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597
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HARRY HUGHES, Governor
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[(3)](4) Take any action necessary or convenient to
carry out the programs, including:
(i) Settlement or compromise of any obligation
or debt to it, subject to any agreement with bondholders;
(ii) Acquisition of real or personal property,
or interest in the property, by gift, purchase, foreclosure, or
otherwise and sale or other disposition of the property or
interest;
(iii) Obtaining of insurance against loss in
connection with its property and other assets, including mortgage
loans, in the amount and from the insurers that the
Administration considers desirable;
(iv) Entering into contracts to service
mortgage loans or interests in them that the Administration holds
or takes as collateral;
(v) Entering into contracts or commitments that
relate to the exercise of these powers.
(c) A commitment that the Administration makes to purchase
new [residential] mortgage loans shall:
(1) Specify the interest rate on loans eligible for
purchase, not to exceed the prevailing rate of interest on
comparable mortgage loans available in this State, independent of
public assistance or purchase;
(2) [Be] FOR ANY RESIDENTIAL MORTGAGE LOANS TO BE
USED TO ACQUIRE HOMES TO BE OCCUPIED BY FAMILIES OF LIMITED
INCOMES, BE limited to loans of a specified amount per dwelling
unit, based on the current median sale price of new homes in the
area, as determined by the Administration; and
(3) Specify numbers or volumes of loans pursuant to
the commitment, to be made in specified geographical areas. New
[residential] mortgage loans which the Administration purchases
shall be to families of limited incomes OR TO SPONSORS OF
COMMUNITY DEVELOPMENT PROJECTS.
(d) A commitment that the Administration makes to purchase
existing [residential] mortgages shall require that the proceeds
of the purchase be reinvested in new [residential] mortgage loans
to families of limited incomes OR TO SPONSORS OF COMMUNITY
DEVELOPMENT PROJECTS, within specified time limits, or invested
in short-term obligations pending the purchase or making of such
mortgages.
(e) A loan that the Administration makes to a mortgage
lender shall require the mortgage lender to make [to families of
limited incomes residential] EITHER mortgage loans [of at least
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