Federal Home Loan Mortgage Corporation Charter Act

[AI summary unavailable — showing source text] Federal Home Loan Mortgage Corporation Charter Act - Establishes the Federal Home Loan Mortgage Corporation. Sets forth the composition of the Board of Directors, the terms of membership and the powers of the Corporation. Declares that the Corporation shall have common stock, without par value, which shall be vested with all voting rights. Permits the Corporation to have one or more classes of preferred stock. Authorizes the Corporation to purchase, make commitments to purchase, lend on the security of, or otherwise deal in eligible mortgages. Prohibits the purchase of a conventional mortgage if the outstanding principal balance of the mortgage at the time of purchase exceeds 80 percent of the value of the property securing the mortgage except in specified circumstances. Authorizes the Corporation to borrow and to issue notes or other securities. Authorizes Federal home loan banks to provide financing to the Corporation during calendar year 1982 in the form of a pass through of the proceeds of consolidated obligations sold by such banks. Authorizes the Federal Home Loan Bank Board to provide for the purchase by the Federal home loan banks of any obligations issued by the Corporatio…