Securitisation (Proceeds of Certain Mortgages) Act, 1995

Disposal of certain mortgages held by housing authorities.

3.—(1) The transfer, sale or assignment of mortgages by a housing authority under section 14 of the Housing (Miscellaneous Provisions) Act, 1992 , shall, for the purpose of this Act, include an assignment of the debt secured by a mortgage, which assignment shall be deemed to be an equitable assignment.

(2) A housing authority may deduct from any amount payable by them to a designated body such fee or charge as may have been duly determined by the Minister for the Environment, or as may be determined from time to time by the Minister for the Environment with the consent of the Minister, in respect of the administration by the housing authority of mortgages assigned by virtue of this Act.

(3) In this section “debt”, in relation to a mortgage assigned by virtue of this Act, means the principal owed and the interest payable to a housing authority from time to time under the mortgage.