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U.S. Code as of:
01/19/04
Section 1451. Definitions
As used in this chapter -
(a) The term "Board of Directors" means the Board of Directors of
the Corporation.
(b) The term "Corporation" means the Federal Home Loan Mortgage
Corporation created by this chapter.
(c) The term "law" includes any law of the United States or of
any State (including any rule of law or of equity).
(d) The term "mortgage" includes such classes of liens as are
commonly given or are legally effective to secure advances on, or
the unpaid purchase price of, real estate under the laws of the
State in which the real estate is located or a manufactured home
that is personal property under the laws of the State in which the
manufactured home is located together with the credit instruments,
if any, secured thereby, and includes interests in mortgages.
(e) The term "organization" means any corporation, partnership,
association, business trust, or business entity.
(f) The term "prescribe" means to prescribe by regulations or
otherwise.
(g) The term "property" includes any property, whether real,
personal, mixed, or otherwise, including without limitation on the
generality of the foregoing choses in action and mortgages, and
includes any interest in any of the foregoing.
(h) The term "residential mortgage" means a mortgage which (1) is
a mortgage on real estate, in fee simple or under a leasehold
having such term as may be prescribed by the Corporation, upon
which there is located a structure or structures designed in whole
or in part for residential use, or which comprises or includes one
or more condominium units or dwelling units (as defined by the
Corporation) and (2) has such characteristics and meets such
requirements as to amount, term, repayment provisions, number of
families, status as a lien on such real estate, and otherwise, as
may be prescribed by the Corporation. The term "residential
mortgage" also includes a loan or advance of credit insured under
title I of the National Housing Act [12 U.S.C. 1702 et seq.] whose
original proceeds are applied for in order to finance energy
conserving improvements, or the addition of a solar energy system,
to residential real estate. The term "residential mortgage" also
includes a loan or advance of credit for such purposes, or
purchased from any public utility carrying out activities in
accordance with the requirements of title II of the National Energy
Conservation Policy Act [42 U.S.C. 8211 et seq.] if the residential
mortgage to be purchased is a loan or advance of credit the
original proceeds of which are applied for in order to finance the
purchase and installation of residential energy conservation
measures (as defined in section 210(11) (!1) of the National Energy
Conservation Policy Act) in residential real estate, not having the
benefit of such insurance and includes loans made where the lender
relies for purposes of repayment primarily on the borrower's
general credit standing and forecast of income, with or without
other security. The term "residential mortgage" is also deemed to
include a secured loan or advance of credit the proceeds of which
are intended to finance the rehabilitation, renovation,
modernization, refurbishment, or improvement of properties as to
which the Corporation may purchase a "residential mortgage" as
defined under the first sentence of this subsection. Such term
shall also include other secured loans that are secured by a
subordinate lien against a property as to which the Corporation may
purchase a residential mortgage as defined under the first sentence
of this subsection. A "secured loan or advance of credit" is one in
which a security interest is taken in the rehabilitated, renovated,
modernized, refurbished, or improved property. Such term shall also
include a mortgage, lien, or other security interest on the stock
or membership certificate issued to a tenant-stockholder or
resident-member by a cooperative housing corporation, as defined in
section 216 of title 26, and on the proprietary lease, occupancy
agreement, or right of tenancy in the dwelling unit of the
tenant-stockholder or resident-member in such cooperative housing
corporation. The term "residential mortgage" also includes a loan
or advance of credit secured by a mortgage or other lien on a
manufactured home that is the principal residence of the borrower,
without regard to whether the security property is real, personal,
or mixed.
(i) The term "conventional mortgage" means a mortgage other than
a mortgage as to which the Corporation has the benefit of any
guaranty, insurance or other obligation by the United States or any
of its agencies or instrumentalities.
(j) The term "security" has the meaning ascribed to it by section
77b of title 15.
(k) The term "State", whether used as a noun or otherwise,
includes the several States, the District of Columbia, the
Commonwealth of Puerto Rico, and the territories and possessions of
the United States.
(l) The term "mortgage insurance program" includes, in the case
of a residential mortgage secured by a manufactured home, any
manufactured home lending program under title I of the National
Housing Act [12 U.S.C. 1702 et seq.].
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