Sec. 301. MFA responsibilities
151 words·~1 min read·
/bill/113/s/1048/is/section-301A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The MFA is authorized— to guarantee securities issued by qualified issuers and collateralized by pools of qualified residential mortgages in order to provide a dependable, transparent, and liquid market for high quality mortgages for securitization; to guarantee securities issued by qualified issuers and collateralized by pools of qualified multifamily mortgages, in order to provide a dependable, transparent, and liquid market for high quality multifamily mortgages for securitization; to charge and collect a guarantee fee sufficient to protect the MFA and the United States Treasury from the risks of guaranteeing the timely payment of principal and interest on qualified mortgage-backed securities; to establish and maintain a Catastrophic Fund to minimize the burden on the Federal Government, by setting aside amounts that will be available solely to pay obligations under the MFA guarantee in the event of any future mortgage market collapse; and to purchase supplemental insurance coverage, as provided in section 303(d).