(1) Qualified assets for purposes of section 901 include mortgage-backed securities backed by pools of residential mortgages and rated investment grade by a securities rating organization approved by the commissioner. Any securities described in section 106 of title I of the secondary mortgage market enhancement act of 1984, Public Law 98-440, 15 U.S.C. §§ 77r–1, shall be subject to all the limitations prescribed by this chapter for investments not guaranteed by the full faith and credit of the United States.
  (2) As used in this section, “mortgage-backed securities” means securities representing an ownership interest in, or as to which payments are secured directly or indirectly by, a pool of mortgages or by the cash flows generated by a pool of mortgages and shall include, but are not limited to, mortgage pass-through securities and collateralized mortgage obligations.

Terms Used In Michigan Laws 500.917

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Commissioner: means the director. See Michigan Laws 500.102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  Previous section
Next section  
 Chapter 9 Contents