Ch. 311                                    LAWS OF MARYLAND

[11-308. ] 2-208.

(a)  The Administration may:

(1)  Purchase or make a commitment to purchase, from
mortgage lenders, notes or mortgages, or partial interest in notes
or mortgages that evidence residential mortgage loans to families
of limited incomes or mortgage, loans to sponsors of community
development projects;

(2)  Make loans to mortgage lenders in accordance with
this subtitle;

(3)  Fund in whole or in part a mortgage purchase
program and a loan to mortgage lenders program, with proceeds of
its revenue bonds or notes; and

(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.

(b)  The Administration may adopt rules in the form of
regulations or program directives, as appropriate, that govern
the exercise of the powers conferred by this section, including:

(1) Procedures for the submission of requests for the
purchase, and sale; of mortgage loans or for loans to the mortgage
lenders;

(2) Limitations or restrictions as to the number of
family units, locations, or other qualifications or
characteristics of dwelling, accommodations to be financed by
residential mortgage loans;

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