Federal Home Loan Mortgage Corporation Charter Act

Summary

Federal Home Loan Mortgage Corporation Charter Act - Establishes the Federal Home Loan Mortgage Corporation under the direction of a Board of Directors. Declares that the Corporation shall have common stock, without par value, which shall be vested with all voting rights, each share being entitled to one vote at all elections of directors. Authorizes the Corporation to issue nonvoting common stock, with or without par value as shall be determined by the Board from time to time. Permits the Corporation to prohibit any person or organization from acquiring or voting the beneficial ownership of more than 25 percent of the shares of voting common stock. Permits the Corporation to have one or more classes of preferred stock. Entitles each class of preferred stock to annual dividends fixed by the Corporation at the time of issuance or sale of such class 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, to give security, to pay interest on other returns, and to issue notes, debentures, bonds, or other obligations, or other securities. Authorizes Federal home loan banks to provide financing to the Corporation during calendar year 1982 in the form of a passthrough of the proceeds of consolidated obligations shown 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. Empowers the Corporation, in connection with any guaranty under this Act, to provide for the extinguishment, upon default by the issuer, of any redemption, equitable, legal, or other right, title, or interest of the issuer in any mortgage or mortgages constituting the trust or pool against which the guaranteed securities are issued. Declares that all rights and remedies of the Corporation shall be immune from impairment, limitation, or restriction. Exempts the Corporation from all taxation, except real property, until such time as the Corporation shall pay a dividend with respect to shares of common stock. Exempts the Corporation from the provisions or requirements of the Securities Exchange Commission. Declares that the powers and functions of the Corporation and the Board of Directors shall be exercisable without regard to any other laws, except as otherwise provided in this Act, or as otherwise provided by the Corporation or by laws enacted by Congress.

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1 official file

• Introduced in Senate

  summary · EN · 4 November 1981

  Open at official source

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