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-CITE-
12 USC CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE
CORPORATION 01/07/2011

-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-HEAD-
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-MISC1-
Sec.
1451. Definitions.
1452. Federal Home Loan Mortgage Corporation.
1453. Capitalization of Federal Home Loan Mortgage
Corporation.
1454. Purchase and sale of mortgages; residential mortgages;
conventional mortgages; terms and conditions of sale
or other disposition; authority to enter into,
perform, and carry out transactions.
1455. Obligations and securities of the Corporation.
1456. Immunity of Corporation; audits and reporting
requirements; data collection; Housing Advisory
Council.
1457. Prohibited activities; penalties for violations by
organizations, officers and members of organizations,
and individuals.
1458. Territorial applicability.
1459. Separability.

-End-



-CITE-
12 USC Sec. 1451 01/07/2011

-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-HEAD-
Sec. 1451. Definitions

-STATUTE-
As used in this chapter -
(a) The term "Board of Directors" means the Board of Directors of
the Corporation.
(b) The term "Corporation" means the Federal Home Loan Mortgage
Corporation created by this chapter.
(c) The term "law" includes any law of the United States or of
any State (including any rule of law or of equity).
(d) The term "mortgage" includes such classes of liens as are
commonly given or are legally effective to secure advances on, or
the unpaid purchase price of, real estate under the laws of the
State in which the real estate is located or a manufactured home
that is personal property under the laws of the State in which the
manufactured home is located together with the credit instruments,
if any, secured thereby, and includes interests in mortgages.
(e) The term "organization" means any corporation, partnership,
association, business trust, or business entity.
(f) The term "prescribe" means to prescribe by regulations or
otherwise.
(g) The term "property" includes any property, whether real,
personal, mixed, or otherwise, including without limitation on the
generality of the foregoing choses in action and mortgages, and
includes any interest in any of the foregoing.
(h) The term "residential mortgage" means a mortgage which (1) is
a mortgage on real estate, in fee simple or under a leasehold
having such term as may be prescribed by the Corporation, upon
which there is located a structure or structures designed in whole
or in part for residential use, or which comprises or includes one
or more condominium units or dwelling units (as defined by the
Corporation) and (2) has such characteristics and meets such
requirements as to amount, term, repayment provisions, number of
families, status as a lien on such real estate, and otherwise, as
may be prescribed by the Corporation. The term "residential
mortgage" also includes a loan or advance of credit insured under
title I of the National Housing Act [12 U.S.C. 1702 et seq.] whose
original proceeds are applied for in order to finance energy
conserving improvements, or the addition of a solar energy system,
to residential real estate. The term "residential mortgage" also
includes a loan or advance of credit for such purposes, or
purchased from any public utility carrying out activities in
accordance with the requirements of title II of the National Energy
Conservation Policy Act [42 U.S.C. 8211 et seq.] if the residential
mortgage to be purchased is a loan or advance of credit the
original proceeds of which are applied for in order to finance the
purchase and installation of residential energy conservation
measures (as defined in section 210(11) (!1) of the National Energy
Conservation Policy Act) in residential real estate, not having the
benefit of such insurance and includes loans made where the lender
relies for purposes of repayment primarily on the borrower's
general credit standing and forecast of income, with or without
other security. The term "residential mortgage" is also deemed to
include a secured loan or advance of credit the proceeds of which
are intended to finance the rehabilitation, renovation,
modernization, refurbishment, or improvement of properties as to
which the Corporation may purchase a "residential mortgage" as
defined under the first sentence of this subsection. Such term
shall also include other secured loans that are secured by a
subordinate lien against a property as to which the Corporation may
purchase a residential mortgage as defined under the first sentence
of this subsection. A "secured loan or advance of credit" is one in
which a security interest is taken in the rehabilitated, renovated,
modernized, refurbished, or improved property. Such term shall also
include a mortgage, lien, or other security interest on the stock
or membership certificate issued to a tenant-stockholder or
resident-member by a cooperative housing corporation, as defined in
section 216 of title 26, and on the proprietary lease, occupancy
agreement, or right of tenancy in the dwelling unit of the tenant-
stockholder or resident-member in such cooperative housing
corporation. The term "residential mortgage" also includes a loan
or advance of credit secured by a mortgage or other lien on a
manufactured home that is the principal residence of the borrower,
without regard to whether the security property is real, personal,
or mixed.

(i) The term "conventional mortgage" means a mortgage other than
a mortgage as to which the Corporation has the benefit of any
guaranty, insurance or other obligation by the United States or any
of its agencies or instrumentalities.
(j) The term "security" has the meaning ascribed to it by section
77b of title 15.
(k) The term "State", whether used as a noun or otherwise,
includes the several States, the District of Columbia, the
Commonwealth of Puerto Rico, and the territories and possessions of
the United States.
(l) The term "mortgage insurance program" includes, in the case
of a residential mortgage secured by a manufactured home, any
manufactured home lending program under title I of the National
Housing Act [12 U.S.C. 1702 et seq.].

-SOURCE-
(Pub. L. 91-351, title III, Sec. 302, July 24, 1970, 84 Stat. 451;
Pub. L. 95-619, title II, Sec. 245, Nov. 9, 1978, 92 Stat. 3233;
Pub. L. 95-630, title XVII, Sec. 1702, Nov. 10, 1978, 92 Stat.
3718; Pub. L. 96-153, title III, Sec. 316(c), Dec. 21, 1979, 93
Stat. 1118; Pub. L. 96-294, title V, Sec. 534(a)(2), June 30, 1980,
94 Stat. 741; Pub. L. 98-440, title II, Secs. 202, 203(b)(1), 204,
Oct. 3, 1984, 98 Stat. 1693-1695; Pub. L. 99-514, Sec. 2, Oct. 22,
1986, 100 Stat. 2095; Pub. L. 102-550, title XIII, Sec. 1382(b),
Oct. 28, 1992, 106 Stat. 4002.)

-REFTEXT-
REFERENCES IN TEXT
The National Housing Act, referred to in subsecs. (h) and (l), is
act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. Title I of
the National Housing Act is classified generally to subchapter I
(Sec. 1702 et seq.) of chapter 13 of this title. For complete
classification of this Act to the Code, see section 1701 of this
title and Tables.
The National Energy Conservation Policy Act, referred to in
subsec. (h), is Pub. L. 95-619, Nov. 9, 1978, 92 Stat. 3208, as
amended. Title II of the Act is classified principally to
subchapter II (Sec. 8211 et seq.) of chapter 91 of Title 42, The
Public Health and Welfare. Section 210 of the Act (42 U.S.C. 8211)
was omitted from the Code pursuant to section 8229 of Title 42
which terminated authority under that section June 30, 1989. For
complete classification of this Act to the Code, see Short Title
note set out under section 8201 of Title 42 and Tables.


-MISC1-
AMENDMENTS
1992 - Subsec. (h). Pub. L. 102-550 substituted "purchased from
any public utility carrying out activities in accordance with the
requirements of title II of the National Energy Conservation Policy
Act if the residential mortgage to be purchased is a loan or
advance of credit the original proceeds of which are applied for in
order to finance the purchase and installation of residential
energy conservation measures (as defined in section 210(11) of the
National Energy Conservation Policy Act) in residential real
estate" for "made by a public utility and purchased by the
Corporation pursuant to the first sentence of section 1454(a)(1) of
this title".
1986 - Subsec. (h). Pub. L. 99-514 substituted "Internal Revenue
Code of 1986" for "Internal Revenue Code of 1954", which for
purposes of codification was translated as "title 26" thus
requiring no change in text.
1984 - Subsec. (d). Pub. L. 98-440, Sec. 202(a), inserted
reference to a manufactured home that is personal property under
the laws of the State in which the manufactured home is located.
Subsec. (h). Pub. L. 98-440, Sec. 203(b)(1), substituted "status
as a lien" for "status as a first lien" and "Such term shall also
include other secured loans that are secured by a subordinate lien
against a property as to which the Corporation may purchase a
residential mortgage as defined under the first sentence of this
subsection" for "The maximum principal obligation of loans
purchased by virtue of the preceding sentence shall not exceed the
dollar limits prescribed by the Federal Home Loan Bank Board with
respect to similar types of loans made by Federal savings and loan
associations".
Pub. L. 98-440, Sec. 202(b), inserted provision that term
"residential mortgage" also includes a loan or advance of credit
secured by a mortgage or other lien on a manufactured home that is
the principal residence of the borrower, without regard to whether
the security property is real, personal, or mixed.
Subsec. (i). Pub. L. 98-440, Sec. 204, substituted "any of its
agencies or instrumentalities" for "a State or an agency or
instrumentality of either".
Subsec. (l). Pub. L. 98-440, Sec. 202(c), added subsec. (l).
1980 - Subsec. (h). Pub. L. 96-294 inserted provision relating to
loans or advances of credit made by a public utility and purchased
by the Corporation pursuant to section 1454(a)(1) of this title.
1979 - Subsec. (h). Pub. L. 96-153 expanded definition of
residential mortgage to include a mortgage, lien, or other security
interest on the stock or membership certificate issued to a tenant-
stockholder or resident-member by a cooperative housing
corporation, and on the proprietary lease, occupancy agreement, or
right of tenancy in the dwelling unit of the tenant-stockholder or
resident-member in such cooperative housing corporation.
1978 - Subsec. (h). Pub. L. 95-630 inserted provisions expanding
definition of "residential mortgage" to include a secured loan or
advance of credit the proceeds of which are intended to finance the
rehabilitation, renovation, modernization, refurbishment, or
improvement of properties as to which the Corporation may purchase
a "residential mortgage" as defined under first sentence of this
subsection, provisions relating to the maximum principal obligation
of loans, and provisions defining "secured loan or advance of
credit".
Pub. L. 95-619 inserted provisions relating to loans or advances
of credit insured under title I of the National Housing Act whose
original proceeds were applied for to finance energy conserving
improvements or solar energy systems and provisions relating to
certain loans or advances of credit for such purposes not so
insured.

EFFECTIVE DATE OF 1978 AMENDMENT
Section 1703 of Pub. L. 95-630 provided that: "This title
[amending sections 1451 and 1464 of this title] shall take effect
upon enactment [Nov. 10, 1978]."

SHORT TITLE OF 1981 AMENDMENT
Pub. L. 97-110, title II, Sec. 201, Dec. 26, 1981, 95 Stat. 1514,
provided that: "This title [amending sections 1454 and 1717 of this
title and enacting provisions set out as a note under section 1454
of this title] may be cited as the 'Mortgage Purchase Amendments of
1981'."

SHORT TITLE AND STATEMENT OF PURPOSE
Section 301 of title III of Pub. L. 91-351, as amended by Pub. L.
101-73, title VII, Sec. 731(a), Aug. 9, 1989, 103 Stat. 429; Pub.
L. 102-550, title XIII, Sec. 1382(a), Oct. 28, 1992, 106 Stat.
4002, provided that:
"(a) This title [enacting this chapter] may be cited as the
'Federal Home Loan Mortgage Corporation Act'.
"(b) It is the purpose of the Federal Home Loan Mortgage
Corporation -
"(1) to provide stability in the secondary market for
residential mortgages;
"(2) to respond appropriately to the private capital market;
"(3) to provide ongoing assistance to the secondary market for
residential mortgages (including activities relating to mortgages
on housing for low- and moderate-income families involving a
reasonable economic return that may be less than the return
earned on other activities) by increasing the liquidity of
mortgage investments and improving the distribution of investment
capital available for residential mortgage financing; and
"(4) to promote access to mortgage credit throughout the Nation
(including central cities, rural areas, and underserved areas) by
increasing the liquidity of mortgage investments and improving
the distribution of investment capital available for residential
mortgage financing."

REGULATIONS
Pub. L. 102-550, title XIII, Sec. 1383, Oct. 28, 1992, 106 Stat.
4008, directed the Secretary of Housing and Urban Development and
the Director to issue final regulations to implement amendments by
subtitle D (Secs. 1381-1383) of title XIII of Pub. L. 102-550 not
later than the expiration of the 18-month period beginning on Oct.
28, 1992, prior to repeal by Pub. L. 110-289, div. A, title I, Sec.
1161(a)(4), July 30, 2008, 122 Stat. 2779.

-FOOTNOTE-
(!1) See References in Text note below.


-End-



-CITE-
12 USC Sec. 1452 01/07/2011

-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-HEAD-
Sec. 1452. Federal Home Loan Mortgage Corporation

-STATUTE-
(a) Creation; Board of Directors; policies; principal office;
membership; term; vacancies
(1) There is hereby created the Federal Home Loan Mortgage
Corporation, which shall be a body corporate under the direction of
a Board of Directors. Within the limitations of law and regulation,
the Board of Directors shall determine the general policies that
govern the operations of the Corporation. The principal office of
the Corporation shall be in the District of Columbia or at any
other place determined by the Corporation.
(2)(A) The Board of Directors of the Corporation shall consist of
13 persons, or such other number as the Director determines
appropriate, who shall be elected annually by the voting common
stockholders. Except to the extent action under section 4636a of
this title temporarily results in a lesser number, the Board of
Directors shall at all times have as members at least 1 person from
the homebuilding industry, at least 1 person from the mortgage
lending industry, at least 1 person from the real estate industry,
and at least 1 person from an organization that has represented
consumer or community interests for not less than 2 years or 1
person who has demonstrated a career commitment to the provision of
housing for low-income households.
(B) Each member of the Board of Directors shall be elected for a
term ending on the date of the next annual meeting of the voting
common stockholders.
(C) Any seat on the Board of Directors that becomes vacant after
the annual election of the directors shall be filled by the Board
of Directors, but only for the unexpired portion of the term.
(D) Any member of the Board of Directors who is a full-time
officer or employee of the Federal Government shall not, as such
member, receive compensation for services as such a member.
(b) Capital distributions; limitation
(1) Except as provided in paragraph (2), the Corporation may make
such capital distributions (as such term is defined in section 4502
of this title) as may be declared by the Board of Directors.
(2) The Corporation may not make any capital distribution that
would decrease the total capital of the Corporation (as such term
is defined in section 4502 of this title) to an amount less than
the risk-based capital level for the Corporation established under
section 4611 of this title or that would decrease the core capital
of the Corporation (as such term is defined in section 4502 of this
title) to an amount less than the minimum capital level for the
Corporation established under section 4612 of this title, without
prior written approval of the distribution by the Director of the
Federal Housing Finance Agency.
(c) Powers of the Corporation
The Corporation shall have power (1) to adopt, alter, and use a
corporate seal; (2) to have succession until dissolved by Act of
Congress; (3) to make and enforce such bylaws, rules, and
regulations as may be necessary or appropriate to carry out the
purposes or provisions of this chapter; (4) to make and perform
contracts, agreements, and commitments; (5) to prescribe and impose
fees and charges for services by the Corporation; (6) to settle,
adjust, and compromise, and with or without consideration or
benefit to the Corporation to release or waive in whole or in part,
in advance or otherwise, any claim, demand, or right of, by, or
against the Corporation; (7) to sue and be sued, complain and
defend, in any State, Federal, or other court; (8) to acquire,
take, hold, and own, and to deal with and dispose of any property;
and (9) to determine its necessary expenditures and the manner in
which the same shall be incurred, allowed, and paid, and appoint,
employ, and fix and provide for the compensation and benefits of
officers, employees, attorneys, and agents as the Board of
Directors determines reasonable and comparable with compensation
for employment in other similar businesses (including publicly held
financial institutions or other major financial services companies)
involving similar duties and responsibilities, except that a
significant portion of potential compensation of all executive
officers (as such term is defined in subsection (h)(3) of this
section) of the Corporation shall be based on the performance of
the Corporation, all without regard to any other law except as may
be provided by the Corporation or by laws hereafter enacted by the
Congress expressly in limitation of this sentence. The Corporation,
with the consent of any such department, establishment, or
instrumentality, including any field services thereof, may utilize
and act through any such department, establishment, or
instrumentality and may avail itself of the use of information,
services, facilities, and personnel thereof, and may pay
compensation therefor, and all of the foregoing are hereby
authorized to provide the same to the Corporation as it may
request.
(d) Investment of funds; designation as depositary, custodian, or
agent for Corporation of any Federal Reserve bank, Federal home
loan bank, or any bank designated as depositary of public money
Funds of the Corporation may be invested in such investments as
the Board of Directors may prescribe. Any Federal Reserve bank or
Federal home loan bank, or any bank as to which at the time of its
designation by the Corporation there is outstanding a designation
by the Secretary of the Treasury as a general or other depositary
of public money, may be designated by the Corporation as a
depositary or custodian or as a fiscal or other agent of the
Corporation, and is hereby authorized to act as such depositary,
custodian, or agent. When designated for that purpose by the
Secretary of the Treasury, the Corporation shall be a depositary of
public money, under such regulations as may be prescribed by the
Secretary of the Treasury, and may also be employed as fiscal or
other agent of the United States, and it shall perform all such
reasonable duties as such depositary or agent as may be required of
it.
(e) Exemption from Federal, State, and local taxation; exception;
applicability of other provisions
The Corporation, including its franchise, activities, capital,
reserves, surplus, and income, shall be exempt from all taxation
now or hereafter imposed by any territory, dependency, or
possession of the United States or by any State, county,
municipality, or local taxing authority, except that any real
property of the Corporation shall be subject to State, territorial,
county, municipal, or local taxation to the same extent according
to its value as other real property is taxed.
(f) Actions by and against the Corporation; jurisdiction; removal
of actions; attachment or execution issued against the
Corporation
Notwithstanding section 1349 of title 28 or any other provision
of law, (1) the Corporation shall be deemed to be an agency
included in sections 1345 and 1442 of such title 28; (2) all civil
actions to which the Corporation is a party shall be deemed to
arise under the laws of the United States, and the district courts
of the United States shall have original jurisdiction of all such
actions, without regard to amount or value; and (3) any civil or
other action, case or controversy in a court of a State, or in any
court other than a district court of the United States, to which
the Corporation is a party may at any time before the trial thereof
be removed by the Corporation, without the giving of any bond or
security, to the district court of the United States for the
district and division embracing the place where the same is
pending, or, if there is no such district court, to the district
court of the United States for the district in which the principal
office of the Corporation is located, by following any procedure
for removal of causes in effect at the time of such removal.
(g) Mortgages, obligations, or other securities sold by Corporation
deemed lawful investments for security purposes
All mortgages, obligations, or other securities which are or have
been sold by the Corporation pursuant to section 1454 or section
1455 of this title shall be lawful investments, and may be accepted
as security for all fiduciary, trust, and public funds, the
investment or deposits of which shall be under the authority and
control of the United States or any officers thereof.
(h) Report on comparability of compensation policies and financial
performance of Corporation and payments earned by executive
officers; prohibition on payments to terminated executive
officers
(1) Not later than June 30, 1993, and annually thereafter, the
Corporation shall submit a report to the Committee on Banking,
Finance and Urban Affairs of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate on
(A) the comparability of the compensation policies of the
Corporation with the compensation policies of other similar
businesses, (B) in the aggregate, the percentage of total cash
compensation and payments under employee benefit plans (which shall
be defined in a manner consistent with the Corporation's proxy
statement for the annual meeting of shareholders for the preceding
year) earned by executive officers of the Corporation during the
preceding year that was based on the Corporation's performance, and
(C) the comparability of the Corporation's financial performance
with the performance of other similar businesses. The report shall
include a copy of the Corporation's proxy statement for the annual
meeting of shareholders for the preceding year.
(2) Notwithstanding the first sentence of subsection (c) of this
section, after October 28, 1992, the Corporation may not enter into
any agreement or contract to provide any payment of money or other
thing of current or potential value in connection with the
termination of employment of any executive officer of the
Corporation, unless such agreement or contract is approved in
advance by the Director of the Federal Housing Finance Agency. The
Director may not approve any such agreement or contract unless the
Director determines that the benefits provided under the agreement
or contract are comparable to benefits under such agreements for
officers of other public and private entities involved in financial
services and housing interests who have comparable duties and
responsibilities. For purposes of this paragraph, any
renegotiation, amendment, or change after October 28, 1992, to any
such agreement or contract entered into on or before October 28,
1992, shall be considered entering into an agreement or contract.
(3) For purposes of this subsection, the term "executive officer"
has the meaning given the term in section 4502 of this title.
(4) Notwithstanding any other provision of this section, the
Corporation shall not transfer, disburse, or pay compensation to
any executive officer, or enter into an agreement with such
executive officer, without the approval of the Director, for
matters being reviewed under section 4518 of this title.

-SOURCE-
(Pub. L. 91-351, title III, Sec. 303, July 24, 1970, 84 Stat. 452;
Pub. L. 96-153, title III, Sec. 316(b), Dec. 21, 1979, 93 Stat.
1118; Pub. L. 98-369, div. A, title I, Sec. 177(a), July 18, 1984,
98 Stat. 709; Pub. L. 101-73, title VII, Sec. 731(b)(1), (c), Aug.
9, 1989, 103 Stat. 429, 431; Pub. L. 102-550, title XIII, Sec.
1382(c)(1), (d)-(h), Oct. 28, 1992, 106 Stat. 4002-4004; Pub. L.
110-289, div. A, title I, Secs. 1113(b)(2), 1153(b)(3), 1161(c)(1),
1162(b)(1), July 30, 2008, 122 Stat. 2678, 2775, 2780, 2781.)


-MISC1-
AMENDMENTS
2008 - Subsec. (a)(2)(A). Pub. L. 110-289, Sec. 1162(b)(1)(A),
substituted "13 persons, or such other number as the Director
determines appropriate, who" for "18 persons, 5 of whom shall be
appointed annually by the President of the United States and the
remainder of whom" in first sentence and struck out "appointed by
the President of the United States" after "as members" in second
sentence.
Pub. L. 110-289, Sec. 1153(b)(3), substituted "Except to the
extent action under section 4636a of this title temporarily results
in a lesser number, the" for "The" in second sentence.
Subsec. (a)(2)(B). Pub. L. 110-289, Sec. 1162(b)(1)(B), struck
out "such or" before "elected" and ", except that any appointed
member may be removed from office by the President for good cause"
before period at end.
Subsec. (a)(2)(C). Pub. L. 110-289, Sec. 1162(b)(1)(C), struck
out "elective" after "Any" in second sentence and struck out first
sentence which read as follows: "Any appointive seat on the Board
of Directors that becomes vacant shall be filled by appointment by
the President of the United States, but only for the unexpired
portion of the term."
Subsecs. (b)(2), (h)(2). Pub. L. 110-289, Sec. 1161(c)(1),
substituted "Director of the Federal Housing Finance Agency" for
"Director of the Office of Federal Housing Enterprise Oversight of
the Department of Housing and Urban Development".
Subsec. (h)(4). Pub. L. 110-289, Sec. 1113(b)(2), added par. (4).
1992 - Subsec. (a)(2)(A). Pub. L. 102-550, Sec. 1382(c)(1), in
second sentence, struck out "and" after "mortgage lending
industry," and inserted before period ", and at least 1 person from
an organization that has represented consumer or community
interests for not less than 2 years or 1 person who has
demonstrated a career commitment to the provision of housing for
low-income households".
Subsec. (a)(2)(B). Pub. L. 102-550, Sec. 1382(d), inserted before
period at end ", except that any appointed member may be removed
from office by the President for good cause".
Subsec. (b). Pub. L. 102-550, Sec. 1382(e), amended subsec. (b)
generally, substituting present provisions for provisions which
outlined general regulatory authority of the Secretary of Housing
and Urban Development over Corporation in such areas as mortgage
purchases, dividends, examinations and audits, outstanding
obligations, conversion of stock and debt obligations, residential
mortgage transactions, and approval or disapproval of requests.
Subsec. (c). Pub. L. 102-550, Sec. 1382(f)(1), (g), in cl. (9) of
first sentence, inserted "as the Board of Directors determines
reasonable and comparable with compensation for employment in other
similar businesses (including publicly held financial institutions
or other major financial services companies) involving similar
duties and responsibilities, except that a significant portion of
potential compensation of all executive officers (as such term is
defined in subsection (h)(3) of this section) of the Corporation
shall be based on the performance of the Corporation" and struck
out after first sentence "Nothing in this chapter or any other law
shall be construed to prevent the appointment, employment, and
provision for compensation and benefits, as an officer, employee,
attorney, or agent of the Corporation, of any officer, employee,
attorney, or agent of any department, establishment, or corporate
or other instrumentality of the Government, including any Federal
home loan bank or member thereof."
Subsec. (f). Pub. L. 102-550, Sec. 1382(h), struck out at end "No
attachment or execution shall be issued against the Corporation or
any of its property before final judgment in any State, Federal, or
other court."
Subsec. (h). Pub. L. 102-550, Sec. 1382(f)(2), added subsec. (h).
1989 - Subsec. (a). Pub. L. 101-73, Sec. 731(b)(1), amended
subsec. (a) generally, reorganizing provisions into pars. (1) and
(2), and substituting provisions setting forth general policies as
governing Board, membership requirements and vacancies, for
provisions setting forth status of members, liabilities, and
conditions and limitations.
Subsecs. (b) to (g). Pub. L. 101-73, Sec. 731(c), added subsec.
(b) and redesignated former subsecs. (b) to (f) as (c) to (g),
respectively.
1984 - Subsec. (d). Pub. L. 98-369 struck out "by the United
States," before "by any territory", substituted "possession of the
United States" for "possession thereof," and struck out "The
provisions of this subsection shall be applicable without regard to
any other law, including without limitation on the generality of
the foregoing section 3301 of title 26, except laws hereafter
enacted by Congress expressly in limitation of this subsection."
1979 - Subsec. (f). Pub. L. 96-153 added subsec. (f).

-CHANGE-
CHANGE OF NAME
Committee on Banking, Finance and Urban Affairs of House of
Representatives treated as referring to Committee on Banking and
Financial Services of House of Representatives by section 1(a) of
Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
The Congress. Committee on Banking and Financial Services of House
of Representatives abolished and replaced by Committee on Financial
Services of House of Representatives, and jurisdiction over matters
relating to securities and exchanges and insurance generally
transferred from Committee on Energy and Commerce of House of
Representatives by House Resolution No. 5, One Hundred Seventh
Congress, Jan. 3, 2001.


-MISC2-
EFFECTIVE DATE OF 1992 AMENDMENT
Section 1382(c)(2) of Pub. L. 102-550 provided that: "The
amendments made by paragraph (1) [amending this section] shall
apply to the first annual appointment by the President of members
to the Board of Directors of the Federal Home Loan Mortgage
Corporation that occurs after the date of the enactment of this Act
[Oct. 28, 1992]."

EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by Pub. L. 98-369, effective Jan. 1, 1985, see section
177(d) of Pub. L. 98-369, set out as a note under section 172 of
Title 26, Internal Revenue Code.

TRANSITIONAL PROVISIONS
Pub. L. 110-289, div. A, title I, Sec. 1162(b)(2), July 30, 2008,
122 Stat. 2782, provided that: "The amendments made by paragraph
(1) [amending this section] shall not apply to any appointed
position of the board of directors of the Federal Home Loan
Mortgage Corporation until the expiration of the annual term for
such position during which the effective date under section 1163
[set out as an Effective Date of 2008 Amendment note under section
3132 of Title 5, Government Organization and Employees] occurs."
Section 731(b)(2) of Pub. L. 101-73 provided that:
"(A) Interim board. -
"(i) Establishment. - There shall be an interim Board of
Directors of the Federal Home Loan Mortgage Corporation, which
shall serve from the date of the enactment of this Act [Aug. 9,
1989] until the date of the 1st meeting of the voting common
shareholders of the Corporation at which the first election of
the directors elected by the shareholders occurs.
"(ii) Members. - The interim Board of Directors of the Federal
Home Loan Mortgage Corporation shall consist of -
"(I) the President of the Corporation; and
"(II) the persons who were (on the day before the date of the
enactment of this Act) the Chairman of the Federal Home Loan
Bank Board and the Secretary of Housing and Urban Development
(or their designees).
"(iii) Quorum. - A quorum of the interim Board of Directors of
the Federal Home Loan Mortgage Corporation shall consist of a
majority of the directors duly serving from time to time.
"(B) Election of permanent directors. - The first meeting of the
voting common shareholders of the Federal Home Loan Mortgage
Corporation for election of directors shall occur, under procedures
established by the Corporation, within 6 months after the date of
the enactment of this Act."

-End-



-CITE-
12 USC Sec. 1453 01/07/2011

-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-HEAD-
Sec. 1453. Capitalization of Federal Home Loan Mortgage Corporation

-STATUTE-
(a) Common stock; issuance
The common stock of the Corporation shall consist of voting
common stock, which shall be issued to such holders in the manner
and amount, and subject to any limitations on concentration of
ownership, as may be established by the Corporation.
(b) Par value
The voting common stock shall have such par value and other
characteristics as the Corporation provides. The voting common
stock shall be vested with all voting rights, each share being
entitled to 1 vote. The free transferability of the voting common
stock at all times to any person, firm, corporation or other entity
shall not be restricted except that, as to the Corporation, it
shall be transferable only on the books of the Corporation.

-SOURCE-
(Pub. L. 91-351, title III, Sec. 304, July 24, 1970, 84 Stat. 454;
Pub. L. 101-73, title VII, Sec. 731(d)(1), (3), Aug. 9, 1989, 103
Stat. 432; Pub. L. 102-550, title XIII, Sec. 1382(i), Oct. 28,
1992, 106 Stat. 4004.)


-MISC1-
AMENDMENTS
1992 - Subsec. (a). Pub. L. 102-550, Sec. 1382(i)(2), (3)(C),
redesignated par. (1) as subsec. (a), struck out provisions of par.
(1)(A) which related to common stock of Corporation consisting in
part of nonvoting common stock issued only to Federal home loan
banks, restate provisions of par. (1)(B) as text of subsec. (a),
and redesignated par. (2) as subsec. (b).
Subsec. (b). Pub. L. 102-550, Sec. 1382(i)(1), (3), redesignated
subsec. (a)(2) as (b), struck out "nonvoting common stock and the"
before "voting common stock shall have such", struck out at end
"Nonvoting common stock of the Corporation shall be evidenced in
the manner and shall be transferable only to the extent, to the
transferees, and in the manner, provided by the Corporation.", and
struck out former subsec. (b) which read as follows: "The Federal
home loan banks shall from time to time subscribe, at such price
not less than par as the Corporation shall from time to time fix,
for such amounts of nonvoting common stock as the Corporation
prescribes, and such banks shall pay therefor at such time or times
and in such amount or amounts as may from time to time be fixed by
call of the Corporation. The amount of the payments for which such
banks may be obligated under such subscriptions shall not exceed a
cumulative total of $100,000,000."
Subsec. (c). Pub. L. 102-550, Sec. 1382(i)(1), struck out subsec.
(c) which read as follows: "Subscriptions of the respective Federal
home loan banks to nonvoting common stock shall be allocated by the
Corporation."
Subsec. (d). Pub. L. 102-550, Sec. 1382(i)(1), struck out subsec.
(d) which read as follows: "The Corporation may retire at any time
all or any part of the nonvoting common stock of the Corporation,
or may call for retirement all or any part of the nonvoting common
stock of the Corporation by (1) publishing a notice of the call in
the Federal Register or providing such notice in such other manner
as the Corporation may determine to be appropriate, and (2)
depositing with the Treasurer of the United States, for the purpose
of such retirement, funds sufficient to effect such retirement. No
call for the retirement of any nonvoting common stock shall be
made, and no nonvoting common stock shall be retired without call,
if immediately after such action, the total of the nonvoting common
stock not called for retirement and of the reserves and surplus of
the Corporation would be less than $100,000,000. The retirement of
nonvoting common stock shall be at the par value thereof, or at the
price at which such nonvoting common stock was issued if such price
is greater than par value. No declaration of any dividend on
nonvoting common stock of the Corporation shall be effective with
respect to nonvoting common stock which at the time of such
declaration is the subject of an outstanding retirement call the
effective date of which has arrived."
1989 - Subsec. (a). Pub. L. 101-73, Sec. 731(d)(1), amended
subsec. (a) generally. Prior to amendment, subsec. (a) read as
follows: "The capital stock of the Corporation shall consist of
nonvoting common stock which shall be issued only to Federal home
loan banks and shall have such par value and such other
characteristics as the Corporation prescribes. Stock of the
Corporation shall be evidenced in such manner and shall be
transferable only to such extent, to such transferees, and in such
manner as the Corporation prescribes."
Subsec. (b). Pub. L. 101-73, Sec. 731(d)(3)(A), substituted
"nonvoting common stock" for "common stock".
Subsec. (c). Pub. L. 101-73, Sec. 731(d)(3)(B), substituted
"nonvoting common stock" for "such stock".
Subsec. (d). Pub. L. 101-73, Sec. 731(d)(3)(C), inserted
"nonvoting common" before "stock" wherever appearing.

CONVERSION OF STOCK
Section 731(d)(2) of Pub. L. 101-73 provided that: "On the date
of the enactment of this Act [Aug. 9, 1989], each share of
outstanding senior participating preferred stock of the Federal
Home Loan Mortgage Corporation, with a par value of $2.50 per
share, shall be changed into and shall become 1 share of voting
common stock of the Corporation. Such voting common stock shall,
with respect to the nonvoting common stock of the Corporation,
retain all of the rights, priorities and privileges of the senior
participating preferred stock. The transformation of the senior
participating preferred stock into voting common stock under this
paragraph shall be deemed to satisfy the obligation of the
Corporation to redeem senior participating preferred stock for non-
callable common stock."

-End-



-CITE-
12 USC Sec. 1454 01/07/2011

-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-HEAD-
Sec. 1454. Purchase and sale of mortgages; residential mortgages;
conventional mortgages; terms and conditions of sale or other
disposition; authority to enter into, perform, and carry out
transactions

-STATUTE-
(a) Authority for purchase and sale; residential mortgages;
conventional mortgages; terms and conditions of sale or other
disposition; lending activities
(1) The Corporation is authorized to purchase, and make
commitments to purchase, residential mortgages. The Corporation may
hold and deal with, and sell or otherwise dispose of, pursuant to
commitments or otherwise, any such mortgage or interest therein.
The operations of the Corporation under this section shall be
confined so far as practicable to residential mortgages which are
deemed by the Corporation to be of such quality, type, and class as
to meet generally the purchase standards imposed by private
institutional mortgage investors. The Corporation may establish
requirements, and impose charges or fees, which may be regarded as
elements of pricing, for different classes of sellers or servicers,
and for such purposes the Corporation is authorized to classify
sellers or servicers according to type, size, location, assets, or,
without limitation on the generality of the foregoing, on such
other basis or bases of differentiation as the Corporation may
consider necessary or appropriate to effectuate the purposes or
provisions of this chapter. The Corporation may specify
requirements concerning among other things, (A) minimum net worth;
(B) supervisory mechanisms; (C) warranty compensation mechanisms;
(D) prior approval of facilities; (E) prior origination and
servicing experience with respect to different types of mortgages;
(F) capital contributions and substitutes; (G) mortgage purchase
volume limits; and (H) reduction of mortgage purchases during
periods of borrowing. With respect to any particular type of
seller, the Corporation shall not be required to make available
programs involving prior approval of mortgages, optional delivery
of mortgages, and purchase of other than conventional mortgages to
an extent greater than the Corporation elects to make such programs
available to other types of eligible sellers. Any requirements
specified by the Corporation pursuant to the preceding three
sentences must bear a rational relationship to the purposes or
provisions of this chapter, but will not be considered
discriminatory solely on the grounds of differential effects on
types of eligible sellers. Insofar as is practicable, the
Corporation shall make reasonable efforts to encourage
participation in its programs by each type of eligible seller.
Nothing in this section authorizes the Corporation to impose any
charge or fee upon any mortgagee approved by the Secretary of
Housing and Urban Development for participation in any mortgage
insurance program under the National Housing Act [12 U.S.C. 1701 et
seq.] solely because of such status.
(2) No conventional mortgage secured by a property comprising one-
to four-family dwelling units shall be purchased under this
section if the outstanding principal balance of the mortgage at the
time of purchase exceeds 80 per centum of the value of the property
securing the mortgage, unless (A) the seller retains a
participation of not less than 10 per centum in the mortgage; (B)
for such period and under such circumstances as the Corporation may
require, the seller agrees to repurchase or replace the mortgage
upon demand of the Corporation in the event that the mortgage is in
default; or (C) that portion of the unpaid principal balance of the
mortgage which is in excess of such 80 per centum is guaranteed or
insured by a qualified insurer as determined by the Corporation.
The Corporation shall not issue a commitment to purchase a
conventional mortgage prior to the date the mortgage is originated,
if such mortgage is eligible for purchase under the preceding
sentence only by reason of compliance with the requirements of
clause (A) of such sentence. The Corporation may purchase a
conventional mortgage which was originated more than one year prior
to the purchase date only if the seller is the Federal Deposit
Insurance Corporation, the Resolution Trust Corporation, the
National Credit Union Administration, or any other seller currently
engaged in mortgage lending or investing activities. With respect
to any transaction in which a seller contemporaneously sells
mortgages originated more than one year old prior to the date of
sale to the Corporation and receives in payment for such mortgages
securities representing undivided interests only in those
mortgages, the Corporation shall not impose any fee or charge upon
an eligible seller which is not a member of a Federal Home Loan
Bank which differs from that imposed upon an eligible seller which
is such a member. The Corporation shall establish limitations
governing the maximum original principal obligation of conventional
mortgages that are purchased by it; in any case in which the
Corporation purchases a participation interest in such a mortgage,
the limitation shall be calculated with respect to the total
original principal obligation of the mortgage and not merely with
respect to the interest purchased by the Corporation. Such
limitations shall not exceed $417,000 for a mortgage secured by a
single-family residence, $533,850 for a mortgage secured by a 2-
family residence, $645,300 for a mortgage secured by a 3-family
residence, and $801,950 for a mortgage secured by a 4-family
residence, except that such maximum limitations shall be adjusted
effective January 1 of each year beginning after the effective date
of the Federal Housing Finance Regulatory Reform Act of 2008,
subject to the limitations in this paragraph. Each adjustment shall
be made by adding to each such amount (as it may have been
previously adjusted) a percentage thereof equal to the percentage
increase, during the most recent 12-month or 4-quarter period
ending before the time of determining such annual adjustment, in
the housing price index maintained by the Director of the Federal
Housing Finance Agency (pursuant to section 4542 of this title). If
the change in such house price index during the most recent 12-
month or 4-quarter period ending before the time of determining
such annual adjustment is a decrease, then no adjustment shall be
made for the next year, and the next adjustment shall take into
account prior declines in the house price index, so that any
adjustment shall reflect the net change in the house price index
since the last adjustment. Declines in the house price index shall
be accumulated and then reduce increases until subsequent increases
exceed prior declines. The foregoing limitations may be increased
by not to exceed 50 per centum with respect to properties located
in Alaska, Guam, Hawaii, and the Virgin Islands. Such foregoing
limitations shall also be increased, with respect to properties of
a particular size located in any area for which 115 percent of the
median house price for such size residence exceeds the foregoing
limitation for such size residence, to the lesser of 150 percent of
such limitation for such size residence or the amount that is equal
to 115 percent of the median house price in such area for such size
residence.
(3) The sale or other disposition by the Corporation of a
mortgage under this section may be with or without recourse, and
shall be upon such terms and conditions relating to resale,
repurchase, guaranty, substitution, replacement, or otherwise as
the Corporation may prescribe.
(4)(A) The Corporation is authorized to purchase, service, sell,
lend on the security of, and otherwise deal in (i) residential
mortgages that are secured by a subordinate lien against a one- to
four-family residence that is the principal residence of the
mortgagor; and (ii) residential mortgages that are secured by a
subordinate lien against a property comprising five or more family
dwelling units. If the Corporation shall have purchased, serviced,
sold, or otherwise dealt with any other outstanding mortgage
secured by the same residence, the aggregate original amount of
such other mortgage and the mortgage authorized to be purchased,
serviced, sold, or otherwise dealt with under this paragraph shall
not exceed the applicable limitation determined under paragraph
(2).
(B) The Corporation shall establish limitations governing the
maximum original principal obligation of such mortgages. In any
case in which the Corporation purchases a participation interest in
such a mortgage, the limitation shall be calculated with respect to
the total original principal obligation of such mortgage secured by
a subordinate lien and not merely with respect to the interest
purchased by the Corporation. Such limitations shall not exceed (i)
with respect to mortgages described in subparagraph (A)(i), 50 per
centum of the single-family residence mortgage limitation
determined under paragraph (2); and (ii) with respect to mortgages
described in subparagraph (A)(ii), the applicable limitation
determined under paragraph (2).
(C) No subordinate mortgage against a one- to four-family
residence shall be purchased by the Corporation if the total
outstanding indebtedness secured by the property as a result of
such mortgage exceeds 80 per centum of the value of such property
unless (i) that portion of such total outstanding indebtedness that
exceeds such 80 per centum is guaranteed or insured by a qualified
insurer as determined by the Corporation; (ii) the seller retains a
participation of not less than 10 per centum in the mortgage; or
(iii) for such period and under such circumstances as the
Corporation may require, the seller agrees to repurchase or replace
the mortgage upon demand of the Corporation in the event that the
mortgage is in default. The Corporation shall not issue a
commitment to purchase a subordinate mortgage prior to the date the
mortgage is originated, if such mortgage is eligible for purchase
under the preceding sentence only by reason of compliance with the
requirements of clause (iii) of such sentence.
(5) The Corporation is authorized to lend on the security of, and
to make commitments to lend on the security of, any mortgage that
the Corporation is authorized to purchase under this section. The
volume of the Corporation's lending activities and the
establishment of its loan ratios, interest rates, maturities, and
charges or fees in its secondary market operations under this
paragraph, shall be determined by the Corporation from time to
time; and such determinations shall be consistent with the
objectives that the lending activities shall be conducted on such
terms as will reasonably prevent excessive use of the Corporation's
facilities, and that the operations of the Corporation under this
paragraph shall be within its income derived from such operations
and that such operations shall be fully self-supporting. The
Corporation shall not be permitted to use its lending authority
under this paragraph (A) to advance funds to a mortgage seller on
an interim basis, using mortgage loans as collateral, pending the
sale of the mortgages in the secondary market; or (B) to originate
mortgage loans. Notwithstanding any Federal, State, or other law to
the contrary, the Corporation is hereby empowered, in connection
with any loan under this paragraph, whether before or after any
default, to provide by contract with the borrower for the
settlement or extinguishment, upon default, of any redemption,
equitable, legal, or other right, title, or interest of the
borrower in any mortgage or mortgages that constitute the security
for the loan; and with respect to any such loan, in the event of
default and pursuant otherwise to the terms of the contract, the
mortgages that constitute such security shall become the absolute
property of the Corporation.
(b) Authority of other institutions to enter into, perform, and
carry out transactions
Notwithstanding any other law, authority to enter into and to
perform and carry out any transactions or matter referred to in
this section is conferred on any Federal home loan bank, the
Resolution Trust Corporation, the Federal Deposit Insurance
Corporation, the National Credit Union Administration, any Federal
savings and loan association, any Federal home loan bank member,
and any other financial institution the deposits or accounts of
which are insured by an agency of the United States to the extent
that Congress has the power to confer such authority.
(c) Prior approval of Secretary for new programs
The Corporation may not implement any new program (as such term
is defined in section 4502 of this title) before obtaining the
approval of the Secretary under section 4542 (!1) of this title.


-SOURCE-
(Pub. L. 91-351, title III, Sec. 305, July 24, 1970, 84 Stat. 454;
Pub. L. 93-383, title VIII, Sec. 805(a), (b), Aug. 22, 1974, 88
Stat. 726; Pub. L. 93-495, title I, Sec. 113, Oct. 28, 1974, 88
Stat. 1506; Pub. L. 95-128, title IV, Sec. 408(b), Oct. 12, 1977,
91 Stat. 1138; Pub. L. 95-557, title III, Sec. 321(a), (b), Oct.
31, 1978, 92 Stat. 2101; Pub. L. 96-294, title V, Sec. 534(a)(1),
June 30, 1980, 94 Stat. 740; Pub. L. 96-399, title III, Sec.
313(b), Oct. 8, 1980, 94 Stat. 1644; Pub. L. 97-110, title II,
Secs. 202(a), (b)(1), 203, Dec. 26, 1981, 95 Stat. 1514, 1515; Pub.
L. 98-440, title II, Secs. 201(b), 203(b)(2), 205(b), 206(b), Oct.
3, 1984, 98 Stat. 1693-1696; Pub. L. 100-122, Sec. 2(b)(2), Sept.
30, 1987, 101 Stat. 793; Pub. L. 100-154, Nov. 5, 1987, 101 Stat.
890; Pub. L. 100-170, Nov. 17, 1987, 101 Stat. 914; Pub. L. 100-
179, Dec. 3, 1987, 101 Stat. 1018; Pub. L. 100-200, Dec. 21, 1987,
101 Stat. 1327; Pub. L. 100-242, title IV, Secs. 443(b), 445, Feb.
5, 1988, 101 Stat. 1922; Pub. L. 100-628, title X, Sec. 1068(b),
Nov. 7, 1988, 102 Stat. 3726; Pub. L. 101-73, title VII, Sec.
731(e), (f)(2), Aug. 9, 1989, 103 Stat. 433; Pub. L. 102-550, title
XIII, Sec. 1382(j)-(m), Oct. 28, 1992, 106 Stat. 4004; Pub. L. 105-
276, title II, Sec. 202(a), title V, Sec. 582(a)(14), Oct. 21,
1998, 112 Stat. 2483, 2644; Pub. L. 105-277, div. A, Sec. 122, Oct.
21, 1998, 112 Stat. 2681-546; Pub. L. 110-289, div. A, title I,
Sec. 1124(b)(1), (2), July 30, 2008, 122 Stat. 2692.)

-REFTEXT-
REFERENCES IN TEXT
The National Housing Act, referred to in subsec. (a)(1), is act
June 27, 1934, ch. 847, 48 Stat. 1246, as amended, which is
classified principally to chapter 13 (Sec. 1701 et seq.) of this
title. For complete classification of this Act to the Code, see
section 1701 of this title and Tables.
This chapter, referred to in subsec. (a)(1), was in the original
"this Act" and has been translated as reading "this title", meaning
title III of Pub. L. 91-351, to reflect the probable intent of
Congress.
The effective date of the Federal Housing Finance Regulatory
Reform Act of 2008, referred to in subsec. (a)(2), probably means
the date of enactment of div. A of Pub. L. 110-289, which was
approved July 30, 2008.
Section 4542 of this title, referred to in subsec. (c), was
repealed and a new section 4542 was added by Pub. L. 110-289, div.
A, title I, Secs. 1121(2), 1124(d), July 30, 2008, 122 Stat. 2689,
2693. The new section 4542 does not relate to obtaining the
approval of the Secretary.


-MISC1-
AMENDMENTS
2008 - Subsec. (a)(2). Pub. L. 110-289 substituted "Such
limitations shall not exceed $417,000 for a mortgage secured by a
single-family residence, $533,850 for a mortgage secured by a 2-
family residence, $645,300 for a mortgage secured by a 3-family
residence, and $801,950 for a mortgage secured by a 4-family
residence, except that such maximum limitations shall be adjusted
effective January 1 of each year beginning after the effective date
of the Federal Housing Finance Regulatory Reform Act of 2008,
subject to the limitations in this paragraph. Each adjustment shall
be made by adding to each such amount (as it may have been
previously adjusted) a percentage thereof equal to the percentage
increase, during the most recent 12-month or 4-quarter period
ending before the time of determining such annual adjustment, in
the housing price index maintained by the Director of the Federal
Housing Finance Agency (pursuant to section 4542 of this title). If
the change in such house price index during the most recent 12-
month or 4-quarter period ending before the time of determining
such annual adjustment is a decrease, then no adjustment shall be
made for the next year, and the next adjustment shall take into
account prior declines in the house price index, so that any
adjustment shall reflect the net change in the house price index
since the last adjustment. Declines in the house price index shall
be accumulated and then reduce increases until subsequent increases
exceed prior declines." for "Such limitations shall not exceed
$93,750 for a mortgage secured by a single-family residence,
$120,000 for a mortgage secured by a two-family residence, $145,000
for a mortgage secured by a three-family residence, and $180,000
for a mortgage secured by a four-family residence, except that such
maximum limitations shall be adjusted effective January 1 of each
year beginning with 1981. Each such adjustment shall be made by
adding to each such amount (as it may have been previously
adjusted) a percentage thereof equal to the percentage increase
during the twelve-month period ending with the previous October in
the national average one-family house price in the monthly survey
of all major lenders conducted by the Federal Housing Finance
Board." and inserted last sentence.
1998 - Subsec. (a)(2). Pub. L. 105-276, Sec. 582(a)(14), struck
out penultimate sentence which read as follows: "With respect to
mortgages secured by property comprising five or more family
dwelling units, such limitations shall not exceed 125 per centum of
the dollar amounts set forth in section 207(c)(3) of the National
Housing Act, except that such limitations may be increased by the
Corporation (taking into account construction costs) to not to
exceed 240 per centum of such dollar amounts in any geographical
area for which the Secretary of Housing and Urban Development
determines under such section that cost levels require any increase
in the dollar amount limitations under such section."
Pub. L. 105-276, Sec. 202(a), which directed the amendment of the
first sentence of par. (2) by striking out "or" at end of cl. (B)
and substituting "; or (D) the mortgage is subject to default loss
protection that the Corporation determines is financially equal or
superior, on an individual or pooled basis, to the protection
provided by clause (C) of this sentence: Provided, That if the
Director of the Office of Federal Housing Enterprise Oversight
subsequently finds that such default loss protection determined by
the Corporation does not provide such equal or superior protection,
the Corporation shall provide such additional default loss
protection for such mortgage, as approved by the Director of the
Office of Federal Housing Enterprise Oversight, necessary to
provide such equal or superior protection." for the period at end,
was repealed by Pub. L. 105-277, effective upon enactment of Pub.
L. 105-276.
1992 - Subsec. (a)(1). Pub. L. 102-550, Sec. 1382(j), in first
sentence, substituted a period for "from any Federal home loan
bank, the Resolution Trust Corporation, the Federal Deposit
Insurance Corporation, the National Credit Union Administration,
any member of a Federal home loan bank, or any other financial
institution the deposits or accounts of which are insured by an
agency of the United States, or from any financial institution the
deposits or accounts of which are insured under the laws of any
State if the total amount of time and savings deposits held in all
such institutions in that State is more than 20 per centum of the
total amount of such deposits in all banks, building and loan,
savings and loan, and homestead associations (including cooperative
banks) in that State or from any mortgagee approved by the
Secretary of Housing and Urban Development for participation in any
mortgage insurance program under the National Housing Act or from
any public utility carrying out activities in accordance with the
requirements of title II of the National Energy Conservation Policy
Act if the residential mortgage to be purchased is a loan or
advance of credit the original proceeds of which are applied for in
order to finance the purchase and installation of residential
energy conservation measures (as defined in section 210(11) of the
National Energy Conservation Policy Act) in residential real
estate." and in second sentence, substituted a period for ", and
the servicing on any such mortgage may be performed by the seller
or by a financial institution qualified as a seller under the
provisions of the preceding sentence, or by a mortgagee approved by
the Secretary of Housing and Urban Development for participation in
any mortgage insurance program under the National Housing Act, with
which institution or mortgagee the seller may contract."
Subsec. (a)(2). Pub. L. 102-550, Sec. 1382(k), substituted
"Hawaii, and the Virgin Islands" for "and Hawaii" in last sentence.
Subsec. (c). Pub. L. 102-550, Sec. 1382(l), (m), added subsec.
(c) and struck out former subsec. (c) which read as follows: "The
Board of Directors may not impose any annual limitation on the
maximum aggregate principal amount of mortgages purchased by the
Corporation."
1989 - Subsec. (a)(1). Pub. L. 101-73, Sec. 731(e)(1), (f)(2)(A),
substituted "Resolution Trust Corporation" for "Federal Savings and
Loan Insurance Corporation" and inserted at end "Nothing in this
section authorizes the Corporation to impose any charge or fee upon
any mortgagee approved by the Secretary of Housing and Urban
Development for participation in any mortgage insurance program
under the National Housing Act solely because of such status."
Subsec. (a)(2). Pub. L. 101-73, Sec. 731(f)(2), substituted
"Resolution Trust Corporation" for "Federal Savings and Loan
Insurance Corporation" and "Federal Housing Finance Board" for
"Federal Home Loan Bank Board".
Subsec. (a)(5). Pub. L. 101-73, Sec. 731(e)(2), added par. (5).
Subsec. (b). Pub. L. 101-73, Sec. 731(f)(2)(A), substituted
"Resolution Trust Corporation" for "Federal Savings and Loan
Insurance Corporation".
1988 - Subsec. (a)(4)(A)(i). Pub. L. 100-242, Sec. 443(b), struck
out "through March 15, 1988," before "residential mortgages".
Subsec. (a)(4)(A)(ii). Pub. L. 100-628 struck out "until October
1, 1985," before "residential mortgages".
Subsec. (c). Pub. L. 100-242, Sec. 445, added subsec. (c).
1987 - Subsec. (a)(4)(A)(i). Pub. L. 100-200 substituted "March
15, 1988" for "December 16, 1987".
Pub. L. 100-179 substituted "December 16, 1987" for "December 2,
1987".
Pub. L. 100-170 substituted "December 2, 1987" for "November 15,
1987".
Pub. L. 100-154 substituted "November 15, 1987" for "October 31,
1987".
Pub. L. 100-122 substituted "through October 31, 1987" for "until
October 1, 1987".
1984 - Subsec. (a)(2). Pub. L. 98-440, Sec. 205(b), which
directed insertion of "secured by a property comprising one- to
four-family dwelling units" after "mortgages" where first appearing
in first sentence was executed by inserting that phrase after "No
conventional mortgage" as the probable intent of Congress.
Pub. L. 98-440, Sec. 201(b), substituted "The Corporation shall
establish limitations governing the maximum original principal
obligation of conventional mortgages that are purchased by it; in
any case in which the Corporation purchases a participation
interest in such a mortgage, the limitation shall be calculated
with respect to the total original principal obligation of the
mortgage and not merely with respect to the interest purchased by
the Corporation" for "The Corporation shall establish limitations
governing the maximum principal obligation of conventional
mortgages purchased by it".
Pub. L. 98-440, Sec. 206(b), inserted provision that the
limitations set forth in section 1713(c)(3) of this title may be
increased by the Corporation (taking into account construction
costs) to not to exceed 240 per centum of such dollar amounts in
any geographical area for which the Secretary of Housing and Urban
Development determines under such section that cost levels required
any increase in the dollar amount limitations under such section.
Subsec. (a)(4). Pub. L. 98-440, Sec. 203(b)(2), added par. (4).
1981 - Subsec. (a)(1). Pub. L. 97-110, Sec. 203, added the
Federal Deposit Insurance Corporation and the National Credit Union
Administration to the enumeration of agencies from which the
Federal Home Loan Mortgage Corporation is authorized to purchase
residential mortgages.
Subsec. (a)(2). Pub. L. 97-110, Sec. 202(a), substituted
provisions authorizing the Corporation to purchase a conventional
mortgage which was originated more than one year prior to the
purchase date only if the seller is the Federal Deposit Insurance
Corporation, the Federal Savings and Loan Insurance Corporation,
the National Credit Union Administration, or any other seller
currently engaged in mortgage lending or investing activities for
provisions which had authorized the Corporation to purchase a
conventional mortgage which was originated more than one year prior
to the purchase date only if the seller was currently engaged in
mortgage lending or investing activities and if, as a result
thereof, the cumulative aggregate of the principal balances of all
conventional mortgages purchased by the Corporation which were
originated more than one year prior to the date of purchases did
not exceed 20 per centum of the cumulative aggregate of the
principal balances of all conventional mortgages purchased by the
Corporation.
Pub. L. 97-110, Sec. 202(b)(1), inserted provision that, with
respect to any transaction in which a seller contemporaneously
sells mortgages originated more than one year old prior to the date
of sale to the Corporation and receives in payment for such
mortgages securities representing undivided interests only in those
mortgages, the Corporation shall not impose any fee or charge upon
an eligible seller which is not a member of a Federal Home Loan
Bank which differs from that imposed upon an eligible seller which
is such a member.
Subsec. (b). Pub. L. 97-110, Sec. 203, added the Federal Deposit
Insurance Corporation and the National Credit Union Administration
to the enumeration of agencies having the authority to enter into
and to perform and carry out transactions and matters referred to
in this section.
1980 - Subsec. (a)(1). Pub. L. 96-294 inserted provisions
relating to public utilities carrying out activities in accordance
with the requirements of title II of the National Energy
Conservation Policy Act.
Subsec. (a)(2). Pub. L. 96-399 inserted provisions setting forth
limitations respecting mortgages secured by a single-family
residence, etc., and struck out provisions making the limitations
set forth in first proviso of first sentence of section 1464(c) of
this title.
1978 - Subsec. (a)(1). Pub. L. 95-557 inserted reference to any
mortgagee approved by the Secretary of Housing and Urban
Development at end of first sentence, and inserted last five
sentences relating to imposition of charges or fees for different
classes of sellers or servicers, etc.
1977 - Subsec. (a)(2). Pub. L. 95-128 inserted "by more than 25
per centum" after "exceed" in last sentence.
1974 - Subsec. (a)(1). Pub. L. 93-495 inserted provisions
relating to State insurance of deposits or accounts in financial
institutions.
Pub. L. 93-383, Sec. 805(a), substituted ". The Corporation may
hold" for ", and to hold" and inserted provisions relating to the
servicing of any such mortgage by the seller or qualified financial
institution.
Subsec. (a)(2). Pub. L. 93-383, Sec. 805(b), substituted "80" for
"75" in two places and "not exceed 20" for "not exceed 10", struck
out "private" before "insurer" in cl. (C), and substituted
provisions relating to limitations contained in first proviso of
first sentence of section 1464(c) of this title, for provisions
relating to limitations applicable if the mortgage were insured by
the Secretary under section 1709(b) or 1713 of this title.

EFFECTIVE DATE OF 2008 AMENDMENT
Pub. L. 110-289, div. A, title I, Sec. 1124(b)(3), July 30, 2008,
122 Stat. 2693, provided that: "The amendments made by paragraphs
(1) and (2) of this subsection [amending this section] shall take
effect upon the expiration of the date described in section 201(a)
of the Economic Stimulus Act of 2008 (Public Law 110-185) [122
Stat. 619; probably means Dec. 31, 2008]."

EFFECTIVE DATE OF 1998 AMENDMENTS
Pub. L. 105-277, div. A, Sec. 122, Oct. 21, 1998, 112 Stat. 2681-
546, provided that the amendment made by section 122 is effective
upon enactment of Pub. L. 105-276 (Oct. 21, 1998).
Amendment by title V of Pub. L. 105-276 effective and applicable
beginning upon Oct. 1, 1999, except as otherwise provided, with
provision that Secretary may implement amendment before such date,
except to extent that such amendment provides otherwise, and with
savings provision, see section 503 of Pub. L. 105-276, set out as a
note under section 1437 of Title 42, The Public Health and Welfare.

EFFECTIVE DATE OF 1981 AMENDMENT
Section 202(b)(2) of Pub. L. 97-110 provided that: "The amendment
made by paragraph (1) [amending this section] shall take effect on
January 1, 1982, and shall apply to commitments entered into on or
after such date."

EFFECTIVE DATE OF 1978 AMENDMENT
Section 321(c) of Pub. L. 95-557 provided: "The amendments made
by this section [amending this section] shall become effective at
the end of the two hundred and ten calendar days after enactment of
this Act [Oct. 31, 1978], but not before January 31, 1979, or on
such earlier date as the Federal Home Loan Mortgage Corporation may
prescribe."

SAVINGS PROVISION
Pub. L. 105-276, title V, Sec. 582(b), Oct. 21, 1998, 112 Stat.
2644, provided that: "Except to the extent otherwise provided in
this Act [see Tables for classification], the repeals made by
subsection (a) [amending this section and section 1717 of this
title, repealing sections 1437a-1, 1437j-1, 1438, and 11903a of
Title 42, The Public Health and Welfare, amending provisions set
out as a note under section 1437f of Title 42, and repealing
provisions set out as notes under section 1701z-6 of this title and
sections 1437f, 1437g, and 1437t of Title 42] shall not affect any
legally binding obligations entered into before the effective date
under section 503(a) of this Act [set out as a note under section
1437 of Title 42]."

-FOOTNOTE-
(!1) See References in Text note below.


-End-



-CITE-
12 USC Sec. 1455 01/07/2011

-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-HEAD-
Sec. 1455. Obligations and securities of the Corporation

-STATUTE-
(a) Authority to issue; terms and conditions; validity
The Corporation is authorized, upon such terms and conditions as
it may prescribe, to borrow, to give security, to pay interest or
other return, and to issue notes, debentures, bonds, or other
obligations, or other securities, including without limitation
mortgage-backed securities guaranteed by the Government National
Mortgage Association in the manner provided in section 1721(g) of
this title. Any obligation or security of the Corporation shall be
valid and binding notwithstanding that a person or persons
purporting to have executed or attested the same may have died,
become under disability, or ceased to hold office or employment
before the issuance thereof.
(b) Prohibitions and restrictions; creation of liens and charges;
rank and priority; causes of action to enforce; jurisdiction;
service of process
The Corporation may, by regulation or by writing executed by the
Corporation, establish prohibitions or restrictions upon the
creation of indebtedness or obligations of the Corporation or of
liens or charges upon property of the Corporation, including after-
acquired property, and create liens and charges, which may be
floating liens or charges, upon all or any part or parts of the
property of the Corporation, including after-acquired property.
Such prohibitions, restrictions, liens, and charges shall have such
effect, including without limitation on the generality of the
foregoing such rank and priority, as may be provided by regulations
of the Corporation or by writings executed by the Corporation, and
shall create causes of action which may be enforced by action in
the United States District Court for the District of Columbia or in
the United States district court for any judicial district in which
any of the property affected is located. Process in any such action
may run to and be served in any judicial district or any place
subject to the jurisdiction of the United States.
(c) Purchase of obligations; funds, maximum amount of purchases,
etc.
(1) The Secretary of the Treasury may purchase any obligations
issued under subsection (a) of this section. For such purpose, the
Secretary may use as a public debt transaction the proceeds of the
sale of any securities issued under chapter 31 of title 31, and the
purposes for which securities may be issued under such chapter are
extended to include such purpose.
(2) The Secretary of the Treasury shall not at any time purchase
any obligations under this subsection if the purchase would
increase the aggregate principal amount of the outstanding holdings
of obligations under this subsection by the Secretary to an amount
greater than $2,250,000,000.
(3) Each purchase of obligations by the Secretary of the Treasury
under this subsection shall be upon terms and conditions
established to yield a rate of return determined by the Secretary
to be appropriate, taking into consideration the current average
rate on outstanding marketable obligations of the United States as
of the last day of the month preceding the making of the purchase.
(4) The Secretary of the Treasury may at any time sell, upon
terms and conditions and at prices determined by the Secretary, any
of the obligations acquired by the Secretary under this subsection.
(5) All redemptions, purchases and sales by the Secretary of the
Treasury of obligations under this subsection shall be treated as
public debt transactions of the United States.
(d) Validity of provisions; validity of restrictions, prohibitions,
liens, or charges
The provisions of this section and of any restriction,
prohibition, lien, or charge referred to in subsection (b) of this
section shall be fully effective notwithstanding any other law,
including without limitation on the generality of the foregoing any
law of or relating to sovereign immunity or priority.
(e) Authority to purchase, hold, or invest by person, trust, or
organization
(1) Any person, trust, or organization created pursuant to or
existing under the laws of the United States or any State shall be
authorized to purchase, hold, and invest in mortgages, obligations,
or other securities which are or have been sold by the Corporation
pursuant to this section or pursuant to section 1454 of this title
to the same extent that such person, trust, or organization is
authorized under any applicable law to purchase, hold, or invest in
obligations issued by or guaranteed as to principal and interest by
the United States or any agency or instrumentality thereof. Where
State law limits the purchase, holding, or investment in
obligations issued by the United States by such a person, trust, or
organization, such Corporation mortgages, obligations, and other
securities shall be considered to be obligations issued by the
United States for purposes of the limitation.
(2) The provisions of paragraph (1) shall not apply with respect
to a particular person, trust, or organization or class thereof in
any State which, after December 21, 1979, enacts a statute which
specifically names the Corporation and either prohibits or provides
for a more limited authority to purchase, hold, or invest in such
securities by such person, trust, or organization or class thereof
than is provided in paragraph (1). The enactment by any State of
any statute of the type described in the preceding sentence shall
not affect the validity of any contractual commitment to purchase,
hold, or invest which was made prior thereto.
(3) Any authority granted by paragraph (1) and not granted by any
other Federal statute shall expire as of the end of June 30, 1985.
Such expiration shall not affect the validity of any contractual
commitment to purchase, hold, or invest which was made prior
thereto pursuant to paragraph (1), and shall not affect the
validity of any contractual commitment or other action to purchase,
hold, or invest pursuant to any other authorization.
(f) Preferred stock
The Corporation may have preferred stock on such terms and
conditions as the Board of Directors shall prescribe. Any preferred
stock shall not be entitled to vote with respect to the election of
any member of the Board of Directors.
(g) Securities exempt from regulation
All securities issued or guaranteed by the Corporation (other
than securities guaranteed by the Corporation that are backed by
mortgages not purchased by the Corporation) shall, to the same
extent as securities that are direct obligations of or obligations
guaranteed as to principal or interest by the United States, be
deemed to be exempt securities within the meaning of the laws
administered by the Securities and Exchange Commission.
(h) Securities backed by mortgages not purchased by Corporation
(1) The Corporation may not guarantee mortgage-backed securities
or mortgage related payment securities backed by mortgages not
purchased by the Corporation.
(2) The Corporation shall insert appropriate language in all of
the obligations and securities of the Corporation issued under this
section and section 1454 of this title clearly indicating that such
obligations and securities, together with the interest thereon, are
not guaranteed by the United States and do not constitute a debt or
obligation of the United States or any agency or instrumentality
thereof other than the Corporation.
(i) Prohibition on assessment or collection of fee or charge by
United States
Except for fees paid pursuant to sections 1452(c) (!1) and
1455(c) of this title and assessments pursuant to section 4516 of
this title, no fee or charge may be assessed or collected by the
United States (including any executive department, agency, or
independent establishment of the United States) on or with regard
to the purchase, acquisition, sale, pledge, issuance, guarantee, or
redemption of any mortgage, asset, obligation, or other security by
the Corporation. No provision of this subsection shall affect the
purchase of any obligation by any Federal home loan bank pursuant
to section 1452(a) of this title.

(j) Notes, debentures, or substantially identical types of
unsecured obligations; issuance, maturities, interest rates, etc.
(1) Any notes, debentures, or substantially identical types of
unsecured obligations of the Corporation evidencing money borrowed,
whether general or subordinated, shall be issued upon the approval
of the Secretary of the Treasury and shall have such maturities and
bear such rate or rates of interest as may be determined by the
Corporation with the approval of the Secretary of the Treasury.
(2) Any notes, debentures, or substantially identical types of
unsecured obligations of the Corporation having maturities of 1
year or less that the Corporation has issued or is issuing as of
August 9, 1989, shall be deemed to have been approved by the
Secretary of the Treasury as required by this subsection. Such
deemed approval shall expire 365 days after August 9, 1989.
(3) Any notes, debentures, or substantially identical types of
unsecured obligations of the Corporation having maturities of more
than 1 year that the Corporation has issued or is issuing as of
August 9, 1989, shall be deemed to have been approved by the
Secretary of the Treasury as required by this subsection. Such
deemed approval shall expire 60 days after August 9, 1989.
(k) Securities in form of debt obligations or trust certificates of
beneficial interest; issuance, maturities, interest rates, etc.
(1) Any securities in the form of debt obligations or trust
certificates of beneficial interest, or both, and based upon
mortgages held and set aside by the Corporation, shall be issued
upon the approval of the Secretary of the Treasury and shall have
such maturities and shall bear such rate or rates of interest as
may be determined by the Corporation with the approval of the
Secretary of the Treasury.
(2) Any securities in the form of debt obligations or trust
certificates of beneficial interest, or both, and based upon
mortgages held and set aside by the Corporation, that the
Corporation has issued or is issuing as of August 9, 1989, shall be
deemed to have been approved by the Secretary of the Treasury as
required by this subsection.
(l) Temporary authority of Treasury to purchase obligations and
securities; conditions
(1) Authority to purchase
(A) General authority
In addition to the authority under subsection (c) of this
section, the Secretary of the Treasury is authorized to
purchase any obligations and other securities issued by the
Corporation under any section of this chapter, on such terms
and conditions as the Secretary may determine and in such
amounts as the Secretary may determine. Nothing in this
subsection requires the Corporation to issue obligations or
securities to the Secretary without mutual agreement between
the Secretary and the Corporation. Nothing in this subsection
permits or authorizes the Secretary, without the agreement of
the Corporation, to engage in open market purchases of the
common securities of the Corporation.
(B) Emergency determination required
In connection with any use of this authority, the Secretary
must determine that such actions are necessary to -
(i) provide stability to the financial markets;
(ii) prevent disruptions in the availability of mortgage
finance; and
(iii) protect the taxpayer.
(C) Considerations
To protect the taxpayers, the Secretary of the Treasury shall
take into consideration the following in connection with
exercising the authority contained in this paragraph:
(i) The need for preferences or priorities regarding
payments to the Government.
(ii) Limits on maturity or disposition of obligations or
securities to be purchased.
(iii) The Corporation's plan for the orderly resumption of
private market funding or capital market access.
(iv) The probability of the Corporation fulfilling the
terms of any such obligation or other security, including
repayment.
(v) The need to maintain the Corporation's status as a
private shareholder-owned company.
(vi) Restrictions on the use of Corporation resources,
including limitations on the payment of dividends and
executive compensation and any such other terms and
conditions as appropriate for those purposes.
(D) Reports to Congress
Upon exercise of this authority, the Secretary shall report
to the Committees on the Budget, Financial Services, and Ways
and Means of the House of Representatives and the Committees on
the Budget, Finance, and Banking, Housing, and Urban Affairs of
the Senate as to the necessity for the purchase and the
determinations made by the Secretary under subparagraph (B) and
with respect to the considerations required under subparagraph
(C), and the size, terms, and probability of repayment or
fulfillment of other terms of such purchase.
(2) Rights; sale of obligations and securities
(A) Exercise of rights
The Secretary of the Treasury may, at any time, exercise any
rights received in connection with such purchases.
(B) Sale of obligation and securities
The Secretary of the Treasury may, at any time, subject to
the terms of the security or otherwise upon terms and
conditions and at prices determined by the Secretary, sell any
obligation or security acquired by the Secretary under this
subsection.
(C) Deficit reduction
The Secretary of the Treasury shall deposit in the General
Fund of the Treasury any amounts received by the Secretary from
the sale of any obligation acquired by the Secretary under this
subsection, where such amounts shall be -
(i) dedicated for the sole purpose of deficit reduction;
and
(ii) prohibited from use as an offset for other spending
increases or revenue reductions.
(D) Application of sunset to purchased obligations or
securities
The authority of the Secretary of the Treasury to hold,
exercise any rights received in connection with, or sell, any
obligations or securities purchased is not subject to the
provisions of paragraph (4).
(3) Funding
For the purpose of the authorities granted in this subsection,
the Secretary of the Treasury may use the proceeds of the sale of
any securities issued under chapter 31 of Title 31, and the
purposes for which securities may be issued under chapter 31 of
Title 31 are extended to include such purchases and the exercise
of any rights in connection with such purchases. Any funds
expended for the purchase of, or modifications to, obligations
and securities, or the exercise of any rights received in
connection with such purchases under this subsection shall be
deemed appropriated at the time of such purchase, modification,
or exercise.
(4) Termination of authority
The authority under this subsection (l), with the exception of
paragraphs (2) and (3) of this subsection, shall expire December
31, 2009.
(5) Authority of the Director with respect to executive
compensation
The Director shall have the power to approve, disapprove, or
modify the executive compensation of the Corporation, as defined
under Regulation S-K, 17 C.F.R. 229.

-SOURCE-
(Pub. L. 91-351, title III, Sec. 306, July 24, 1970, 84 Stat. 455;
Pub. L. 96-153, title III, Sec. 316(a), Dec. 21, 1979, 93 Stat.
1118; Pub. L. 97-289, Sec. 6, Oct. 6, 1982, 96 Stat. 1232; Pub. L.
98-35, Sec. 5, May 26, 1983, 97 Stat. 198; Pub. L. 98-440, title
II, Secs. 210, 211, Oct. 3, 1984, 98 Stat. 1697; Pub. L. 100-242,
title IV, Sec. 441(b), Feb. 5, 1988, 101 Stat. 1921; Pub. L. 101-
73, title VII, Sec. 731(g)-(i), Aug. 9, 1989, 103 Stat. 434; Pub.
L. 102-550, title XIII, Sec. 1382(n), Oct. 28, 1992, 106 Stat.
4005; Pub. L. 110-289, div. A, title I, Secs. 1117(b), 1161(c)(2),
July 30, 2008, 122 Stat. 2684, 2780; Pub. L. 111-203, title XIII,
Sec. 1304(b), July 21, 2010, 124 Stat. 2134.)

-REFTEXT-
REFERENCES IN TEXT
Section 1452(c) of this title, referred to in subsec. (i), was
redesignated section 1452(d) of this title by Pub. L. 101-73, title
VII, Sec. 731(c)(1), Aug. 9, 1989, 103 Stat. 431.
This chapter, referred to in subsec. (l)(1)(A), was in the
original "this Act" and has been translated as reading "this
title", meaning title III of Pub. L. 91-351, to reflect the
probable intent of Congress.


-MISC1-
AMENDMENTS
2010 - Subsec. (l)(2)(C), (D). Pub. L. 111-203 added subpar. (C)
and redesignated former subpar. (C) as (D).
2008 - Subsec. (c)(2). Pub. L. 110-289, Sec. 1161(c)(2)(A),
inserted "the" after "Secretary of".
Subsec. (i). Pub. L. 110-289, Sec. 1161(c)(2)(B)(ii), made
technical amendment to reference in original act which appears in
text as reference to section 4516 of this title.
Pub. L. 110-289, Sec. 1161(c)(2)(B)(i), made technical amendment
to reference in original act which appears in text as reference to
section 1455(c) of this title. Amendment was given effect,
notwithstanding error in directory language which directed
substitution of "section 306(c)" for "section 1316(c)" in the
original.
Subsec. (j)(2). Pub. L. 110-289, Sec. 1161(c)(2)(C), substituted
"or substantially" for "of substantially".
Subsec. (l). Pub. L. 110-289, Sec. 1117(b), added subsec. (l).
1992 - Subsec. (h). Pub. L. 102-550, Sec. 1382(n)(1), designated
existing provisions as par. (1) and added par. (2).
Subsec. (i). Pub. L. 102-550, Sec. 1382(n)(2), substituted
"sections 1452(c) and 1455(c) of this title and assessments
pursuant to section 4516 of this title" for "section 1452(c) or
1455(c) of this title".
1989 - Subsec. (c). Pub. L. 101-73, Sec. 731(g), amended subsec.
(c) generally. Prior to amendment, subsec. (c) read as follows:
"The Federal home loan banks shall, to such extent as the Board of
Directors may prescribe, guarantee the faithful and timely
performance by the Corporation of any obligation or undertaking of
the Corporation on or with respect to any security (which term as
used in this sentence shall not include the capital stock referred
to in section 1453 of this title)."
Subsec. (f). Pub. L. 101-73, Sec. 731(h), amended subsec. (f)
generally. Prior to amendment, subsec. (f) read as follows: "The
Corporation may have preferred stock on such terms and conditions
as the Board of Directors shall prescribe. Any preferred stock
shall not affect the status of the capital stock issued under
section 1453 of this title as nonvoting common stock, and shall not
be entitled to vote with respect to the election of any member of
the Board of Directors. Such preferred stock, or any class thereof,
may have such terms as would be required for listing of preferred
stock on the New York Stock Exchange, except that this sentence
does not apply to any preferred stock, or class thereof, the
initial sale of which is made directly or indirectly by the
Corporation exclusively to any Federal Home Loan Bank or Banks."
Subsecs. (j), (k). Pub. L. 101-73, Sec. 731(i), added subsecs.
(j) and (k).
1988 - Subsec. (i). Pub. L. 100-242 added subsec. (i).
1984 - Subsec. (f). Pub. L. 98-440, Sec. 211, inserted provisions
that preferred stock shall not be entitled to vote with respect to
the election of any member of the Board of Directors and that such
preferred stock, or any class thereof, may have such terms as would
be required for listing of preferred stock on the New York Stock
Exchange, except for any preferred stock, or class thereof, the
initial sale of which is made directly or indirectly by the
Corporation exclusively to any Federal Home Loan Bank or Banks.
Subsec. (h). Pub. L. 98-440, Sec. 210, added subsec. (h).
1983 - Subsec. (g). Pub. L. 98-35 added subsec. (g).
1982 - Subsec. (f). Pub. L. 97-289 added subsec. (f).
1979 - Subsec. (e). Pub. L. 96-153 added subsec. (e).

EFFECTIVE DATE OF 2010 AMENDMENT
Amendment by Pub. L. 111-203 effective 1 day after July 21, 2010,
except as otherwise provided, see section 4 of Pub. L. 111-203, set
out as an Effective Date note under section 5301 of this title.

REPAYMENT OF FEES
Pub. L. 111-203, title XIII, Sec. 1304(d), July 21, 2010, 124
Stat. 2134, provided that: "Any periodic commitment fee or any
other fee or assessment paid by the Federal National Mortgage
Association or Federal Home Loan Mortgage Corporation to the
Secretary of the Treasury as a result of any preferred stock
purchase agreement, mortgage-backed security purchase program, or
any other program or activity authorized or carried out pursuant to
the authorities granted to the Secretary of the Treasury under
section 1117 of the Housing and Economic Recovery Act of 2008
(Public Law 110-289; 122 Stat. 2683) [amending this section and
sections 1431 and 1719 of this title], including any fee agreed to
by contract between the Secretary and the Association or
Corporation, shall be deposited in the General Fund of the Treasury
where such amounts shall be -
"(1) dedicated for the sole purpose of deficit reduction; and
"(2) prohibited from use as an offset for other spending
increases or revenue reductions."
[For definitions of terms used in section 1304(d) of Pub. L. 111-
203, set out above, see section 5301 of this title.]

-FOOTNOTE-
(!1) See References in Text note below.


-End-



-CITE-
12 USC Sec. 1456 01/07/2011

-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-HEAD-
Sec. 1456. Immunity of Corporation; audits and reporting
requirements; data collection; Housing Advisory Council

-STATUTE-
(a) Rights and remedies of Corporation; State qualifications or
similar statutes
All rights and remedies of the Corporation, including without
limitation on the generality of the foregoing any rights and
remedies of the Corporation on, under, or with respect to any
mortgage or any obligation secured thereby, shall be immune from
impairment, limitation, or restriction by or under (1) any law
(except laws enacted by the Congress expressly in limitation of
this sentence) which becomes effective after the acquisition by the
Corporation of the subject or property on, under, or with respect
to which such right or remedy arises or exists or would so arise or
exist in the absence of such law, or (2) any administrative or
other action which becomes effective after such acquisition. The
Corporation is authorized to conduct its business without regard to
any qualification or similar statute in any State.
(b) Government audits; procedure; access to records, etc.;
reimbursement of costs
(1) The programs, activities, receipts, expenditures, and
financial transactions of the Corporation shall be subject to audit
by the Comptroller General of the United States under such rules
and regulations as may be prescribed by the Comptroller General.
The representatives of the Government Accountability Office shall
have access to all books, accounts, financial records, reports,
files and all other papers, things, or property belonging to or in
use by the Corporation and necessary to facilitate the audit, and
they shall be afforded full facilities for verifying transactions
with the balances or securities held by depositaries, fiscal
agents, and custodians. A report on each such audit shall be made
by the Comptroller General to the Congress. The Corporation shall
reimburse the Government Accountability Office for the full cost of
any such audit as billed therefor by the Comptroller General.
(2) To carry out this subsection, the representatives of the
Government Accountability Office shall have access, upon request to
the Corporation or any auditor for an audit of the Corporation
under subsection (d) of this section, to any books, accounts,
financial records, reports, files, or other papers, things, or
property belonging to or in use by the Corporation and used in any
such audit and to any papers, records, files, and reports of the
auditor used in such an audit.
(c) Financial reports; submission to Director; contents
(1) The Corporation shall submit to the Director of the Federal
Housing Finance Agency annual and quarterly reports of the
financial condition and operations of the Corporation which shall
be in such form, contain such information, and be submitted on such
dates as the Director shall require.
(2) Each such annual report shall include -
(A) financial statements prepared in accordance with generally
accepted accounting principles;
(B) any supplemental information or alternative presentation
that the Director may require; and
(C) an assessment (as of the end of the Corporation's most
recent fiscal year), signed by the chief executive officer and
chief accounting or financial officer of the Corporation, of -
(i) the effectiveness of the internal control structure and
procedures of the Corporation; and
(ii) the compliance of the Corporation with designated safety
and soundness laws.

(3) The Corporation shall also submit to the Director any other
reports required by the Director pursuant to section 1314 of the
Federal Housing Enterprises Financial Safety and Soundness Act of
1992 [12 U.S.C. 4514].
(4) Each report of financial condition shall contain a
declaration by the president, vice president, treasurer, or any
other officer designated by the Board of Directors of the
Corporation to make such declaration, that the report is true and
correct to the best of such officer's knowledge and belief.
(d) Independent audits of financial statements
(1) The Corporation shall have an annual independent audit made
of its financial statements by an independent public accountant in
accordance with generally accepted auditing standards.
(2) In conducting an audit under this subsection, the independent
public accountant shall determine and report on whether the
financial statements of the Corporation (A) are presented fairly in
accordance with generally accepted accounting principles, and (B)
to the extent determined necessary by the Director, comply with any
disclosure requirements imposed under subsection (c)(2)(B) of this
section.
(e) Mortgage data collection and reporting requirements
(1) The Corporation shall collect, maintain, and provide to the
Director of the Federal Housing Finance Agency, in a form
determined by the Director, data relating to its mortgages on
housing consisting of 1 to 4 dwelling units. Such data shall
include -
(A) the income, census tract location, race, and gender of
mortgagors under such mortgages;
(B) the loan-to-value ratios of purchased mortgages at the time
of origination;
(C) whether a particular mortgage purchased is newly originated
or seasoned;
(D) the number of units in the housing subject to the mortgage
and whether the units are owner-occupied; and
(E) any other characteristics that the Secretary considers
appropriate, to the extent practicable.

(2) The Corporation shall collect, maintain, and provide to the
Director of the Federal Housing Finance Agency, in a form
determined by the Director, data relating to its mortgages on
housing consisting of more than 4 dwelling units. Such data shall
include -
(A) census tract location of the housing;
(B) income levels and characteristics of tenants of the housing
(to the extent practicable);
(C) rent levels for units in the housing;
(D) mortgage characteristics (such as the number of units
financed per mortgage and the amount of loans);
(E) mortgagor characteristics (such as nonprofit, for-profit,
limited equity cooperatives);
(F) use of funds (such as new construction, rehabilitation,
refinancing);
(G) type of originating institution; and
(H) any other information that the Secretary considers
appropriate, to the extent practicable.

(3)(A) Except as provided in subparagraph (B), this subsection
shall apply only to mortgages purchased by the Corporation after
December 31, 1992.
(B) This subsection shall apply to any mortgage purchased by the
Corporation after the date determined under subparagraph (A) if the
mortgage was originated before such date, but only to the extent
that the data referred in paragraph (1) or (2), as applicable, is
available to the Corporation.
(f) Report on housing activities; contents; public disclosure
(1) The Corporation shall submit to the Committee on Banking,
Finance and Urban Affairs of the House of Representatives, the
Committee on Banking, Housing, and Urban Affairs of the Senate, and
the Director of the Federal Housing Finance Agency a report on its
activities under subpart B of part 2 of subtitle A of the Federal
Housing Enterprises Financial Safety and Soundness Act of 1992 [12
U.S.C. 4561 et seq.].
(2) The report under this subsection shall -
(A) include, in aggregate form and by appropriate category,
statements of the dollar volume and number of mortgages on owner-
occupied and rental properties purchased which relate to each of
the annual housing goals established under such subpart;
(B) include, in aggregate form and by appropriate category,
statements of the number of families served by the Corporation,
the income class, race, and gender of homebuyers served, the
income class of tenants of rental housing (to the extent such
information is available), the characteristics of the census
tracts, and the geographic distribution of the housing financed;
(C) include a statement of the extent to which the mortgages
purchased by the Corporation have been used in conjunction with
public subsidy programs under Federal law;
(D) include statements of the proportion of mortgages on
housing consisting of 1 to 4 dwelling units purchased by the
Corporation that have been made to first-time homebuyers, as soon
as providing such data is practicable, and identifying any
special programs (or revisions to conventional practices)
facilitating homeownership opportunities for first-time
homebuyers;
(E) include, in aggregate form and by appropriate category, the
data provided to the Director of the Federal Housing Finance
Agency under subsection (e)(1)(B) of this section;
(F) compare the level of securitization versus portfolio
activity;
(G) assess underwriting standards, business practices,
repurchase requirements, pricing, fees, and procedures, that
affect the purchase of mortgages for low- and moderate-income
families, or that may yield disparate results based on the race
of the borrower, including revisions thereto to promote
affordable housing or fair lending;
(H) describe trends in both the primary and secondary
multifamily housing mortgage markets, including a description of
the progress made, and any factors impeding progress, toward
standardization and securitization of mortgage products for
multifamily housing;
(I) describe trends in the delinquency and default rates of
mortgages secured by housing for low- and moderate-income
families that have been purchased by the Corporation, including a
comparison of such trends with delinquency and default
information for mortgage products serving households with incomes
above the median level that have been purchased by the
Corporation, and evaluate the impact of such trends on the
standards and levels of risk of mortgage products serving low-
and moderate-income families;
(J) describe in the aggregate the seller and servicer network
of the Corporation, including the volume of mortgages purchased
from minority-owned, women-owned, and community-oriented lenders,
and any efforts to facilitate relationships with such lenders;
(K) describe the activities undertaken by the Corporation with
nonprofit and for-profit organizations and with State and local
governments and housing finance agencies, including how the
Corporation's activities support the objectives of comprehensive
housing affordability strategies under section 12705 of title 42;
and
(L) include any other information that the Director of the
Federal Housing Finance Agency considers appropriate.

(3)(A) The Corporation shall make each report under this
subsection available to the public at the principal and regional
offices of the Corporation.
(B) Before making a report under this subsection available to the
public, the Corporation may exclude from the report information
that the Director of the Federal Housing Finance Agency has
determined is proprietary information under section 1326 of the
Federal Housing Enterprises Financial Safety and Soundness Act of
1992 [12 U.S.C. 4546].
(g) Affordable Housing Advisory Council
(1) Not later than 4 months after October 28, 1992, the
Corporation shall appoint an Affordable Housing Advisory Council to
advise the Corporation regarding possible methods for promoting
affordable housing for low- and moderate-income families.
(2) The Affordable Housing Advisory Council shall consist of 15
individuals, who shall include representatives of community-based
and other nonprofit and for-profit organizations and State and
local government agencies actively engaged in the promotion,
development, or financing of housing for low- and moderate-income
families.

-SOURCE-
(Pub. L. 91-351, title III, Sec. 307, July 24, 1970, 84 Stat. 456;
Pub. L. 101-73, title VII, Sec. 731(j)(1), Aug. 9, 1989, 103 Stat.
435; Pub. L. 102-550, title XIII, Sec. 1382(o)-(t), Oct. 28, 1992,
106 Stat. 4005-4008; Pub. L. 108-271, Sec. 8(b), July 7, 2004, 118
Stat. 814; Pub. L. 110-289, div. A, title I, Sec. 1161(c)(1), (3),
July 30, 2008, 122 Stat. 2780.)

-REFTEXT-
REFERENCES IN TEXT
The Federal Housing Enterprises Financial Safety and Soundness
Act of 1992, referred to in subsec. (f)(1), is title XIII of Pub.
L. 102-550, Oct. 28, 1992, 106 Stat. 3941. Subpart B of part 2 of
subtitle A of the Act is classified generally to subpart 2 (Sec.
4561 et seq.) of part B of subchapter I of chapter 46 of this
title. For complete classification of this Act to the Code, see
Short Title note under section 4501 of this title and Tables.


-MISC1-
AMENDMENTS
2008 - Subsec. (c)(1). Pub. L. 110-289, Sec. 1161(c)(1),
substituted "Director of the Federal Housing Finance Agency" for
"Director of the Office of Federal Housing Enterprise Oversight of
the Department of Housing and Urban Development".
Subsec. (e)(1), (2). Pub. L. 110-289, Sec. 1161(c)(3)(A),
substituted "to the Director of the Federal Housing Finance Agency,
in a form determined by the Director" for "to the Secretary, in a
form determined by the Secretary" in introductory provisions.
Subsec. (f)(1). Pub. L. 110-289, Sec. 1161(c)(3)(B)(i),
substituted "and the Director of the Federal Housing Finance
Agency" for "and the Secretary".
Subsec. (f)(2)(E), (L). Pub. L. 110-289, Sec. 1161(c)(3)(B)(ii),
substituted "the Director of the Federal Housing Finance Agency"
for "the Secretary".
Subsec. (f)(3)(B). Pub. L. 110-289, Sec. 1161(c)(3)(B)(iii),
substituted "Director of the Federal Housing Finance Agency" for
"Secretary".
2004 - Subsec. (b). Pub. L. 108-271 substituted "Government
Accountability Office" for "General Accounting Office" wherever
appearing.
1992 - Subsec. (b). Pub. L. 102-550, Sec. 1382(o), designated
existing provisions as par. (1), substituted "The programs,
activities, receipts, expenditures, and financial transactions of
the Corporation shall be subject to audit by the Comptroller
General of the United States under such rules and regulations as
may be prescribed by the Comptroller General." for "The financial
transactions of the Corporation shall be subject to audit by the
General Accounting Office in accordance with the principles and
procedures applicable to commercial corporate transactions under
such rules and regulations as may be prescribed by the Comptroller
General of the United States.", and added par. (2).
Subsecs. (c) to (g). Pub. L. 102-550, Sec. 1382(p)-(t), added
subsecs. (c) to (g).
1989 - Subsec. (a). Pub. L. 101-73 substituted "The Corporation
is authorized to conduct its business without regard to any
qualification or similar statute in any State." for "The
Corporation shall be entitled to all immunities and priorities,
including without limitation on the generality of the foregoing all
immunities and priorities under any such law or action, to which it
would be entitled if it were the United States or if it were an
unincorporated agency of the United States."

-CHANGE-
CHANGE OF NAME
Committee on Banking, Finance and Urban Affairs of House of
Representatives treated as referring to Committee on Banking and
Financial Services of House of Representatives by section 1(a) of
Pub. L. 104-14, set out as a note preceding section 21 of Title 2,
The Congress. Committee on Banking and Financial Services of House
of Representatives abolished and replaced by Committee on Financial
Services of House of Representatives, and jurisdiction over matters
relating to securities and exchanges and insurance generally
transferred from Committee on Energy and Commerce of House of
Representatives by House Resolution No. 5, One Hundred Seventh
Congress, Jan. 3, 2001.


-MISC2-
EFFECTIVE DATE OF 1989 AMENDMENT
Section 731(j)(2) of Pub. L. 101-73 provided that: "The amendment
made by this subsection [amending this section] shall not apply to
any assertion of priority by the Federal Home Loan Mortgage
Corporation with respect to any cause of action or claim filed
before the date of the enactment of this Act [Aug. 9, 1989]."

TERMINATION OF ADVISORY COUNCILS
Advisory councils established after Jan. 5, 1973, to terminate
not later than the expiration of the 2-year period beginning on the
date of their establishment, unless, in the case of a council
established by the President or an officer of the Federal
Government, such council is renewed by appropriate action prior to
the expiration of such 2-year period, or in the case of a council
established by Congress, its duration is otherwise provided by law.
See sections 3(2) and 14 of Pub. L. 92-463, Oct. 6, 1972, 86 Stat.
770, 776, set out in the Appendix to Title 5, Government
Organization and Employees.

-End-



-CITE-
12 USC Sec. 1457 01/07/2011

-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-HEAD-
Sec. 1457. Prohibited activities; penalties for violations by
organizations, officers and members of organizations, and
individuals

-STATUTE-
Except as expressly authorized by statute of the United States,
no individual or organization (except the Corporation) shall use
the term "Federal Home Loan Mortgage Corporation", or any
combination of words including the words "Federal", and "Home
Loan", and "Mortgage", as a name or part thereof under which any
individual or organization does any business, but this sentence
shall not make unlawful the use of any name under which business is
being done on July 24, 1970. No individual or organization shall
use or display (1) any sign, device, or insigne prescribed or
approved by the Corporation for use or display by the Corporation
or by members of the Federal home loan banks, (2) any copy,
reproduction, or colorable imitation of any such sign, device, or
insigne, or (3) any sign, device, or insigne reasonably calculated
to convey the impression that it is a sign, device, or insigne used
by the Corporation or prescribed or approved by the Corporation,
contrary to regulations of the Corporation prohibiting, or limiting
or restricting, such use or display by such individual or
organization. An organization violating this subsection shall for
each violation be punished by a fine of not more than $10,000. An
officer or member of an organization participating or knowingly
acquiescing in any violation of this subsection shall be punished
by a fine of not more than $5,000 or imprisonment for not more than
one year, or both. An individual violating this subsection shall
for each violation be punished as set forth in the sentence next
preceding this sentence.

-SOURCE-
(Pub. L. 91-351, title III, Sec. 308, July 24, 1970, 84 Stat. 456;
Pub. L. 98-479, title II, Sec. 204(h), Oct. 17, 1984, 98 Stat.
2233; Pub. L. 101-73, title VII, Sec. 731(k), Aug. 9, 1989, 103
Stat. 435.)


-MISC1-
AMENDMENTS
1989 - Pub. L. 101-73 struck out subsection (a) designation
before "Except as expressly", and struck out subsecs. (b) to (f)
relating to applicability of criminal provisions of title 18, and
defining terms construing such applicability.
1984 - Subsec. (f). Pub. L. 98-479 substituted "United States"
for "United States Code" before ", except in a territorial sense".

-End-



-CITE-
12 USC Sec. 1458 01/07/2011

-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-HEAD-
Sec. 1458. Territorial applicability

-STATUTE-
Notwithstanding any other law, this chapter shall be applicable
to the several States, the District of Columbia, the Commonwealth
of Puerto Rico, and the territories and possessions of the United
States.

-SOURCE-
(Pub. L. 91-351, title III, Sec. 309, July 24, 1970, 84 Stat. 457.)

-End-



-CITE-
12 USC Sec. 1459 01/07/2011

-EXPCITE-
TITLE 12 - BANKS AND BANKING
CHAPTER 11A - FEDERAL HOME LOAN MORTGAGE CORPORATION

-HEAD-
Sec. 1459. Separability

-STATUTE-
Notwithstanding any other evidences of the intention of Congress,
it is hereby declared to be the controlling intent of Congress that
if any provision of this chapter, or the application thereof to any
person or circumstances, is held invalid, the remainder of this
chapter, or the application of such provision to persons or
circumstances other than those as to which it is held invalid,
shall not be affected thereby.

-SOURCE-
(Pub. L. 91-351, title III, Sec. 310, July 24, 1970, 84 Stat. 457;
Pub. L. 101-73, title VII, Sec. 731(l), Aug. 9, 1989, 103 Stat.
435.)


-MISC1-
AMENDMENTS
1989 - Pub. L. 101-73 amended section catchline and struck out
first sentence which read as follows: "Except as otherwise provided
in this chapter, or as otherwise provided by the Corporation or by
laws hereafter enacted by the Congress expressly in limitation of
provisions of this chapter, the powers and functions of the
Corporation and of the Board of Directors shall be exercisable, and
the provisions of this chapter shall be applicable and effective,
without regard to any other law."

-End-
   

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