Replies to post #5478 on MedMen Enterprises Inc (fka MMNFQ)

[TieetCoolee]

Safe Bankings on the top of my list for this ticker. That's when institutional investors foray into the sector through the doors opeed to them and we know the banks could use these dispensarys' deposits right about now $MMNFF~

[TieetCoolee]

Mr. WhaleBalls I thought yah might find this snippet of the SAFE BANKING ACT interesting since we met in the housing sector overlapping the $MMNFF~Healthcare sector here.

Would you believe the marijuana SAFE BANKING ACT our beloved Gooberment is gearing up to pass soon is all about boosting $FNMA~ $FMCC~ REVENUE$ by the Billion$$$ through boosting Healthcare...

(3) FEDERAL NATIONAL MORTGAGE ASSOCIATION, FEDERAL HOME LOAN MORTGAGE CORPORATION, AND FEDERAL AGENCIES MAKING, INSURING, OR GUARANTEEING MORTGAGE LOANS OR SECURITIES.—The Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and any Federal agency that has a legal interest in the collateral for a residential mortgage loan, including individual units of condominiums and cooperatives, provided that the collateral is a property designed principally for the occupancy of 1 to 4 families and underwritten, in whole or in part, based on income from a State-sanctioned marijuana business or service provider, shall not be subject to criminal, civil, or administrative forfeiture of that legal interest pursuant to any Federal law for providing, insuring, guaranteeing, purchasing, securitizing, or guaranteeing payments from a security based on such loan.

(4) OTHER PARTIES TO MORTGAGE LOANS.—A nondepository lender that makes a federally backed mortgage loan, as defined in section 9(a), and any person who otherwise has a legal interest in such a loan or in the collateral of the loan, including individual units of condominiums and cooperatives, provided that the collateral is a property designed principally for the occupancy of 1 to 4 families and underwritten, in whole or in part, based on income from a State-sanctioned marijuana business or service provider, shall not be subject to criminal, civil, or administrative forfeiture of that legal interest pursuant to any Federal law for providing, purchasing, securitizing, accepting, and making payments related to such federally backed mortgage loan solely because loan payments or underwriting are based on income that is in whole or in part from a State-sanctioned marijuana business or service provider.

SEC. 9. TREATMENT OF INCOME DERIVED FROM A STATE-SANCTIONED MARIJUANA BUSINESS FOR QUALIFICATION FOR A FEDERALLY BACKED SINGLE-FAMILY MORTGAGE LOAN.
(a) Definition.—In this section, the term “federally backed mortgage loan” means any loan secured by a first or subordinate lien on residential real property, including individual units of condominiums and cooperatives, designed principally for the occupancy of 1 to 4 families that is—

(1) insured by the Federal Housing Administration under title I or title II of the National Housing Act (12 U.S.C. 1702 et seq., 1707 et seq.);

(2) insured under section 255 of the National Housing Act (12 U.S.C. 1715z–20);

(3) guaranteed under section 184 or 184A of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a, 1715z–13b);

(4) guaranteed, insured, or made by the Department of Veterans Affairs;

(5) guaranteed, insured, or made by the Department of Agriculture; or

(6) purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.

(b) Treatment Of Income.—

(1) IN GENERAL.—Income derived from a State-sanctioned marijuana business that operates within a State, an Indian Tribe, or a political subdivision of a State that allows the cultivation, production, manufacture, sale, transportation, display, dispensing, distribution, or purchase of marijuana pursuant to a law or regulation of the State, Indian Tribe, or political subdivision, as applicable, or a service provider (wherever located), shall be considered in the same manner as any other legal income for purposes of determining eligibility for a federally backed mortgage loan for a 1- to 4-unit property that is the principal residence of the mortgagor.

(2) LIABILITY.—The mortgagee or servicer of a federally backed mortgage loan described in paragraph (1), or any Federal agency, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, may not be held liable pursuant to any Federal law or regulation solely for—

(A) providing, insuring, guaranteeing, purchasing, or securitizing a mortgage to an otherwise qualified borrower on the basis of the income described in paragraph (1); or

(B) accepting the income described in paragraph (1) as payment on the federally backed mortgage loan.(c) Implementation.—Not later than 180 days after the date of enactment of this Act—

(1) the Federal Housing Administration shall implement subsection (b)—

(A) by notice or mortgagee letter for loans insured under title I, title II, or section 255 of the National Housing Act (12 U.S.C. 1702 et seq., 1707 et seq., 1715z–20); and

(B) by lender letter for loans guaranteed under section 184 or 184A of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a, 1715z–13b);

(2) the Department of Veterans Affairs shall implement subsection (b) by circular or handbook for loans guaranteed, insured, or made by the Department;

(3) the Department of Agriculture shall implement subsection (b) by bulletin for loans guaranteed or made by the Department;

(4) the Federal Home Loan Mortgage Corporation, may not be held liable pursuant to any Federal law or regulation solely for—

(A) providing, insuring, guaranteeing, purchasing, or securitizing a mortgage to an otherwise qualified borrower on the basis of the income described in paragraph (1); or

(B) accepting the income described in paragraph (1) as payment on the federally backed mortgage loan.

(c) Implementation.—Not later than 180 days after the date of enactment of this Act—

(1) the Federal Housing Administration shall implement subsection (b)—

(A) by notice or mortgagee letter for loans insured under title I, title II, or section 255 of the National Housing Act (12 U.S.C. 1702 et seq., 1707 et seq., 1715z–20); and

(B) by lender letter for loans guaranteed under section 184 or 184A of the Housing and Community Development Act of 1992 (12 U.S.C. 1715z–13a, 1715z–13b);

(2) the Department of Veterans Affairs shall implement subsection (b) by circular or handbook for loans guaranteed, insured, or made by the Department;

(3) the Department of Agriculture shall implement subsection (b) by bulletin for loans guaranteed or made by the Department;

(4) the Federal Home Loan Mortgage Corporation shall implement subsection (b) by updating its Single-Family Seller/Servicer Guide for loans purchased or securitized by the Corporation; and

(5) the Federal National Mortgage Association shall implement subsection (b) by updating its Single Family Selling Guide for loans purchased or securitized by the Association.

...thrilled to own a common slice of both Health Care (weed) and Housing Sectors coz Housing is Healthcare :-)
https://www.congress.gov/bill/118th-congress/senate-bill/1323/text