Section 38Sec./Art. 38

Powers of the SMI. - For purposes of securitization under this Act and pursuant to the Plan submitted to the Commission, the SMI may perform any or all of the following:

(a) Wholesale purchase of residential mortgages and housing-related contract receivables;

(b) Buy and sell residential mortgage and housing-related ABS;

(c) Provide loans to primary lending institutions against residential mortgages;

(d) Issue housing-related ABS through an SPE, and issue bonds and other debt instruments;

(e) Perform ancillary functions including, but not limited to, title insurance, through a subsidiary, wholly or partially owned by an SMI, and loan servicing; and

(f) Perform such other functions as the Commission may determine necessary to mobilize and channel funds from the capital markets to the mortgage and housing finance sector.