Section 4-234 - Mortgage loans guaranteed by GNMA. - Maryland Statutes

§ 4-234. Mortgage loans guaranteed by GNMA.
 

(a)  "Government-sponsored enterprise" defined.- In this section, "government-sponsored enterprise" means the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank, or other agency or instrumentality of or chartered by the federal government that has similar powers. 

(b)  In general.- To finance community development projects, public purpose projects, or residential mortgage loans, the Administration may purchase or issue securities that are backed by mortgage loans and guaranteed by the Government National Mortgage Association or a government-sponsored enterprise. 

(c)  Issuance, terms, and conditions.-  

(1) Notwithstanding inconsistent provisions of this subtitle relating to bonds or notes that the Administration purchases or issues, the issuance, terms, and conditions of a security that the Administration issues under this section may be as the Administration finds necessary or desirable for guaranty by the Government National Mortgage Association or a government-sponsored enterprise. 

(2) Except as provided by paragraph (1) of this subsection, the provisions of this subtitle that relate to bonds or notes issued by the Administration apply to securities purchased or issued under this section. 
 

[An. Code 1957, art. 83B, § 2-204(14); 2005, ch. 26, § 2; 2009, chs. 647, 648.]