
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2279aa-1]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
         SUBCHAPTER VIII--AGRICULTURAL MORTGAGE SECONDARY MARKET
 
 Part A--Establishment and Activities of Federal Agricultural Mortgage 
                               Corporation
 
Sec. 2279aa-1. Federal Agricultural Mortgage Corporation


(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.

(Pub. L. 92-181, title VIII, Sec. 8.1, as added Pub. L. 100-233, title 
VII, Sec. 702, Jan. 6, 1988, 101 Stat. 1687; amended Pub. L. 104-105, 
title I, Sec. 103, Feb. 10, 1996, 110 Stat. 163.)


                               Amendments

    1996--Subsec. (b)(4). Pub. L. 104-105 added par. (4).

                  Section Referred to in Other Sections

    This section is referred to in section 2279aa of this title.
