To require the Bureau of Indian Affairs to process and complete all mortgage packages associated with residential and business mortgages on Indian land by certain deadlines, and for other purposes, section 2, Sec. 2.
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Leasehold mortgage
The document says “means”Who acts: CongressHow: statuteSec. 2 in the PDF
What the document says
“The term ``leasehold mortgage'' means a mortgage, deed of trust, or other instrument that pledges the leasehold interest of a lessee as security for a debt or other obligation owed by the lessee to a lender or other mortgagee.”
A leasehold mortgage pledges a lessee's interest in the lease rather than the land itself.
What the document actually says
“The term ``leasehold mortgage'' means a mortgage, deed of trust, or other instrument that pledges the leasehold interest of a lessee as security for a debt or other obligation owed by the lessee to a lender or other mortgagee.”
That sentence, in plain words
A lease loan puts up the renter's rights in the land as backing for a debt.
What this is about
A lease lets a person use land they do not own. That right can back a loan.
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