§ 2427 — Additional powers of the agency

§ 2427. Additional powers of the agency. The agency shall have the\nfollowing additional powers only with respect to insuring mortgage loans\nand providing development corporation credit support:\n 1. To establish and levy fees and charges in connection with the\nprocessing of applications for mortgage insurance;\n * 2. (a) To issue commitments to insure mortgages and to enter into\ncontracts of mortgage insurance,\n (b) to issue commitments to provide and to provide pool insurance for\none or more aggregates of mortgage loans purchased by the agency\npursuant to its forward commitment program, or for one or more\naggregates of mortgage loans on single or multi-family residential\nbuildings made by a domestic not-for-profit corporation whose public\npurposes include combating community deterioration and which is approved\nas a mortgage lender by the federal housing administration for purposes\nof insurance issued by such administration, and which is a qualified\nseller-servicer for the federal national mortgage association and the\nfederal home loan mortgage corporation or for one or more aggregates of\npreservation loans made by a financial institution with respect to a\nbuilding owned by a cooperative housing corporation, and\n (c) to fulfill its obligations and enforce its rights under any\ninsurance so furnished as provided in this article and such rules and\nregulations as may be adopted by the agency;\n * NB Effective until July 23, 2027\n * 2. To enter into commitments to insure mortgages and contracts of\nmortgage insurance and to fulfill its obligations and enforce its rights\nunder any insurance so furnished as provided in this article and such\nrules and regulations as may be adopted by the agency;\n * NB Effective July 23, 2027\n 3. To pay, pursue to final collection, compromise, waive or release\nany right, title, claim, lien or demand, however acquired, including any\nequity or right of redemption;\n 4. To foreclose any mortgage in default or commence any action to\nprotect or enforce any right conferred upon it by any law, mortgage,\ncontract or other agreement, and to bid for and purchase such property\nat any foreclosure or at any other sale, or otherwise to acquire or take\npossession of any such property;\n 5. To deal with, hold, administer, manage, rent, repair, insure or\nsell, lease or otherwise dispose of any property conveyed to or acquired\nby the agency and to enter into agreements with the state, any city,\ntown or village of this state or any person, firm, partnership or\ncorporation, either public or private, for the purpose of causing any\nsuch property to be so dealt with;\n 6. To procure insurance against any loss in connection with its\nproperty and other assets and to procure reinsurance in connection with\nits obligations, all in such amounts and from such insurers as it deems\nnecessary or desirable;\n 7. To consent to the modification, with respect to rate of interest,\ntime of payment of any installment of principal or interest, security or\nany other term, of any mortgage, mortgage loan, contract or agreement of\nany kind which the agency has insured or to which the agency is a party;\n 8. To sell, at public or private sale, any mortgage, mortgage\nparticipation or other obligation held by the agency;\n 9. To invest any funds held in reserves or sinking funds or any funds\nnot required for immediate use or disbursement, at the discretion of the\nagency, in obligations of the state or federal government or of any city\nof the state, the principal and interest of which are guaranteed by the\nstate or federal government, obligations of agencies of the federal\ngovernment, or in Government National Mortgage Association mortgage\nbacked securities, or special time deposits in, or certificates of\ndeposit issued by, a bank or trust company authorized to do business in\nthe state and secured by a pledge of obligations of the United States of\nAmerica or obligations of the state, any city of the state, other\nmunicipal corporation, school district or district corporation of the\nstate or obligations of agencies of the federal government, provided\nthat any such investment from time to time (1) may be legally purchased\nby savings banks of the state as investments of funds belonging to them\nor in their control and (2) shall be approved by the comptroller.\n 10. To provide development corporation credit support.\n