SB187 Summary

• Amends Alabama Housing Finance Authority provisions under Code of Alabama Sections 24-1A-2 and 24-1A-5 to expand the Authority's lending and servicing powers.

• Adds new definitions for "servicing qualified mortgage loans," "servicing qualified mortgaged property," and "servicing qualified mortgages" that are not restricted to eligible housing units.

• Grants the Authority power to contract with entities for acquisition, servicing, and disposition of servicing qualified mortgage loans made by other entities, removing the requirement that mortgages be secured by eligible housing units.

• Authorizes the Authority to exercise all rights of a mortgage holder regarding servicing qualified mortgages, including foreclosure, equity of redemption sales, and property disposition on terms deemed reasonable and appropriate.

• Takes effect immediately upon passage and approval by the Governor.