Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 3-205
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 3-205
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Grantor: The person who establishes a trust and places property into it.
- including: means includes or including by way of illustration and not by way of limitation. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) The Department, in its own name or in the name of the Fund:
(1) may insure or guarantee on terms that it specifies a mortgage or pool of mortgages offered or bonds or notes issued that are eligible for insurance under § 3-202 of this subtitle;
(2) may insure a total of not more than $30,000,000 of bridge loans that are:
(i) made for part of the development costs of rental housing projects that are awarded federal low income housing tax credits; and
(ii) secured by personal rather than real property;
(3) may provide other forms of credit enhancement on terms that it specifies for qualified lenders and borrowers who otherwise cannot get credit enhancement in the private market;
(4) may issue obligations in any form backed by a pool of mortgages, including:
(i) securities;
(ii) certificates of participation;
(iii) grantor trusts;
(iv) collateralized mortgage obligations; and
(v) pass-through certificates;
(5) notwithstanding Titles 10 through 17 of the State Finance and Procurement Article, after a default under an obligation that is insured or otherwise backed by a credit enhancement under this subtitle, may acquire, hold, improve, operate pending sale or other disposition, sell, assign, exchange, transfer, convey, lease, mortgage, or otherwise dispose of or encumber:
(i) real property or an interest in real property;
(ii) personal property or an interest in personal property; or
(iii) evidence of indebtedness, including:
1. pass-through certificates;
2. residual interests; and
3. other securities backed by real estate or a mortgage; and
(6) in connection with a property, whether or not insured by the Fund, acquired by the Department or the Fund through foreclosure, through deed in lieu of foreclosure, or in settlement for a claim for loss:
(i) may contract with a private party for services to secure, maintain, operate, or improve the property in anticipation of disposition of the property, without requiring that the contract comply with Division II of the State Finance and Procurement Article; or
(ii) may make a mortgage loan to assist in the disposition of the property.