Travis County Commssioners Court
October 29, 2002
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Housing Finance Corporation
Let's call to order the Travis County housing finance corporation. One item
of business. 1. Approve payment to trustee of the taxable single family bond
program, and take appropriate action. Mr. Davis?
>> good afternoon, I'm harvey Davis, manager for the corporation.
I'm asking board approval to send $8,519.97 to wells fargo, who is the trustee
for the 2000 taxable mortgage loan program. If you will recall, this program
works in that commitment lots for every 120 days, at the end of each commit
lot the corporation is required to pay two fees or to expenses. -- the one-person
down payment that the corporation is investing in for the home buyers, so
in this particular lot, which was a million, amount of mortgages that were
made were a little over $835,000. So we are required to pay one percent of
that, which is a little over $8,359. In addition to that, we pay what's called
a termination fee, which is we -- fannie mae has made a commitment to purchase
all of the mortgages up to the amount of each lot, which in this case was
a dollars. -- a million dollars. If we are not able to deliver a million dollars
in mortgages, then we pay a termination fee of 25 basis points of the difference
between the million dollars and the amount of mortgages that we are -- that
the program is able to deliver. In this lot, the termination fee is $160.01.
So some of those two figures is the -- the sum of those two figures is the
8,000 8,000-dollar figure. On the third page of your backup is a chart that
gives detail on each of the lots since the program started in April of 2000.
And there have been six lots so far in this program. All but one of the --
one of those commitment lots have been a million dollars. If you will -- if
you notice the percentage of usage, I have a -- on each of the lot -- in other
words, we make a commitment of an amount of money and then how much we are
-- we are able to make a -- in mortgage funds .we that percentage -- we have
that perm and then this -- we have that percentage and then this last lot
we have over 83% usage, which is the highest of any of the other lots. So
with that I will be happy to answer any questions.
>> questions? No question that we owe this am of money.
>> yes, that's right.
>> move approval.
>> second. All in favor?
>> I'm going to abstain on that, judge.
>> show commissioners Gomez, Moore, Sonleitner and yours
truly, [inaudible] records of the corporation, abstaining director Davis.
>> yes, thank you.
>> now let's call back to order -- let's recess that with
one.
>> move we adjourn the corporation.
>> second.
>> all in favor? That passes by unanimous vote.
Last Modified: Wednesday, April 2, 2003 10:25 AM