12 U.S.C. § 2279aa–1 — Federal Agricultural Mortgage Corporation

FEDERAL · 12 U.S.C. · Chapter 23

Federal Agricultural Mortgage Corporation

Current through Pub. L. 119-102

Title 12 — Banks and Banking·Ch. 23 — FARM CREDIT SYSTEM·Subch. VIII·Pt. A

(a)Establishment

(1)In general There is hereby established a corporation to be known as the Federal Agricultural Mortgage Corporation, which shall be a federally chartered instrumentality of the United States.

(2)Institution within Farm Credit System The Corporation shall be an institution of the Farm Credit System.

(3)Liability

(A)Corporation The Corporation shall not be liable for any debt or obligation of any other institution of the Farm Credit System.

(B)System institutions The Farm Credit System and System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation.

(b)Duties The Corporation shall—

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

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(a) Establishment
(1) In general
There is hereby established a corporation to be known as the Federal Agricultural Mortgage Corporation, which shall be a federally chartered instrumentality of the United States.
(2) Institution within Farm Credit System
The Corporation shall be an institution of the Farm Credit System.
(3) Liability
(A) Corporation
The Corporation shall not be liable for any debt or obligation of any other institution of the Farm Credit System.
(B) System institutions
The Farm Credit System and System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation.
(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.

12 U.S.C. § 2279aa–1 (Federal Agricultural Mortgage Corporation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(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.)

Editorial Notes

Editorial Notes

Amendments
1996—Subsec. (b)(4). Pub. L. 104–105 added par. (4).