NY Pub Auth L § 2427 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 17 - State of New York Mortgage Agency Act Part 2 2427 - Additional Powers of the Agency.

§  2427.  Additional  powers  of the agency. The agency shall have the following additional powers only with respect to insuring mortgage loans and providing development corporation credit support:   1. To establish and levy fees  and  charges  in  connection  with  the processing of applications for mortgage insurance;   * 2.  (a)  To  issue commitments to insure mortgages and to enter into contracts of mortgage insurance,  (b) to issue commitments to provide and to provide pool insurance  for one  or  more  aggregates  of  mortgage  loans  purchased  by the agency pursuant  to  its  forward  commitment  program,  or  for  one  or  more aggregates  of  mortgage  loans  on  single  or multi-family residential buildings made by a domestic  not-for-profit  corporation  whose  public purposes include combating community deterioration and which is approved as  a mortgage lender by the federal housing administration for purposes of insurance issued by such administration, and  which  is  a  qualified seller-servicer  for  the  federal national mortgage association and the federal home loan mortgage corporation or for one or more aggregates  of preservation  loans  made  by  a financial institution with respect to a building owned by a cooperative housing corporation, and  (c) to fulfill its  obligations  and  enforce  its  rights  under  any insurance  so  furnished  as provided in this article and such rules and regulations as may be adopted by the agency;   * NB Effective until July 23, 2023   * 2. To enter into commitments to insure mortgages  and  contracts  of mortgage insurance and to fulfill its obligations and enforce its rights under  any  insurance  so furnished as provided in this article and such rules and regulations as may be adopted by the agency;   * NB Effective July 23, 2023   3. To pay, pursue to final collection, compromise,  waive  or  release any right, title, claim, lien or demand, however acquired, including any equity or right of redemption;   4.  To  foreclose  any  mortgage  in default or commence any action to protect or enforce any right conferred upon it  by  any  law,  mortgage, contract  or  other agreement, and to bid for and purchase such property at any foreclosure or at any other sale, or otherwise to acquire or take possession of any such property;   5. To deal with, hold, administer, manage,  rent,  repair,  insure  or sell, lease or otherwise dispose of any property conveyed to or acquired by  the  agency  and  to enter into agreements with the state, any city, town or village of this  state  or  any  person,  firm,  partnership  or corporation,  either  public  or private, for the purpose of causing any such property to be so dealt with;   6. To procure insurance  against  any  loss  in  connection  with  its property  and other assets and to procure reinsurance in connection with its obligations, all in such amounts and from such insurers as it  deems necessary or desirable;   7.  To  consent to the modification, with respect to rate of interest, time of payment of any installment of principal or interest, security or any other term, of any mortgage, mortgage loan, contract or agreement of any kind which the agency has insured or to which the agency is a party;   8. To  sell,  at  public  or  private  sale,  any  mortgage,  mortgage participation or other obligation held by the agency;   9.  To invest any funds held in reserves or sinking funds or any funds not required for immediate use or disbursement, at the discretion of the agency, in obligations of the state or federal government or of any city of the state, the principal and interest of which are guaranteed by  the state  or  federal  government,  obligations  of agencies of the federal government, or in  Government  National  Mortgage  Association  mortgage  backed  securities,  or  special  time  deposits  in, or certificates of deposit issued by, a bank or trust company authorized to do business  in the state and secured by a pledge of obligations of the United States of America  or  obligations  of  the  state,  any  city of the state, other municipal corporation, school district or district  corporation  of  the state  or  obligations  of  agencies of the federal government, provided that any such investment from time to time (1) may be legally  purchased by  savings banks of the state as investments of funds belonging to them or in their control and (2) shall be approved by the comptroller.   10. To provide development corporation credit support.