2006 New York Code - Power To Purchase Mortgages From Mortgage Holders.

 
    § 380-b.  Power to purchase mortgages from mortgage holders. A savings
  and loan association may purchase from mortgage holders;  (1)  any  bond
  and  mortgage  insured  or  guaranteed  by  the  United  States  or  any
  instrumentality thereof, or for which there is a commitment to so insure
  or guarantee, or (2) provided the mortgage is a first lien, any bond and
  mortgage at least twenty per centum of which is guaranteed  pursuant  to
  the  provisions  of  the  act  of  congress  entitled  the "Servicemen's
  Readjustment Act of 1944". A savings and loan  association  may  receive
  and hold such debentures as are issued in payment of any such insurance.
  No  law  of  this  state  prescribing or limiting the interest rate upon
  loans or advances of credit  or  prescribing  a  penalty  for  violation
  thereof  or  prescribing  the  nature,  amount  or  form  of security or
  requiring security upon which loans or advances of credit may be made or
  prescribing or limiting the period for which loans or advances of credit
  may be made or limiting the amount of any class of  loans,  advances  of
  credit or purchases which may be made shall be deemed to apply to loans,
  advances  of  credit  or purchases made or to loans acquired by purchase
  pursuant to this subdivision.