§ 42-55-7 Powers relative to purchase ofand sale to mortgage lenders of loans – Loans to mortgage lender. –The corporation shall have all the powers necessary or convenient to carry outand effectuate the purposes and provisions of this chapter, including thefollowing powers in addition to others granted in this chapter:
(1) To invest in, purchase or to make commitments topurchase, and take assignments from mortgage lenders, of notes and mortgagesevidencing loans for the construction, rehabilitation, installation of energysaving improvements to, purchase, leasing, or refinancing of housing forpersons and families of low and moderate income or health care facilities inthis state upon the terms set forth in § 42-55-10;
(2) To make loans to mortgage lenders under terms andconditions requiring the proceeds to be used by those mortgage lenders for themaking of new residential mortgages or health care facilities upon the termsset forth in § 42-55-10;
(3) To make commitments to purchase, and to purchase, serviceand sell federally insured mortgages, and to make loans directly upon thesecurity of a mortgage, provided the underlying mortgage loans shall have beenmade and shall be continued to be used solely to finance or refinance theconstruction, rehabilitation, purchase, or leasing of residential housing forpersons and families of low and moderate income or health care facilities inthis state;
(4) To sell, at public or private sale, with or withoutpublic bidding, any mortgage or other obligation held by the corporation;
(5) Subject to any agreement with bondholders or noteholders, to collect, enforce the collection of, and foreclose on any collateralsecuring its loans to mortgage lenders and acquire or take possession of thecollateral and sell it at public or private sale, with or without publicbidding, and otherwise deal with such collateral as may be necessary to protectthe interest of the corporation therein;
(6) To make or participate in the making of mortgage loans topersons of low or moderate income and owners of property subject to tax salefor the purpose of extinguishing tax liens, redeeming tax titles or preventingloss of property due to nonpayment of taxes. Any loan made pursuant to thisparagraph may be secured by a mortgage or otherwise, shall be repaid, shallbear interest and shall be upon any terms and conditions that may be determinedby the corporation;
(7) To acquire at tax sales liens on one to four (4) familyresidential properties, to hold the lien while endeavoring to assist theproperty owner with retaining ownership, to hold and sell the property whereconsistent with the purpose of the corporation to encourage home ownership,particularly by low-income persons, productive and beneficial use of property,and other purposes of the corporation, and to adopt rules and regulationsnecessary to carry this program into effect.
§ 42-55-7 Powers relative to purchase ofand sale to mortgage lenders of loans – Loans to mortgage lender. –The corporation shall have all the powers necessary or convenient to carry outand effectuate the purposes and provisions of this chapter, including thefollowing powers in addition to others granted in this chapter:
(1) To invest in, purchase or to make commitments topurchase, and take assignments from mortgage lenders, of notes and mortgagesevidencing loans for the construction, rehabilitation, installation of energysaving improvements to, purchase, leasing, or refinancing of housing forpersons and families of low and moderate income or health care facilities inthis state upon the terms set forth in § 42-55-10;
(2) To make loans to mortgage lenders under terms andconditions requiring the proceeds to be used by those mortgage lenders for themaking of new residential mortgages or health care facilities upon the termsset forth in § 42-55-10;
(3) To make commitments to purchase, and to purchase, serviceand sell federally insured mortgages, and to make loans directly upon thesecurity of a mortgage, provided the underlying mortgage loans shall have beenmade and shall be continued to be used solely to finance or refinance theconstruction, rehabilitation, purchase, or leasing of residential housing forpersons and families of low and moderate income or health care facilities inthis state;
(4) To sell, at public or private sale, with or withoutpublic bidding, any mortgage or other obligation held by the corporation;
(5) Subject to any agreement with bondholders or noteholders, to collect, enforce the collection of, and foreclose on any collateralsecuring its loans to mortgage lenders and acquire or take possession of thecollateral and sell it at public or private sale, with or without publicbidding, and otherwise deal with such collateral as may be necessary to protectthe interest of the corporation therein;
(6) To make or participate in the making of mortgage loans topersons of low or moderate income and owners of property subject to tax salefor the purpose of extinguishing tax liens, redeeming tax titles or preventingloss of property due to nonpayment of taxes. Any loan made pursuant to thisparagraph may be secured by a mortgage or otherwise, shall be repaid, shallbear interest and shall be upon any terms and conditions that may be determinedby the corporation;
(7) To acquire at tax sales liens on one to four (4) familyresidential properties, to hold the lien while endeavoring to assist theproperty owner with retaining ownership, to hold and sell the property whereconsistent with the purpose of the corporation to encourage home ownership,particularly by low-income persons, productive and beneficial use of property,and other purposes of the corporation, and to adopt rules and regulationsnecessary to carry this program into effect.
§ 42-55-7 Powers relative to purchase ofand sale to mortgage lenders of loans – Loans to mortgage lender. –The corporation shall have all the powers necessary or convenient to carry outand effectuate the purposes and provisions of this chapter, including thefollowing powers in addition to others granted in this chapter:
(1) To invest in, purchase or to make commitments topurchase, and take assignments from mortgage lenders, of notes and mortgagesevidencing loans for the construction, rehabilitation, installation of energysaving improvements to, purchase, leasing, or refinancing of housing forpersons and families of low and moderate income or health care facilities inthis state upon the terms set forth in § 42-55-10;
(2) To make loans to mortgage lenders under terms andconditions requiring the proceeds to be used by those mortgage lenders for themaking of new residential mortgages or health care facilities upon the termsset forth in § 42-55-10;
(3) To make commitments to purchase, and to purchase, serviceand sell federally insured mortgages, and to make loans directly upon thesecurity of a mortgage, provided the underlying mortgage loans shall have beenmade and shall be continued to be used solely to finance or refinance theconstruction, rehabilitation, purchase, or leasing of residential housing forpersons and families of low and moderate income or health care facilities inthis state;
(4) To sell, at public or private sale, with or withoutpublic bidding, any mortgage or other obligation held by the corporation;
(5) Subject to any agreement with bondholders or noteholders, to collect, enforce the collection of, and foreclose on any collateralsecuring its loans to mortgage lenders and acquire or take possession of thecollateral and sell it at public or private sale, with or without publicbidding, and otherwise deal with such collateral as may be necessary to protectthe interest of the corporation therein;
(6) To make or participate in the making of mortgage loans topersons of low or moderate income and owners of property subject to tax salefor the purpose of extinguishing tax liens, redeeming tax titles or preventingloss of property due to nonpayment of taxes. Any loan made pursuant to thisparagraph may be secured by a mortgage or otherwise, shall be repaid, shallbear interest and shall be upon any terms and conditions that may be determinedby the corporation;
(7) To acquire at tax sales liens on one to four (4) familyresidential properties, to hold the lien while endeavoring to assist theproperty owner with retaining ownership, to hold and sell the property whereconsistent with the purpose of the corporation to encourage home ownership,particularly by low-income persons, productive and beneficial use of property,and other purposes of the corporation, and to adopt rules and regulationsnecessary to carry this program into effect.
