New Mexico Statutes
Article 18 - Mortgage Finance Authority
Section 58-18-7.2 - Secondary market facility; findings and purposes; establishment.

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 investments, thereby improving the distribution and availability of investment capital for use in mortgage investments in this state and promoting the economic well-being of the state through increased opportunity for employment, all of which are expressly declared to be valid public purposes and corporate purposes that may be exercised by the authority.
B. In connection with the establishment and implementation of a secondary market facility, the authority may issue pass-through securities and may purchase and contract to purchase mortgage loans, pass-through securities, obligations secured by mortgage loans, or revenues therefrom or interests therein, at the prices and upon the terms and conditions as the authority shall determine. All mortgage lenders are authorized to sell mortgage loans, pass-through securities and such obligations to the secondary market facility in accordance with the provisions of this section and the rules and regulations of the authority.
C. To provide funding for the secondary market facility, the authority or the secondary market facility may enter into agreements to administer funds made available to the secondary market facility, at such prices and upon such terms and conditions as the authority shall determine, and may issue its bonds, notes, other obligations, pass-through securities and guarantees in the same manner and on the same terms and conditions as the authority may issue its bonds and notes pursuant to Section 58-18-11 NMSA 1978 or on such other terms and conditions as the authority shall determine. In no event shall any bonds, notes, other obligations, pass-through securities or guarantees constitute an obligation, either general or special, of the state or any political subdivision thereof or constitute pecuniary liability of the state or any political subdivision thereof.
D. Notwithstanding any other provisions of the Mortgage Finance Authority Act, the state shall have the power, out of funds legally available therefor, to purchase and to contract to purchase from the authority pass-through securities or participations therein and mortgage loans or participations therein.
History: 1978 Comp., § 58-18-7.2, enacted by Laws 1983, ch. 285, § 2; 1995, ch. 9, § 14.
The 1995 amendment, effective June 16, 1995, substituted "mortgage loans" for "home mortgages" near the beginning of Subsection A; inserted "may issue pass-through securities and" and deleted "from mortgage lenders" preceding "at the prices" in the first sentence of Subsection B; deleted former Subsection D relating to waiver of the exemption from federal income tax of interest on the authority bonds, notes or other securities; redesignated former Subsection E as Subsection D; and made minor stylistic changes throughout the section.

Structure New Mexico Statutes

New Mexico Statutes

Chapter 58 - Financial Institutions and Regulations

Article 18 - Mortgage Finance Authority

Section 58-18-1 - Short title.

Section 58-18-2 - Legislative findings; declaration of purpose.

Section 58-18-2.1 - Multiple-family, transitional and congregate dwellings; supplemental legislative findings and purpose.

Section 58-18-3 - Definitions.

Section 58-18-3.1 - Additional definitions; multiple-family dwellings, transitional and congregate housing facilities.

Section 58-18-3.2 - Secondary mortgage funds; additional definitions.

Section 58-18-4 - Authority created.

Section 58-18-5 - Powers of the authority.

Section 58-18-5.1 - Recompiled.

Section 58-18-5.2 - Authority duties.

Section 58-18-5.3 - Authority; multiple-family dwellings, transitional and congregate housing facilities.

Section 58-18-5.4 - Duties of authority; multiple-family dwellings, transitional and congregate housing facilities.

Section 58-18-5.5 - Additional powers of authority; authority designated as single state housing authority; application for and receipt of federal funds; administration of housing programs.

Section 58-18-5.6 - Duties; behavioral health.

Section 58-18-6 - Loans to mortgage lenders.

Section 58-18-7 - Purchase of mortgage loans.

Section 58-18-7.1 - Sale of project mortgage loans.

Section 58-18-7.2 - Secondary market facility; findings and purposes; establishment.

Section 58-18-7.3 - Rehabilitation loans and home improvement loans.

Section 58-18-8 - Rules and regulations of the authority.

Section 58-18-8.1 - Rules and regulations of the authority; multiple-family dwellings, transitional and congregate housing facilities.

Section 58-18-8.2 - Rules and regulations of the authority; secondary market facility.

Section 58-18-8.3 - Rules and regulations of the authority; home improvement loan program.

Section 58-18-9 - Required determinations of the authority.

Section 58-18-9.1 - Repealed.

Section 58-18-10 - Planning, zoning and building laws.

Section 58-18-11 - Bonds and notes of the authority.

Section 58-18-11.1 to 58-18-11.5 - Repealed.

Section 58-18-12 - Reserve funds.

Section 58-18-13 - Notice or publication not required.

Section 58-18-14 - Remedies of bondholders and noteholders.

Section 58-18-14.1 - Project mortgage loans; enforcement of agreement.

Section 58-18-15 - State and municipalities not liable on bonds and notes.

Section 58-18-16 - Agreement of the state.

Section 58-18-17 - Bonds, notes and other obligations; legal investments for public officers and fiduciaries.

Section 58-18-18 - Tax exemption.

Section 58-18-19 - No contribution by state or municipality.

Section 58-18-20 - Money of the authority.

Section 58-18-21 - Limitation of liability.

Section 58-18-22 - Assistance by state officers and agencies.

Section 58-18-23 - Court proceedings; preference; venue.

Section 58-18-24 - Corporate existence.

Section 58-18-25 - Conflicts of interest; penalty.

Section 58-18-26 - Cumulative authority.

Section 58-18-27 - Liberal interpretation.