An Act to establish a Resolution Trust Fund for receipt of reasonable mortgage payments
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes the creation of a publicly managed trust fund designed to collect ‘reasonable’ mortgage payments. The fund’s purpose is to handle mortgage payments related to properties acquired through the Resolution Trust Corporation (RTC). This would establish a mechanism for managing and distributing these payments, potentially addressing issues related to past RTC actions and outstanding mortgage obligations.
Key provisions
- Establishment of a Resolution Trust Fund.
- The fund will receive ‘reasonable’ mortgage payments.
- The fund will be publicly owned and administered.
- The fund is intended to handle mortgage payments from RTC properties.
- The bill references previous attempts to create similar funds.
Who is affected
- Mortgage holders
- The Resolution Trust Corporation (RTC)
- State government (through the trust fund)
- Potential beneficiaries of mortgage payments
Notable changes
- This bill seeks to create a new system for managing mortgage payments associated with RTC assets.
- The term ‘reasonable’ mortgage payments is central to the fund’s operation.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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