purchase of mortgages held by federal instrumentalities

purchase of mortgages held by federal instrumentalities Sec. 802. (a) Section 302 of the National Housing Act is amended by— (1) striking out “Federal,” in clause (2) in subsection (b); (2) inserting before, “first mortgages” in the first, sentence of subsection (c) the following: “obligations offered to it by the Housing and Home Finance Agency or its Administrator, or by such Agency’s constituent unite or agencies or the heads thereof, or any”; and (3) inserting “and other obligations” after “mortgages” in the last sentence of subsection (c). 79 Stat. 494 (b) Section 306(e) of such Act is amended to read as follows: “(e) Notwithstanding any other provision of law, the Association is authorized, under the aforesaid separate accountability, to make commitments to purchase, and to purchase, service, or sell any obligations offered to it. by the Housing and Home Finance Agency or its Administrator, or by such Agency s constituent units or agencies or the heads thereof, or any mortgages covering residential property offered to it by any Federal instrumentality, or the head thereof. There shall be excluded from the total amounts set. forth in subsection (c) the amounts of any obligations or mortgages purchased by the Association pursuant to this subsection.”