Page:United States Statutes at Large Volume 78.djvu/842

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PUBLIC LAW 88-560-SEPT. 2, 1964

[78 STAT.

TITLE VII—FEDERAL NATIONAL MORTGAGE ASSOCIATION POOLING o r MORTGAGES FOR SALE 68 Stat. 613. 12 USC 1717.

SEC. 701. (a) Section 302 of the National Housing Act is amended by adding at the end thereof a new subsection as follows: "(c) Notwithstanding any other provision of this Act or of any other law, the Association is authorized under section 306 to create, accept, execute, and otherwise administer in all respects such trusts, receiverships, conservatorships, liquidating or other agencies, or other fiduciary and representative undertakings and activities as might be appropriate for financing purposes; and in relation thereto the Association may acquire, hold and manage, dispose of, and otherwise deal in any first mortgages in which the United States or any agency or instrumentality thereof may have a financial interest. The Association may join in any such undertakings and activities notwithstanding that it is also serving in a fiduciary or representative capacity; and is 12 USC 1722. authorized, consistent with section 307, to guarantee any participations or other instruments, whether evidence of property rights or debt, issued for such financing purposes. Any participations or other instruments so guaranteed shall to the same extent as securities issued or guaranteed by the United States or its instrumentalities be deemed to be exempt securities within the meaning of laws administered by the Securities and Exchange Commission. The amounts of any mortgages acquired by the Association under section 306, pursuant to this subsection, shall not be included in the total amounts set forth in section 306(c)." 12 USC 1723c. (b)(1) Section 311 of such Act is amended by inserting after "obligations" the following: ", participations, or other instruments". 12 USC 1719, ^ (2) Sections 304(b) and 306(b) of such Act are amended respec1721. tively by striking out "or obligations which are lawful investments" and inserting in lieu thereof "or obligations, participations, or other instruments which are lawful investments". 12 USC 1723b. ^3^ Section 310 of such Act is amended by striking out "or in obligations which are lawful investments" and inserting in lieu thereof or in obligations, participations, or other instruments which are lawful investments". (c) The penultimate sentence of paragraph Seventh of section 5136 12 USC 24. of the Revised Statutes is amended by striking out "or obligations of the Federal National Mortgage Association" and inserting in lieu thereof "or obligations, participations, or other instruments of or issued by the Federal National Mortgage Association". 12 USC U31 (d)(1) Section 11(h) of the Federal Home Loan Bank Act is amended by striking out "in obligations of the Federal National Mortgage Association" and inserting in lieu thereof "in obligations, participations, or other instruments of or issued by the Federal National Mortgage Association". 12 USC 1436. ^2) The last sentence of section 16 of such Act is amended by striking out "in obligations of the Federal National Mortgage Association" and inserting in lieu thereof "in obligations, participations, or other instruments of or issued by the Federal National Mortgage Association". 72 Stat. 1213. (e)(1) Section 1820 of title 38, United States Code, is amended by adding at the end thereof the following new subsection: "(e)(1) The Administrator is authorized from time to time, as he determines advisable, to set aside first mortgage loans, and installment sale contracts, owned and held by him under this chapter as the basis for the sale of participation certificates as herein provided.

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