Page:United States Statutes at Large Volume 110 Part 1.djvu/188

 110 STAT. 164 PUBLIC LAW 104-105—FEB. 10, 1996 (2) in subsection (e), by striking "Secretary of the Treasury may authorize the Corporation to use" and inserting "Corporation shall have access to". SEC. 106. CERTIFICATION OF AGRICULTURAL MORTGAGE MARKETING FACILITIES. Section 8.5 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa- 5) is amended— (1) in subsection (a)— (A) in paragraph (1), by inserting "(other than the Corporation)" after "agricultural mortgage marketing facilities"; and (B) in paragraph (2), by inserting "(other than the Corporation)" after "agricultural mortgage marketing facility"; and (2) in subsection (e)(1), by striking "(other than the Corporation)". SEC. 107. GUARANTEE OF QUALIFIED LOANS. Section 8.6 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa- 6) is amended— (1) in subsection (a)(1)— (A) by striking "Corporation shall guarantee" and inserting the following: "Corporation— "(A) shall guarantee"; (B) by striking the period at the end and inserting "; and"; and (C) by adding at the end the following: "(B) may issue a security, guaranteed as to the timely payment of principal and interest, that represents an interest solely in, or an obligation fully backed by, a pool consisting of qualified loans that— "(i) meet the standards established under section 8.8; and "(ii) have been purchased and held by the Corporation."; (2) in subsection (d)— (A) by striking paragraph (4); and (B) by redesignating paragraphs (5), (6), and (7) as paragraphs (4), (5), and (6), respectively; and (3) in subsection (g)(2), by striking "section 8.0(9)(B))" and inserting "section 8.0(9))". SEC. 108. MANDATORY RESERVES AND SUBORDINATED PARTICIPA- TION INTERESTS ELIMINATED. (a) GUARANTEE OF QUALIFIED LOANS.—Section 8.6 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa-6) is amended by striking subsection (b). (b) RESERVES AND SUBORDINATED PARTICIPATION INTERESTS.— Section 8.7 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa- 7) is repealed. (c) CONFORMING AMENDMENTS.— (1) Section 8.0(9)(B)(i) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa(9)(B)(i)) is amended by striking "8.7, 8.8," and inserting "8.8". (2) Section 8.6(a)(2) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa-6(a)(2)) is amended by striking "subject to the provisions of subsection (b)".

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