WILLIAM DONALD SCHAEFER, Governor Ch. 224

ASSISTANCE IN THE UNDERWRITING OR REVIEW OF ANY LOANS FOR
WHICH APPLICATIONS HAVE BEEN SUBMITTED.

(3) THE LOAN COMMITTEE SHALL ACT ON THE BASIS OF THE
REVIEW AND RECOMMENDATION OF EACH APPLICATION AS PRESENTED
TO THE COMMITTEE BY THE PARTIES LISTED IN PARAGRAPH (1) OF THIS
SUBSECTION.

10-109.

THE BOARD MAY PROVIDE COMMUNITY REINVESTMENT
ASSISTANCE BY:

(1) INVESTING IN, PURCHASING, MAKING COMMITMENTS TO
PURCHASE, OR TAKING ASSIGNMENTS FROM MORTGAGE LENDERS OF
NOTES AND MORTGAGES EVIDENCING MORTGAGE LOANS;

(2) FUNCTIONING AS A GUARANTOR OR CONDUIT FOR
MORTGAGE BACKED SECURITIES;

(3) MAKING LOANS TO RECIPIENTS OF COMMUNITY
REINVESTMENT ASSISTANCE OR TO MORTGAGE LENDERS UNDER THE
PROVISIONS OF THIS TITLE;

(4) SELLING, AT PUBLIC OR PRIVATE SALE, ANY MORTGAGE,
LOAN, OR OTHER OBLIGATION HELD BY THE FUND;

(5) PURCHASING, MAKING, PARTICIPATING IN THE MAKING,
OR ENTERING INTO COMMITMENTS FOR THE PURCHASE OF LOANS;

(6) PACKAGING AND SELLING LOANS; AND

(7) ANY OTHER MEANS AUTHORIZED UNDER THE
ORGANIZATIONAL DOCUMENTS OF THE FUND.

10-110.

(A) THE FUND SHALL BE A PRIVATE, INDEPENDENT LEGAL ENTITY,
AND SHALL MAY NOT BE A UNIT, DEPARTMENT, AGENCY, DIVISION, OR
OTHER COMPONENT OF THE STATE.

(B) NOT BY WAY OF LIMITATION OF SUBSECTION (A) OF THIS
SECTION:

(B) (1) TITLES 11 THROUGH 17 OF THE STATE FINANCE AND
PROCUREMENT ARTICLE OF THE CODE SHALL DO NOT APPLY TO THE
OPERATION OF OR ANY TRANSACTIONS MADE BY OR UNDER THE
COMMUNITY REINVESTMENT FUND;

(2) EXCEPT AS EXPRESSLY SET FORTH IN THIS TITLE, THE
ORGANIZATION AND OPERATION OF THE BOARD AND THE FUND SHALL
ARE NOT BB SUBJECT TO APPROVAL BY THE BOARD OF PUBLIC WORKS

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