Wisconsin Statutes 234.60 – Bonds for homeownership mortgage loans and qualified subprime loan refinancing
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Terms Used In Wisconsin Statutes 234.60
- 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
- Qualified: when applied to any person elected or appointed to office, means that such person has done those things which the person was by law required to do before entering upon the duties of the person's office. See Wisconsin Statutes 990.01
(1) The authority may issue its bonds or notes to fund homeownership mortgage loans or the refinancing of qualified subprime loans under s. 234.592.
(2) The limitations in ss. 234.18, 234.40, 234.50, 234.61, and 234.65 do not apply to bonds or notes issued under this section.
(4) Before issuing bonds or notes under this section, the authority shall consult and coordinate the bond or note issue with the building commission.
(5)
(a) The secretary of administration shall determine the date after which no bond or note issued may be treated as a qualified mortgage bond under 26 U.S. Code § 143 (a) (1).
(b) No bonds or notes may be issued under this section after the date determined under par. (a), except bonds or notes issued to refund outstanding bonds or notes issued under this section.
(c) The secretary of administration shall determine the date after which no bond or note may be issued under this section for the purpose of financing the acquisition or replacement of an existing mortgage under s. 234.592.
(9) The executive director of the authority shall make every effort to encourage participation in the homeownership mortgage loan program and the qualified subprime loan refinancing program by women and minorities.