Sec. 301. Purposes
189 words·~1 min read·
/bill/115/hr/6746/ih/section-301A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The purposes of the national mortgage security market exchange created by this title are— to enhance efficiency, liquidity, and security in the secondary market for residential mortgages, including mortgage-backed securities; to establish standards related to originating and servicing eligible collateral and for issuers and trustees of qualified securities, which would be exempt from the Securities Act of 1933; to improve uniformity, quality and accessibility of information related to the performance of residential mortgage loans; to operate a common securitization platform that could be available to issuers of residential mortgage-backed securities; to foster the use and uniformity of electronic methods for the creation, authentication, transmission, storage, and availability of materials relating to mortgages; to provide a central repository for notes, mortgages, and other mortgage-related information, and address problems that can arise when paper notes cannot be produced, due to loss or destruction as a result of natural disaster or other causes; and to provide a uniform procedure for demonstrating the right to act with regard to such notes or other registered data for all actions in any State or Federal proceeding, judicial or nonjudicial, involving such notes or other data.