting a governmental instrumentality, to be known as the “New Mexico mortgage finance authority”, for the performance of essential public functions. The authority shall be composed of seven members. The lieutenant governor, state treasurer and attorney general shall be […]
The authority shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of the Mortgage Finance Authority Act, including but without limiting the generality of the foregoing, the power: A. to sue and be sued; B. to have a seal and alter it at pleasure; C. to make […]
ANNOTATIONS Recompilations. — This section, regarding the Mortgage Finance Authority Act oversight committee, was recompiled as 2-12-5 NMSA 1978.
The authority shall make available to the Mortgage Finance Authority Act oversight committee all of its records and facilities upon written request. History: 1978 Comp., § 58-18-5.2, enacted by Laws 1981, ch. 173, § 2; 1995, ch. 9, § 8. ANNOTATIONS Cross references. — For the Mortgage Finance Act oversight committee, see 2-12-5 NMSA 1978. […]
In addition to the specific powers of the authority set forth in Section 58-18-5 NMSA 1978, the authority shall have the power to: A. subject to the limitations of Subsection X of Section 58-18-5 NMSA 1978, make project mortgage loans or purchase or contract to purchase project mortgage loans from mortgage lenders or participate with […]
A. The authority shall require, as a condition of making or purchasing a project mortgage loan, that the sponsor agree to comply with the requirements and to make the representations and warranties as the authority deems reasonably necessary to protect its interests in the project mortgage loan and the multiple-family dwelling project or transitional or […]
In addition to the powers granted the authority pursuant to Sections 58-18-5 and 58-18-5.3 NMSA 1978, the authority: A. is designated as the state housing authority for all purposes; B. shall make application for federal housing funds and programs; C. shall administer federal and state housing programs and federal tax credit provisions associated with those […]
The authority shall: A. appoint a representative to both the behavioral health planning council and the interagency behavioral health purchasing collaborative; and B. ensure that any behavioral health services, including mental health and substance abuse services, and any housing provided for consumers of those services, that are provided, contracted for or approved by the authority […]
A. The authority may make and contract to make loans to mortgage lenders on terms and conditions as it determines, and all mortgage lenders are authorized to borrow from the authority in accordance with the provisions of this section and the rules and regulations of the authority. B. The authority shall require that each mortgage […]
A. The authority may purchase and contract to purchase mortgage loans at the prices and upon the terms and conditions as it determines. All mortgage lenders are authorized to sell mortgage loans to the authority in accordance with the provisions of this section and the rules and regulations of the authority. B. The authority shall […]
All mortgage lenders are authorized to sell project mortgage loans to and to accept loans from the authority in accordance with the provisions of the Mortgage Finance Authority Act and the rules and regulations of the authority. To the extent that any provisions of this section may be inconsistent with any provision of law of […]
A. The legislature finds and declares that it is necessary and in the public interest that the authority be authorized to create, operate, fund, administer and maintain a secondary market facility for mortgage loans and to otherwise act as a conduit for public and private funds to provide an increased degree of liquidity for mortgage […]
The authority may develop a tax-exempt bond, a taxable bond or an authority-funded program for the financing of home improvement or rehabilitation loans. Such a home improvement or rehabilitation loan program may be conducted in concert with any appropriation provided by the legislature for the purpose of developing and conducting a program of subsidizing the […]
A. The authority shall adopt and may from time to time modify or repeal, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations: (1) for determining income levels for the classification of persons of low or moderate income, which may vary between different areas in the state and in […]
