Sec. 201. Duties and responsibilities of the FMIC
417 words·~2 min read·
/bill/113/s/1217/rs/section-201·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The principal duties of the Corporation shall be to— carry out this Act in a manner that— minimizes any potential long-term negative cost on the taxpayer; and ensures, to the maximum extent possible— a liquid and resilient housing finance market; and the availability of mortgage credit; develop standard form credit risk-sharing mechanisms, products, structures, contracts, or other security agreements that require private market holders of a covered security insured under this Act to assume the first loss position with respect to losses incurred on such securities; provide insurance on any covered security for which private market holders of such security have assumed the first loss position with respect to losses that may be incurred on such security in order to provide a liquid and resilient housing finance market; provide leadership to the housing finance market to help ensure that all geographic locations have access to mortgage credit; charge and collect fees in exchange for providing such insurance, whereby such fees shall be sufficient to protect the taxpayer from the risk of providing such insurance and to fund the activities and operations of the Corporation; establish and maintain a Mortgage Insurance Fund; facilitate securitization of eligible mortgages originated by credit unions and community and mid-size banks without securitization capabilities; ensure discipline and integrity in the market for covered securities by setting standards for the approval of private mortgage insurers, servicers, issuers, and bond guarantors; establish, operate, and maintain a database for the collection, public use, and dissemination of uniform loan level information on eligible mortgages; develop, adopt, and publish standard uniform securitization agreements for covered securities; establish, operate, and maintain an electronic registry system for eligible mortgages that collateralize covered securities insured under this Act; oversee and supervise the common securitization platform developed by the business entity announced by the Federal Housing Finance Agency and established by the enterprises; and ensure that credit unions and community and mid-size banks— have equal access to any such common securitization platform and any other securitization platforms; and are not, in their access or use of such platforms, discriminated against through discounts for volume pricing or other mechanisms.
The authority of the Corporation shall include the authority to exercise such incidental powers as may be necessary or appropriate to fulfill the duties and responsibilities of the Corporation set forth under subsection (a). The Board of Directors may delegate to officers and employees of the Corporation any of the functions, powers, or duties of the Corporation, as the Board of Directors determines appropriate.