SB187 Alabama 2010 Session

Summary

Primary Sponsor

Rodger SmithermanSenator

Democrat

Co-Sponsors

Roger Bedford, Jr.T.D. “Ted” LittleLowell BarronLinda Coleman-MadisonWendell MitchellGeorge M. “Marc” Keahey

Session

Regular Session 2010

Title

Housing Finance Authority, authorized to service loans that are not secured by eligible housing units, Secs. 24-1A-2, 24-1A-5 am'd.

Summary

SB187 allows the Alabama Housing Finance Authority to service mortgage loans that are not secured by eligible housing units.

What This Bill Does

The bill amends Sections 24-1A-2 and 24-1A-5 to expand the Authority’s ability to work with mortgages beyond those tied to eligible housing units. It authorizes the Authority to service non-eligible housing loans and broadens its powers to purchase, originate, service, and manage mortgage loans; issue bonds; and run related programs such as mortgage credit certificates and other federal housing programs. It also enables the Authority to manage assets, properties, and contracts to support these activities.

Who It Affects

• Group 1: The Alabama Housing Finance Authority and mortgage lenders in Alabama, who gain new authority to service non-eligible housing loan, purchase loans, contract for servicing, issue bonds, and engage in a wider range of housing-financing activities.
• Group 2: Homebuyers and borrowers in Alabama (including those using single-family housing financing and federal housing programs) who may benefit from expanded financing options and access to mortgage credit certificates and related housing programs.

Key Provisions

• Authorizes the Alabama Housing Finance Authority to service mortgage loans not secured by eligible housing units.
• Expands the Authority’s powers to purchase, originate, service, mortgage and securitize loans; issue bonds; administer mortgage credit certificates; and manage related assets, properties, contracts, and federal housing programs to support its housing financing functions.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Housing Finance Authority