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Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Substituted by A10049
- Ordered to third reading cal.1469
- Committee discharged and committed to rules
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the powers of the state of New York mortgage agency, to extend the provisions thereof
Signed by Governor · Sponsor Vito Lopez
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6900
Title of bill
An act to amend chapter 208 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to extending the provisions thereof
Purpose of the bill
This bill would extend the sunset provision for a period of two years legislation that established a statutory definition of government spon- sored enterprises ("GSE") in connection with the second lien program of the State of New York Mortgage Agency ("SONYMA"). Such legislation authorized SONYMA to purchase second mortgage loans where the first mortgage loan was not also purchased by SONYMA but was instead purchased by a GSE.
Summary of provisions
Section 1 of the bill would extend, until December 31, 2014, the present sunset date of December 31, 2012 of the definition of government spon- sored enterprises.
Section 2 of the bill provides for an immediate effective date.
Existing law
SONYMA is authorized through December 31, 2012 to purchase second mort- gage loans made simultaneously and with respect to the same secured property as a first or senior mortgage that is purchased by a GSE.
Prior legislative history
This definition was originally amended by Chapter 432 of the Laws of 2009 and extended by Chapter 208 of the Laws of 2010.
Statement in support
In 2010, SONYMA was authorized to purchase and insure second mortgages only where the second mortgage is made simultaneously and with respect to the same secured property as a first or senior mortgage that is purchased by a GSE. This authority greatly helps the housing market. In order for this authority to continue, the definition of GSEs, must be extended.
Budget implications
None.
Effective date
This bill takes effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.