The deputy director may enter an appearance, file an answer, appear at the court hearing, defend the action or take whatever other action the deputy director considers appropriate on behalf and in the name of the mortgage recovery fund and take recourse through any appropriate method of review on behalf of, and in the name of, the mortgage recovery fund.

Terms Used In Arizona Laws 6-991.17

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
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