Sec. 101. Establishment
151 words·~1 min read·
/bill/113/s/1217/rs/section-101·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is hereby established the Federal Mortgage Insurance Corporation which shall have the powers hereinafter granted. The purpose of the Corporation shall be to— provide liquidity, transparency, and access to mortgage credit by supporting a robust secondary mortgage market and the production of residential mortgage-backed securities; and protect the taxpayer from having to absorb losses incurred in the secondary mortgage market during periods of economic stress. The Corporation shall be an independent agency of the Federal Government.
The Corporation shall have succession until dissolved by Act of Congress. The Corporation shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. The Corporation may establish such other offices in such other place or places as the Corporation may deem necessary or appropriate in the conduct of its business. The Corporation shall not engage in mortgage origination.