Relates to the powers of the state of New York mortgage agency and extending the provisions thereof.
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 sponsored 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 sponsored enterprises.
Section 2 of the bill provides for an immediate effective date.
SONYMA is authorized through December 31, 2012 to purchase second mortgage 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.
This bill takes effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 6900 IN SENATE April 9, 2012 ___________Introduced by Sen. YOUNG -- (at request of the Division of Housing & Community Renewal) -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions 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 mort- gage agency, in relation to extending the provisions thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 4 of chapter 208 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency, is amended to read as follows: S 4. This act shall take effect immediately, provided that the amend- ments to subdivision 5 of section 2402 of the public authorities law made by section one of this act shall be subject to the expiration and reversion of such subdivision pursuant to section 16 of chapter 915 of the laws of 1982, as amended, when upon such date the provisions of section two of this act shall take effect; further provided that this act shall expire and be deemed repealed December 31,
2014. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14300-01-2