2017 US Code
Title 12 - Banks and Banking
Chapter 11 - Federal Home Loan Banks
Sec. 1441a-2 - Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets

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Citation 12 U.S.C. § 1441a-2 (2017)
Section Name §1441a–2. Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets
Section Text (a) Authorization

Notwithstanding any other provision of Federal or State law, a State housing finance authority or nonprofit entity may purchase mortgage-related assets from the Resolution Trust Corporation or from financial institutions with respect to which the Federal Deposit Insurance Corporation is acting as a conservator or receiver (including assets associated with any trust business), and any contract for such purchase shall be effective in accordance with its terms without any further approval, assignment, or consent with respect to that contract.

(b) Investment requirement

Any State housing finance authority or nonprofit entity which purchases mortgage-related assets pursuant to subsection (a) shall invest any net income attributable to the ownership of those assets in financing, refinancing, or rehabilitating low- and moderate-income housing within the jurisdiction of the State housing finance authority or within the geographical area served by the nonprofit entity.

Source Credit

(Pub. L. 101–73, title XIII, §1302, Aug. 9, 1989, 103 Stat. 548.)

Editorial Notes CODIFICATION

Section was enacted as part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and not as part of the Federal Home Loan Bank Act which comprises this chapter.

DEFINITIONS

The definitions in section 1441a–1 of this title apply to this section.

Publication Title United States Code, 2012 Edition, Supplement 5, 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 11 - FEDERAL HOME LOAN BANKS
Sec. 1441a-2 - Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets
Contains section 1441a-2
Date 2017
Laws In Effect As Of Date January 12, 2018
Positive Law No
Disposition standard
Statutes at Large References 103 Stat. 548
Public Law References Public Law 101-73
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