12 Guam Code Ann. § 4115
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Terms Used In 12 Guam Code Ann. § 4115
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
The Federal Housing Finance Board has authorized the Federal Home Loan Bank of Seattle to lend to the Housing Corporation as a non-member mortgagee. Pursuant to the provisions of the Financial Institution Reform Recovery and Enforcement Act authorizing the Federal Home Loan Banking System to extend advances to state housing finance authorities, the provisions of §10b of the Federal Home Loan Bank Act, and the rules and regulations of the Federal Housing Finance Board, the Housing Corporation is hereby authorized to periodically borrow funds from the Federal Home Loan Bank of Seattle (“”FHLB””) as needed to finance the Housing Corporation’s lending and real estate development activities in the form of direct FHLB advances under FHLB’s rules regarding non- member mortgagees without further legislative approval. The Housing Corporation shall use all such FHLB advances according to the following preferences: First, to qualified applicants who have submitted applications to the Housing Corporation and are awaiting funding, and second, to all other eligible applicants.
SOURCE: Added by P.L. 22-113:4.