Prior to establishing a secondary market facility or issuing any pass-through security, the authority shall adopt, subject to prior approval by the Mortgage Finance Authority Act oversight committee, rules and regulations governing the operations of the secondary market facility and the issuance of pass-through securities, which shall provide for the following, to the extent that the secondary market facility proposes to engage in such activities:
A. procedures for submission by mortgage lenders to the authority of offers to sell:
(1) mortgage loans;
(2) pass-through securities; or
(3) obligations secured by mortgage loans or pledges of mortgage loan revenues;
B. standards for allocating available funds or guarantees among mortgage lenders through the secondary market facility;
C. qualifications or conditions relating to the reinvestment by mortgage lenders of the funds made available to mortgage lenders by the secondary market facility; and
D. characteristics of pass-through securities to be issued by the secondary market facility.
History: 1978 Comp., § 58-18-8.2, enacted by Laws 1983, ch. 285, § 3.
Structure 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 58-18-3 - Definitions.
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 58-18-5.6 - 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 58-18-8.2 - 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 58-18-10 - 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Section 58-18-11.1 to 58-18-11.5 - Repealed.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 58-18-18 - 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.