2017 US Code
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
| 12 U.S.C. § 2279aa-1 (2017) |
| §2279aa–1. Federal Agricultural Mortgage Corporation |
|
(a) Establishment
(1) In general
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. The Corporation shall be an institution of the Farm Credit System. The Corporation shall not be liable for any debt or obligation of any other institution of the Farm Credit System. The Farm Credit System and System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation. The 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.) |
|
AMENDMENTS
1996—Subsec. (b)(4). Pub. L. 104–105 added par. (4). |
| United States Code, 2012 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| 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 |
| section 2279aa-1 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 101 Stat. 1687 110 Stat. 163 |
| Public Law 92-181, Public Law 100-233, Public Law 104-105 |
