27.01.010 Purpose

The purpose of this title is to assist Tribal members in obtaining mortgage financing for the purchase of one-family, owner-occupied principal residences on certain Leasehold Estates, by prescribing procedures relating to recordation, foreclosure and evictions in connection with Leasehold Mortgages given to secure loans made by Mortgages pursuant to the Native American Housing Pilot Initiative (the "Initiative") offered by the Federal National Mortgage Association ("Fannie Mae") and Leasehold Mortgages given to secure loans made by the Department of Veterans Affairs under the Native American Veteran Direct Loan Program authorized under Title 38 U.S. Code § 3761, et seq. ("VA Program") and any other leasehold mortgages or liens authorized and valid pursuant to federal law.