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 note. PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 435 ery, and Enforcement Act of 1989 shall be deemed to have been approved by the Secretary of the Treasury as required by this subsection. Such deemed approval shall expire 60 days after such date of enactment. "(k)(l) Any securities in the form of debt obligations or trust certificates of beneficial interest, or both, and based upon mortgages held and set aside by the Corporation, shall be issued upon the approval of the Secretary of the Treasury and shall have such maturities and shall bear such rate or rates of interest as may be determined by the Corporation with the approval of the Secretary of the Treasury. "(2) Any securities in the form of debt obligations or trust certifi- cates of beneficial interest, or both, and based upon mortgages held and set aside by the Corporation, that the Corporation has issued or is issuing as of the date of the enactment of the Financial Institu- tions Reform, Recovery, and Enforcement Act of 1989 shall be deemed to have been approved by the Secretary of the Treasury as required by this subsection.". (j) STATE LIMITATIONS. — (1) The second sentence of section 807(a) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1456(a)) is amended to read as follows: "The Corporation is authorized to conduct its business without regard to any qualification or similar statute in any State.". (2) The amendment made by this subsection shall not apply to 12 USC 1456 any assertion of priority by the Federal Home Loan Mortgage Corporation with respect to any cause of action or claim filed before the date of the enactment of this Act. (k) PENAL PROVISIONS.— Section 308 of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1457) is amended— (1) in subsection (a), by striking the subsection designation; and (2) by striking subsections (b), (c), (d), (e), and (f). (1) CONSTRUCTION. — Section 310 of the Federal Home Loan Mort- gage Corporation Act (12 U.S.C. 1459) is amended— (1) in the section heading, by striking "CONSTRUCTION AND"; and (2) by striking the first sentence, (m) CONFORMING AMENDMENTS TO FEDERAL NATIONAL MORTGAGE ASSOCIATION CHARTER ACT.— (1) STATEMENT OF PURPOSE.— Section 301 of the Federal Na- tional Mortgage Association Charter Act (12 U.S.C. 1716) is amended— (A) by striking paragraphs (a) and (b) and inserting the following new paragraphs: "(1) provide stability in the secondary market for home mort- gages; "(2) respond appropriately to the private capital market; "(3) provide ongoing assistance to the secondary market for home mortgages (including mortgages securing housing for low- and moderate-income families involving a reasonable economic return) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for home mortgage financing; and"; and (B) by redesignating paragraph (c) as paragraph (4).

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