12 USC 2279aa-1 - Federal Agricultural Mortgage Corporation

U.S Code last checked for updates: Nov 22, 2024

§ 2279aa–1.

Federal Agricultural Mortgage Corporation

(a)

Establishment

(1)

In general

(2)

Institution within Farm Credit System

(3)

Liability

(A)

Corporation

(B)

System institutions

(b)

Duties

The Corporation shall—

(1)

in consultation with originators, develop uniform underwriting, security appraisal, and repayment standards for qualified loans;

(2)

determine the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for the provision of guarantees for specific mortgage pools;

(3)

provide guarantees for the timely repayment of principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans; and

(4)

purchase qualified loans and issue securities representing interests in, or obligations backed by, the qualified loans, guaranteed for the timely repayment of principal and interest.

(Pub. L. 92–181, title VIII, § 8.1, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1687; amended Pub. L. 104–105, title I, § 103, Feb. 10, 1996, 110 Stat. 163.)

cite as: 12 USC 2279aa-1