HB651 Alabama 2013 Session

Summary

Primary Sponsor

Mike Hill

Republican

Session

Regular Session 2013

Title

Housing Finance Authority, purchase mortgage loans authorized, make and originate second mortgage loans, Secs. 24-1A-1, 24-1A-2, 24-1A-5, 24-1A-15, 24-1A-20 am'd.

Summary

The bill lets Alabama's Housing Finance Authority buy and make loans to finance or refinance homes, including second mortgages.

What This Bill Does

If enacted, the Alabama Housing Finance Authority would be authorized to purchase mortgage loans from lenders to finance the original purchase of eligible housing units and to refinance existing loans for present owners. It would also be allowed to make and originate second mortgage loans secured by eligible housing units. The bill expands AHFA's powers to work with lenders, contract for loan origination and servicing, issue bonds, and administer related housing programs.

Who It Affects

• Low- and moderate-income homebuyers and current homeowners who may gain access to financing or refinancing for eligible housing units.
• Mortgage lenders and financial institutions that originate, service, or sell loans to AHFA, and other market participants connected to AHFA's programs.

Key Provisions

• authorize AHFA to purchase mortgage loans from lenders to finance original purchases of eligible housing units and to refinance such units for present owners
• authorize AHFA to make and originate second mortgage loans secured by eligible housing units
• amendments to Sections 24-1A-1, 24-1A-2, 24-1A-5, 24-1A-15, and 24-1A-20 to formalize these powers
• empower AHFA to contract with mortgage lenders for origination and servicing of loans and to lend to lenders with mortgages serving as security for such loans
• allow AHFA to foreclose, sell, or manage mortgaged property to protect the interests of the authority and bondholders

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Housing Finance Authority