New Mexico Statutes 2-12-5. Mortgage Finance Authority Act oversight committee;
powers and duties.
Terms Used In New Mexico Statutes 2-12-5
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Oversight: Committee review of the activities of a Federal agency or program.
The Mortgage Finance Authority Act oversight committee created by the provisions of Subsection W of Section 58-18-5 N.M. Stat. Ann. shall have the power to:
A. determine and monitor the actual distribution of funds derived by the authority from bond issues and other activities of the authority under the provisions of the Mortgage Finance Authority Act [N.M. Stat. Ann. Chapter 58, Article 18], both on a geographical basis and on the basis of the actual distribution to participants in its programs;
B. monitor the authority in its control of the issuance of mortgage commitments; C. meet on a regular basis to receive and evaluate periodic reports from the authority as to its enforcement of the provisions of the Mortgage Finance Authority Act and the regulations adopted pursuant thereto; and
D. require the authority to document the need to the oversight committee regarding the issuance of any bonds.