Federal Home Loan Mortgage Corporation Act / federal-home-loan-mortgage-corporation-act.pdf / PDF4PRO

Federal House Mortgage Mortgage Company Act / federal-home-loan-mortgage-corporation-act.pdf / PDF4PRO

1 Federal domestic loan Mortgage Company ACT. Public Legislation No. 91-351, 84 Stat. 450. Accepted July 24, 1970. As amended via July 21, 2010. SEC. 301. SHORT TITLE AND STATEMENT OF PURPOSE (12 1451 notice). (a) This title could also be cited because the Federal domestic loan Mortgage Brief Title Company Act.. (b) It’s the function of the Federal domestic loan Mortgage Company Goal (1) to supply stability within the secondary marketplace for residential mortgages;. (2) to reply appropriately to the non-public capital market;. (3) to supply ongoing help to the secondary marketplace for residential mortgages (together with actions regarding mortgages on housing for low- and moderate-income households involving an affordable financial return which may be lower than the return earned on different actions) by growing the liquidity of Mortgage investments and enhancing the distribution of funding capital accessible for residential Mortgage financing.

2 And (4) to advertise entry to Mortgage credit score all through the Nation (together with central cities, rural areas, and underserved areas) by growing the liquidity of Mortgage investments and enhancing the distribution of funding capital accessible for residential Mortgage financing. SEC. 302. DEFINITIONS (12 1451). As used on this title . (a) The time period “Board of Administrators” means the Board of Administrators of the Company . (b) The time period ” Company ” means the Federal domestic loan Mortgage Company created by this chapter. (c) The time period “regulation” contains any regulation of the US or of any State (together with any rule of regulation or of fairness).

3 (d) The time period ” Mortgage ” contains such courses of liens as are generally given or are legally efficient to safe advances on, or the unpaid buy value of, actual property beneath the legal guidelines of the State wherein the true property is positioned or a manufactured domestic that’s private property beneath the legal guidelines of the State wherein the manufactured domestic is positioned, along with the credit score devices, if any, secured thereby, and contains pursuits in mortgages. (e) The time period “group” means any Company , partnership, affiliation, enterprise belief, or enterprise entity.

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4 SEC. 302 (f) The time period “prescribe” means to prescribe by laws or in any other case. (g) The time period “property” contains any property, whether or not actual, private, combined, or in any other case, together with with out limitation on the generality of the foregoing choses in motion and mortgages, and contains any curiosity in any of the foregoing. (h) The time period “residential Mortgage ” means a Mortgage which (1) is a Residential Mortgages Mortgage on actual property, in charge easy or beneath a leasehold having such time period as could also be prescribed by the Company , upon which there’s positioned a construction or constructions designed in complete or partly for residential use, or which contains or contains a number of condominium items or dwelling items (as outlined by the Company ) and (2)

5 Has such traits and meets such necessities as to quantity, time period, reimbursement provisions, variety of households, standing as a lien on such actual property, and in any other case, as could also be prescribed by the Company . The time period “residential Mortgage “. additionally features a loan or advance of credit score insured beneath title I of the Nationwide Housing Act [12 1702 et seq.] whose authentic proceeds are utilized for with a view to finance vitality conserving enhancements, or the addition of a photo voltaic vitality system, to residential actual property. The time period “residential Mortgage ” additionally features a loan or advance of credit score for such functions, or bought from any public utility finishing up actions in accordance with the necessities of title II of the Nationwide Power Power Loans Conservation Coverage Act [42 8211 et seq.]

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6 ] if the residential Mortgage to be bought is a loan or advance of credit score the unique proceeds of that are utilized for with a view to finance the acquisition and set up of residential vitality conservation measures (as outlined in part 210(11) of the Nationwide Power Conservation Coverage Act) in residential actual property, not having the good thing about such insurance coverage and contains loans made the place the lender depends for functions of reimbursement totally on the borrower’s common credit score standing and forecast of , with or with out different safety.

7 The time period “residential Mortgage ” can be deemed to incorporate a secured loan or advance of credit score the proceeds of that are supposed to finance the rehabilitation, renovation, modernization, refurbishment, or enchancment of properties as to which the Company might buy a “residential Mortgage ” as outlined beneath the primary sentence of this subsection. Such time period shall additionally embody different secured loans which might be Second Mortgages secured by a subordinate lien towards a property as to which the Company might buy a residential Mortgage as outlined beneath the primary sentence of this subsection.

8 A “secured loan or advance of credit score” is one wherein a safety curiosity is taken within the rehabilitated, renovated, modernized, refurbished, or improved property. Such time period shall additionally embody a Mortgage , lien, or different safety curiosity on the inventory or membership certificates issued to a tenant-stockholder or resident-member by a cooperative housing Company , as outlined in part 216 of title 26, and on the proprietary lease, occupancy settlement, or proper of tenancy within the dwelling unit of the tenant-stockholder or resident-member in such cooperative housing Company .

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9 The time period “residential Mortgage ” additionally Cooperatives features a loan or advance of credit score secured by a Mortgage or different lien on a manufactured domestic that’s the principal residence of the borrower, Manufactured Properties with out regard as to if the safety property is actual, private, or combined. Present as of July 2010 2 Company Act (i) The time period “standard Mortgage ” means a Mortgage aside from a SEC. 302. Mortgage as to which the Company has the good thing about any warranty, insurance coverage or different obligation by the US or any of its businesses or instrumentalities.

10 (j) The time period “safety” has the that means ascribed to it by part 2 of the Securities Act of 1933 [15 77]. (ok) The time period “State”, whether or not used as a noun or in any other case, contains the a number of States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories and possessions of the US. (l) The time period ” Mortgage insurance coverage program” contains, within the case of a residential Mortgage secured by a manufactured domestic , any manufactured domestic lending program beneath title I of the Nationwide Housing Act [12 1702 et seq.]. SEC.