Federal Home Loan Mortgage Corporation Charter Act

Summary

Federal Home Loan Mortgage Corporation Charter Act - Establishes the Federal Home Loan Mortgage Corporation. Sets forth the composition of the Board of Directors, the terms of membership and the powers of the Corporation. Declares that the Corporation shall have common stock, without par value, which shall be vested with all voting rights. Permits the Corporation to have one or more classes of preferred stock. Authorizes the Corporation to purchase, make commitments to purchase, lend on the security of, or otherwise deal in eligible mortgages. Prohibits the purchase of a conventional mortgage if the outstanding principal balance of the mortgage at the time of purchase exceeds 80 percent of the value of the property securing the mortgage except in specified circumstances. Authorizes the Corporation to borrow and to issue notes or other securities. Authorizes Federal home loan banks to provide financing to the Corporation during calendar year 1982 in the form of a pass through of the proceeds of consolidated obligations sold by such banks. Authorizes the Federal Home Loan Bank Board to provide for the purchase by the Federal home loan banks of any obligations issued by the Corporation. Authorizes the Corporation to guarantee the timely payment of principal or interest on securities issued by any eligible seller which are based on or backed by a trust or pool of mortgages eligible for purchase by the Corporation. Permits the Corporation to require eligible sellers to purchase from the Corporation or otherwise: (1) specified amounts or numbers or shares, including fractional shares, of voting common stock or preferred stock of the Corporation; or (2) specified amounts of obligations issued by the Corporation. Permits the Corporation to require eligible servicers to own such shares or obligations. Declares that all rights and remedies of the Corporation shall be immune from impairment, limitation, or restriction. Declares that the Corporation and any subsidiaries as may be formed shall be taxed by the United States or by any State or political subdivision thereof upon the terms provided in the Federal Home Loan Mortgage Corporation Taxation Act. Exempts the Corporation from the provisions or requirements of the Securities Exchange Commission.

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1 official file

• Introduced in House

  summary · EN · 20 May 1982

  Open at official source

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