12 USC 1716b - Partition of Federal National Mortgage Association Into Federal National Mortgage Association and Government National Mortgage Association; Assets and Liabilities; Operations

The purposes of this title include the partition of the Federal National Mortgage Association as heretofore existing into two separate and distinct corporations, each of which shall have continuity and corporate succession as a separated portion of the previously existing corporation. One of such corporations, to be known as Federal National Mortgage Association, will be a Government-sponsored private corporation, will retain the assets and liabilities of the previously existing corporation accounted for under section 1719 of this title, and will continue to operate the secondary market operations authorized by such section 1719. The other, to be known as Government National Mortgage Association, will remain in the Government, will retain the assets and liabilities of the previously existing corporation accounted for under sections 1720 1 and 1721 of this title, and will continue to operate the special assistance functions and management and liquidating functions authorized by such sections 1720 1 and 1721.

(Pub. L. 90–448, title VIII, §801, Aug. 1, 1968, 82 Stat. 536.)

Sections:  Previous  1715z-21  1715z-22  1715z-22a  1715z-23  1715z-24  1715z-25  1716  1716b  1717  1717a  1718  1719  1721  1722  1723  Next

Last modified: October 26, 2015