§ 1441a-2. — Authorization for State housing finance agencies and nonprofit entities to purchase mortgagerelated assets.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1441a-2]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 1441a-2. Authorization for State housing finance agencies
and nonprofit entities to purchase mortgage-related assets
(a) Authorization
Notwithstanding any other provision of Federal or State law, a State
housing finance authority or nonprofit entity may purchase mortgage-
related assets from the Resolution Trust Corporation or from financial
institutions with respect to which the Federal Deposit Insurance
Corporation is acting as a conservator or receiver (including assets
associated with any trust business), and any contract for such purchase
shall be effective in accordance with its terms without any further
approval, assignment, or consent with respect to that contract.
(b) Investment requirement
Any State housing finance authority or nonprofit entity which
purchases mortgage-related assets pursuant to subsection (a) of this
section shall invest any net income attributable to the ownership of
those assets in financing, refinancing, or rehabilitating low- and
moderate-income housing within the jurisdiction of the State housing
finance authority or within the geographical area served by the
nonprofit entity.
(Pub. L. 101-73, title XIII, Sec. 1302, Aug. 9, 1989, 103 Stat. 548.)
Codification
Section was enacted as part of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989, and not as part of the Federal
Home Loan Bank Act which comprises this chapter.
Definitions
The definitions in section 1441a-1 of this title apply to this
section.
Section Referred to in Other Sections
This section is referred to in section 1441a-1 of this title.
