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Code · STATUTE-COMPILATIONS · Farm Credit Act of 1971 · Sec. 8.1

Sec. 8.1. FEDERAL AGRICULTURAL MORTGAGE CORPORATION

214 words·~1 min read·/statute-compilations/comps-10314/sec-8-1

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## SEC. 8.1 FEDERAL AGRICULTURAL MORTGAGE CORPORATION **[**[12 U.S.C. 2279aa–1](/us/usc/t12/s2279aa–1)**]** ###
(a)Establishment ####
(1)In general There is hereby established a corporation to be known as the Federal Agricultural Mortgage Corporation, which shall be a federally chartered instrumentality of the United States. ####
(2)Institution within farm credit system The Corporation shall be an institution of the Farm Credit System. ####
(3)Liability #####
(A)Corporation The Corporation shall not be liable for any debt or obligation of any other institution of the Farm Credit System. #####
(B)System institutions The Farm Credit System and System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation. ###
(b)Duties The Corporation shall— ####
(1)in consultation with originators, develop uniform underwriting, security appraisal, and repayment standards for qualified loans; ####
(2)determine the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for the provision of guarantees for specific mortgage pools; ####
(3)provide guarantees for the timely repayment of principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans; and ####
(4)purchase qualified loans and issue securities representing interests in, or obligations backed by, the qualified loans, guaranteed for the timely repayment of principal and interest.
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  • 12 USC 2279aa–1
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Sec. 8.1
FEDERAL AGRICULTURAL MORTGAGE CORPORATION
Cite12 USC 2279aa–1
Cites 1Cited by 0 across 0 sources
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