Federal Industrial Mortgage Association Act

Summary

Federal Industrial Mortgage Association Act - Establishes the Federal Industrial Mortgage Association. Authorizes the Association to purchase, hold, deal with, and sell industrial mortgages used to finance facilities and equipment for productive activities of qualifying businesses in the United States. Sets forth other requirements for such mortgages. Directs the Association to establish standards regarding the maximum principal amount of a mortgage it will buy, seller participation requirements, seller repurchase or exchange requirements for mortgages in default, and financial institutions from which it will purchase mortgages. Authorizes the Association to: (1) establish requirements and impose fees for different classes of sellers; and (2) issue and sell securities backed by mortgages that it may set aside. Directs the Comptroller General to conduct and report to the Congress on an annual audit of the Association. Terminates the Association ten years after the effective date of this Act. Authorizes appropriations.

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1 official file

• Introduced in Senate

  summary · EN · 26 March 1985

  Open at official source

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