South Dakota § 11-11-120 Purchase of securities from mortgage lenders.

South Dakota Statutes

§ 11-11-120 — Purchase of securities from mortgage lenders.

South Dakota·Title 11 PLANNING, ZONING AND HOUSING PROGRAMS·Ch. 11-8 SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY

The authority may, pursuant to this section but not subject to other provisions of this chapter, purchase or commit to purchase securities from mortgage lenders if:

(1)Payment of the securities are guaranteed or insured by an agency or instrumentality of the United States government, subject to any limit on the amount of the beneficial interest of any single entity which is so guaranteed or insured under federal law or regulation, or insured by an insurance company qualified to write such insurance in the state, insuring not less than twenty percent of the security evidencing an interest in mortgage loans; and (2)(a) The securities evidence an interest in, or are payable from, mortgage loans for residential housing; or (b) The securities are a debt obligation of the mortgage lend

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The authority may, pursuant to this section but not subject to other provisions of this chapter, purchase or commit to purchase securities from mortgage lenders if: (1) Payment of the securities are guaranteed or insured by an agency or instrumentality of the United States government, subject to any limit on the amount of the beneficial interest of any single entity which is so guaranteed or insured under federal law or regulation, or insured by an insurance company qualified to write such insurance in the state, insuring not less than twenty percent of the security evidencing an interest in mortgage loans; and (2)(a) The securities evidence an interest in, or are payable from, mortgage loans for residential housing; or (b) The securities are a debt obligation of the mortgage lenders and the proceeds of the securities or their equivalent are required to be reinvested in mortgage loans for residential housing, or invested in short term obligations pending the reinvestment in such mortgage loans.

South Dakota § 11-11-120 (Purchase of securities from mortgage lenders.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.