2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 23 - Farm Credit System (Sections 2001 - 2279cc)
Subchapter VIII - Agricultural Mortgage Secondary Market (Sections 2279aa - 2279cc)
Part A - Establishment and Activities of Federal Agricultural Mortgage Corporation (Sections 2279aa-1 - 2279aa-14)
Sec. 2279aa-1 - Federal Agricultural Mortgage Corporation
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 23 - FARM CREDIT SYSTEM SUBCHAPTER VIII - AGRICULTURAL MORTGAGE SECONDARY MARKET Part A - Establishment and Activities of Federal Agricultural Mortgage Corporation Sec. 2279aa-1 - Federal Agricultural Mortgage Corporation |
| Contains | section 2279aa-1 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 92-181, title VIII, §8.1, as added Pub. L. 100-233, title VII, §702, Jan. 6, 1988, 101 Stat. 1687; amended Pub. L. 104-105, title I, §103, Feb. 10, 1996, 110 Stat. 163. |
| Statutes at Large References | 101 Stat. 1687 110 Stat. 163 |
| Public and Private Laws | Public Law 92-181, Public Law 100-233, Public Law 104-105 |
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There is hereby established a corporation to be known as the Federal Agricultural Mortgage Corporation, which shall be a federally chartered instrumentality of the United States.
(2) Institution within Farm Credit SystemThe Corporation shall be an institution of the Farm Credit System.
(3) Liability(A) CorporationThe Corporation shall not be liable for any debt or obligation of any other institution of the Farm Credit System.
(B) System institutionsThe Farm Credit System and System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation.
(b) DutiesThe Corporation shall—
(1) in consultation with originators, develop uniform underwriting, security appraisal, and repayment standards for qualified loans;
(2) determine the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for the provision of guarantees for specific mortgage pools;
(3) provide guarantees for the timely repayment of principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans; and
(4) purchase qualified loans and issue securities representing interests in, or obligations backed by, the qualified loans, guaranteed for the timely repayment of principal and interest.
(Pub. L. 92–181, title VIII, §8.1, as added Pub. L. 100–233, title VII, §702, Jan. 6, 1988, 101 Stat. 1687; amended Pub. L. 104–105, title I, §103, Feb. 10, 1996, 110 Stat. 163.)
AMENDMENTS1996—Subsec. (b)(4). Pub. L. 104–105 added par. (4).
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