New Mexico Statutes 58-18-3.2. Secondary mortgage funds; additional definitions
Current as of: 2023 | Check for updates
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As used in the Mortgage Finance Authority Act:
Terms Used In New Mexico Statutes 58-18-3.2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
A. “pass-through securities” means securities representing undivided ownership interests in a pool of mortgage loans; and
B. “secondary market facility” means a corporation, trust or other form of legal entity established by the authority for the purpose of the purchase, with private or public funds legally available therefor, of mortgage loans, mortgage-backed obligations, pass- through securities or interests therein.