As used in the Mortgage Finance Authority Act:
A. "pass-through securities" means securities representing undivided ownership interests in a pool of mortgage loans; and
B. "secondary market facility" means a corporation, trust or other form of legal entity established by the authority for the purpose of the purchase, with private or public funds legally available therefor, of mortgage loans, mortgage-backed obligations, pass-through securities or interests therein.
History: 1978 Comp., § 58-18-3.2, enacted by Laws 1983, ch. 285, § 1; 1995, ch. 9, § 5.
The 1995 amendment, effective June 16, 1995, deleted "facility or mortgage pooling" preceding "corporation" and inserted "trust or other form of legal entity" in Subsection B.
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