Union Calendar No. 233
104TH CONGRESS
2D SESSION
H. R. 2130
[Report No. 104–446, Part I]
A BILL
To amend the Farm Credit Act of 1971 to improve
the efficiency and operation of the Federal Agri-
cultural Mortgage Corporation in order better to
ensure that farmers, ranchers, and rural home
owners will have access to a stable and competi-
tive supply of mortgage credit now and in the
future.
MARCH 15, 1996
Committee on Banking and Financial Services dis-
charged; committed to the Committee of the Whole
House on the State of the Union, and ordered to be
printed
IB
Union Calendar No. 233
104TH CONGRESS
2D SESSION
H. R. 2130
[Report No. 104–446, Part I]
To amend the Farm Credit Act of 1971 to improve the efficiency and
operation of the Federal Agricultural Mortgage Corporation in order
better to ensure that farmers, ranchers, and rural home owners will
have access to a stable and competitive supply of mortgage credit now
and in the future.
IN THE HOUSE OF REPRESENTATIVES
JULY 27, 1995
Mr. EMERSON (for himself, Mr. BARRETT of Nebraska, and Mr. BEREUTER)
introduced the following bill; which was referred to the Committee on Ag-
riculture
JANUARY 4, 1996
Reported with an amendment, referred to the Committee on Banking and Fi-
nancial Services for a period ending not later than March 15, 1996 for
consideration of such provisions of the bill and amendment as fall within
the jurisdiction of that committee pursuant to clause 1(c), rule X
[Strike out all after the enacting clause and insert the part printed in italic]
MARCH 15, 1996
Additional sponsors: Mr. LUCAS of Oklahoma, Mr. DOOLEY of California, and
Mr. JOHNSON of South Dakota
MARCH 15, 1996
Committee on Banking and Financial Services discharged; committed to the
Committee of the Whole House on the State of the Union, and ordered
to be printed
[For text of introduced bill, see copy of bill as introduced on July 27, 1995]
A BILL
To amend the Farm Credit Act of 1971 to improve the
efficiency and operation of the Federal Agricultural
Mortgage Corporation in order better to ensure that
farmers, ranchers, and rural home owners will have ac-
cess to a stable and competitive supply of mortgage
credit now and in the future.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Farmer Mac Reform
Act of 1995’’.
SEC. 2. REFERENCES TO THE FARM CREDIT ACT OF 1971.
Except as otherwise expressly provided, wherever in
this Act an amendment or repeal is expressed in terms of
an amendment to, or repeal of, a section or other provision,
the reference shall be considered to be made to a section or
other provision of the Farm Credit Act of 1971 (12 U.S.C.
2001 et seq.).
SEC. 3. DEFINITION OF REAL ESTATE.
Section 8.0(1)(B)(ii) (12 U.S.C. 2279aa(1)(B)(ii)) is
amended by striking ‘‘with a purchase price’’ and inserting
‘‘, excluding the land to which the dwelling is affixed, with
a value’’.
SEC. 4. DEFINITION OF CERTIFIED FACILITY.
Section 8.0(3) (12 U.S.C. 2279aa(3)) is amended—
(1) in subparagraph (A), by striking ‘‘a second-
ary marketing agricultural loan’’ and inserting ‘‘an
agricultural mortgage marketing’’; and
(2) in subparagraph (B), by striking ‘‘, but
only’’ and all that follows through ‘‘(9)(B)’’.
SEC. 5. DUTIES OF FEDERAL AGRICULTURAL MORTGAGE
CORPORATION.
Section 8.1(b) (12 U.S.C. 2279aa–1(b)) is amended—
(1) in paragraph (2), by striking ‘‘and’’ at the
end;
(2) in paragraph (3), by striking the period at
the end and inserting ‘‘; and’’; and
(3) by adding at the end the following:
‘‘(4) purchase qualified loans and issue securities
representing interests in, or obligations backed by, the
qualified loans, guaranteed for the timely repayment
of principal and interest.’’.
SEC. 6. POWERS OF THE CORPORATION.
Section 8.3(c) (12 U.S.C. 2279aa–3(c)) is amended—
(1) by redesignating paragraphs (13) and (14)
as paragraphs (14) and (15), respectively; and
(2) by inserting after paragraph (12) the follow-
ing:
‘‘(13) To purchase, hold, sell, or assign a quali-
fied loan, to issue a guaranteed security, representing
an interest in, or an obligation backed by, the quali-
fied loan, and to perform all the functions and re-
sponsibilities of an agricultural mortgage marketing
facility operating as a certified facility under this
title.’’.
SEC. 7. FEDERAL RESERVE BANKS AS DEPOSITORIES AND
FISCAL AGENTS.
Section 8.3 (12 U.S.C. 2279aa–3) is amended—
(1) in subsection (d), by striking ‘‘may act as de-
positories for, or’’ and inserting ‘‘shall act as deposi-
tories for, and’’; and
(2) in subsection (e), by striking ‘‘Secretary of
the Treasury may authorize the Corporation to use’’
and inserting ‘‘Corporation shall have access to’’.
SEC. 8. CERTIFICATION OF AGRICULTURAL MORTGAGE
MARKETING FACILITIES.
Section 8.5 (12 U.S.C. 2279aa–5) is amended—
(1) in subsection (a)—
(A) in paragraph (1), by inserting ‘‘(other
than the Corporation)’’ after ‘‘agricultural mort-
gage marketing facilities’’; and
(B) in paragraph (2), by inserting ‘‘(other
than the Corporation)’’ after ‘‘agricultural mort-
gage marketing facility’’; and
(2) in subsection (e)(1), by striking ‘‘(other than
the Corporation)’’.
SEC. 9. GUARANTEE OF QUALIFIED LOANS.
Section 8.6 (12 U.S.C. 2279aa–6) is amended—
(1) in subsection (a)(1)—
(A) by striking ‘‘Corporation shall guaran-
tee’’ and inserting the following: ‘‘Corporation—
‘‘(A) shall guarantee’’;
(B) by striking the period at the end and
inserting ‘‘; and’’; and
(C) by adding at the end the following:
‘‘(B) may issue a security, guaranteed as to
the timely payment of principal and interest,
that represents an interest solely in, or an obli-
gation fully backed by, a pool consisting of
qualified loans that—
‘‘(i) meet the standards established
under section 8.8; and
‘‘(ii) have been purchased and held by
the Corporation.’’;
(2) in subsection (d)—
(A) by striking paragraph (4); and
(B) by redesignating paragraphs (5), (6),
and (7) as paragraphs (4), (5), and (6), respec-
tively; and