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2011 SESSION
SB 985 Housing Development Authority Act; terms and conditions of purchases, etc., to lenders of mortgages.
Introduced by: Mamie E. Locke | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Housing Development Authority Act; terms and conditions of purchases from and sales to mortgage lenders of mortgage loans. Removes requirement that a lender reinvest sales proceeds and make certification of prudent investment in the case of single family loans that when made by the lender will be purchased by a housing development authority. The bill has an emergency clause. This bill is identical to HB 2209.
SUMMARY AS PASSED SENATE:
Virginia Housing Development Authority Act; terms and conditions of purchases from and sales to mortgage lenders of mortgage loans. Removes requirement that a lender reinvest sales proceeds and make certification of prudent investment in the case of single family loans that when made by the lender will be purchased by a housing development authority. The bill has an emergency clause.
SUMMARY AS INTRODUCED:
Virginia Housing Development Authority Act; terms and conditions of purchases from and sales to mortgage lenders of mortgage loans. Removes requirement that a lender reinvest sales proceeds and make certification of prudent investment in the case of single family loans that when made by the lender will be purchased by a housing development authority.