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By Mr. Walsh of Lynn, petition (accompanied by bill, House, No. 1294) of Steven M. Walsh and others relative to private mortgage insurance and the Affordable Housing Trust Fund. Housing. |
The Commonwealth of Massachusetts
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PETITION OF:
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By Mr. Walsh of Lynn, petition (accompanied by bill, House, No. 1294) of Steven M. Walsh and others relative to private mortgage insurance and the Affordable Housing Trust Fund. Housing. |
The Commonwealth of Massachusetts
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PETITION OF:
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In the Year Two Thousand and Seven.
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An Act relative to private mortgage insurance and the affordable housing trust fund. |
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
Section 3 of Chapter 121D of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by inserting at the end of the section the following:-
(e) Persons or parties who are issued loans as part of the fund which exceed eighty per cent of the value of the real estate shall not be required to insure or guarantee the loan by a mortgage insurance company as otherwise required in Section 2 of 167E.