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1 status as a first lien on such real estate, and otherwise, as may

2 be prescribed by the Corporation.

3 (i) The term "security" has the meaning ascribed to it

4 by section 2 of the Securities Act of 1933, as now in force.

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5 (j) The term "State", whether used as a noun or otherwise, includes and refers to the several States, the District of 7 Columbia, Puerto Rico, and the territories and possessions 8 of the United States.

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FEDERAL MORTGAGE MARKETING CORPORATION

SEC. 3. (a) There is hereby created the Federal Mortgage Marketing Corporation, which shall be a body corporate and shall be under the direction of a Board of Directors com

posed of the members of the Federal Home Loan Bank

Board, who shall serve as such without additional compensa

tion. The Chairman of the Federal Home Loan Bank Board 16 shall be the Chairman of said Board of Directors. The prin

17

cipal office of the Corporation shall be in the District of Columbia or at such other place as the Corporation may from 19 time to time prescribe.

(b) The Corporation shall have power (1) to adopt, alter, and use a corporate seal; (2) to have succession until

dissolved by Act of Congress; (3) to make and enforce such bylaws, rules, and regulations as may be necessary or appro

priate to carry out the purposes or provisions of this Act;

(4) to make and perform contracts, agreements, and com

4

1 mitments; (5) to prescribe and impose fees and charges for 2 services by the Corporation; (6) to settle, adjust, and com3 promise, and with or without consideration or benefit to 4 the Corporation to release or waive in whole or in part, in 5 advance or otherwise, any claim, demand, or right of, by, or 6 against the Corporation; (7) to sue and be sued, complain 7 and defend, in any State, Federal, or other court; (8) to 8 acquire, take, hold, and own, and to deal with and dispose 9 of any property; and (9) to determine its necessary ex10 penditures and the manner in which the same shall be in11 curred, allowed, and paid, and appoint, employ, and fix and 12 provide for the compensation and benefits of officers, em13 ployees, attorneys, and agents, all without regard to any 14 other law except as may be provided by the Corporation or 15 by laws hereafter enacted by the Congress expressly in limi16 tation of this sentence. Nothing in this Act or any other law 17 shall be construed to prevent the appointment, employment, 18 and provision for compensation and benefits, as an officer, 19 employee, attorney, or agent of the Corporation, of any offi20 cer, employee, attorney, or agent of any department, estab21 lishment, or corporate or other instrumentality of the Gov22 ernment, including any Federal home loan bank or member 23 thereof. The Corporation, with the consent of any such department, establishment, or instrumentality, including any 25 field services thereof, may utilize and act through any such

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1 department, establishment, or instrumentality and may avail 2 itself of the use of information, services, facilities, and per3 sonnel thereof, and may pay compensation therefor, and all 4 of the foregoing are hereby authorized to provide the same 5 to the Corporation as it may request.

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(c) Funds of the Corporation may be invested in such 7 investments as the Board of Directors may prescribe. Any 8 Federal Reserve bank or Federal home loan bank, or any 9 bank as to which at the time of its designation by the Cor10 poration there is outstanding a designation by the Secretary 11 of the Treasury as a general or other depositary of public 12 money, may be designated by the Corporation as a depositary 13 or custodian or as a fiscal or other agent of the Corporation, 14 and is hereby authorized to act as such depositary, custodian, or agent. When designated for that purpose by the Secretary 16 of the Treasury, the Corporation shall be a depositary of 17 public money, under such regulations as may be prescribed 18 by the Secretary of the Treasury, and may also be employed 19 as fiscal or other agent of the United States, and it shall per20 form all such reasonable duties as such depositary or agent as

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22 2

may be required of it.

(d) All notes, bonds, debentures, or other obligations of 23 the Corporation, or other securities (including stock) of the 24 Corporation, and the interest, dividends, or other income

6

1 therefrom, shall be exempt from all taxation (except estate, 2 inheritance, and gift taxes) now or hereafter imposed by the 3 United States, by any territory, dependency, or possession 4 thereof, or by any State, county, municipality, or local taxing 5 authority. The foregoing exemption from taxation (except as 6 to taxation imposed by the United States) shall include 7 exemption from taxation measured by such obligations or 8 securities or by such interest, dividends, or other income, and 9 from inclusion of such obligations or securities, or such inter10 est, dividends, or other income, in the measure of any such 11 taxation. The Corporation, including its franchise, activities, 12 capital, reserves, surplus, and income, shall be exempt from 13 all taxation now or hereafter imposed by the United States, 14 by any territory, dependency, or possession thereof, of by any 15 State, county, municipality, or local taxing authority, except 16 that any real property of the Corporation shall be subject to 17 State, territorial, county, municipal, or local taxation to the

18

same extent according to its value as other real property is 19 taxed. Nothing in this subsection shall affect the applicability 20 of the Public Debt Act of 1941, as amended. The provisions 21 of this subsection shall be applicable without regard to any

other law, including without limitation on the generality of

the foregoing section 3301 of the Internal Revenue Code of

1954, except laws hereafter enacted by Congress expressly

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1 (e) Notwithstanding section 1349 of title 28 of the 2 United States Code or any other provision of law, (1) the 3 Corporation shall be deemed to be an agency included in 4 sections 1345 and 1442 of said title 28, (2) all civil actions to which the Corporation is a party shall be deemed to arise under the laws of the United States, and the district courts of

5

the United States shall have original jurisdiction of all such actions, without regard to amount or value, and (3) any civil

or other action, case, or controversy in a court of a State, or in any court other than a district court of the United States,

to which the Corporation is a party may at any time before

the trial thereof be removed by the Corporation, without the

giving of any bond or security, to the district court of the United States for the district and division embracing the place

where the same is pending, or, if there is no such district

court, to the district court of the United States for the district

in which the principal office of the Corporation is located, by

following any procedure for removal of causes in effect at the

time of such removal. No attachment or execution shall be

issued against the Corporation or any of its property before

final judgment in any State, Federal, or other court.

CAPITAL STOCK

SEC. 4. (a) The Corporation shall have nonvoting capi

tal stock divided into shares of a par value of $100 each,

composed of two classes, preferred and common. Dividends