6.1-194.62 - (Repealed effective October 1, 2010) Real estate loans; required investment. - Virginia Statutes

§ 6.1-194.62. (Repealed effective October 1, 2010) Real estate loans;required investment.

A state association may originate, invest in, sell, purchase, service,participate, or otherwise deal in loans secured by a lien on real estate,subject to the requirements of this chapter. However, such loans which areinsured, guaranteed or made under a firm commitment to be sold, assigned orotherwise transferred to an agency or instrumentality of the federalgovernment or to a corporation organized under the laws of the United States,including, but not limited to, the Department of Housing and UrbanDevelopment, the Veterans Administration, the Federal National MortgageAssociation, the Government National Mortgage Association or the Federal HomeLoan Mortgage Corporation, may be made in accordance with the requirements ofsuch federal agencies, instrumentalities or corporations. At least sixtypercent of assets of a state association shall be invested in real estateloans. For purposes of meeting this sixty-percent requirement, anassociation may include (i) loans secured by a lien on a manufacturedbuilding or buildings; (ii) the value of securities held by it whichrepresent a beneficial interest, participation interest or other similarinterest in loans secured by a lien on real estate including, but not limitedto, participation certificates issued by the Federal National MortgageAssociation, Government National Mortgage Association or the Federal HomeLoan Mortgage Corporation; and (iii) the value of liquid assets equal to theminimum liquid asset requirement for membership in a Federal Home Loan Bank.A state association may not purchase, participate in or acquire an interestin any real estate loan which it could not legally make, without the priorapproval of the Commissioner.

(1985, c. 425; 1990, c. 3.)