Federal Home Loan Mortgage Corporation Charter Act

Federal Home Loan Mortgage Corporation Charter Act - Establishes the Federal Home Loan Mortgage Corporation which shall be a body corporate and under the direction of a Board of Directors.

Sets forth the composition of such Board and the terms of membership.

Sets forth the powers of the Federal Home Loan Mortgage Corporation.

Declares that the Corporation shall have common stock, without par value, which shall be vested with all voting rights, each share being entitled to one vote at all elections of directors. Authorizes the Corporation to issue nonvoting common stock, with or without par value as shall be determined by the Board from time to time. Permits the Corporation to prohibit any person or organization from acquiring, holding, or voting, directly or indirectly, the beneficial ownership of more than 25 percent of the shares of voting common stock.

Permits the Corporation to have one or more classes of preferred stock. Declares that each class of preferred stock of the Corporation shall be entitled to such annual dividend as shall be fixed by the Corporation at the time of issuance or sale of such class of preferred stock.

Authorizes the Corporation to purchase, make commitments to purchase, lend on the security of, or otherwise deal in eligible mortgages.

Prohibits the purchase of a conventional mortgage if the outstanding principal balance of the mortgage at the time of purchase exceeds 80 percent of the value of the property securing the mortgage except in specified circumstances.

Authorizes the Corporation to borrow, to give security, to pay interest on other return, and to issue notes, debentures, bonds, or other obligations, or other securities.

Authorizes Federal home loan banks to provide financing to the Corporation during calendar year 1982 in the form of a passthrough of the proceeds of consolidated obligations sold by such banks.

Authorizes the Federal Home Loan Bank Board to provide for the purchase by the Federal home loan banks of any obligations issued by the Corporation.

Authorizes the Corporation to guarantee the timely payment of principal or interest on securities issued by any eligible seller which are based on or backed by a trust or pool of mortgages eligible for purchase by the Corporation.

Empowers the Corporation, in connection with any guaranty under this Act, to provide for the extinguishment, upon default by the issuer, of any redemption, equitable, legal, or other right, title, or interest of the issuer in any mortgage or mortgages constituting the trust or pool against which the guaranteed securities are issued.

Declares that all rights and remedies of the Corporation shall be immune from impairment, limitation, or restriction.

Prohibits the use of the term "Federal Home Loan Mortgage Corporation" or any combination of such words as a name or part thereof under which any individual or organization does any business.

Exempts the Corporation from all taxation, except real property, until such time as the Corporation shall pay a dividend with respect to shares of common stock.

Makes this Act applicable to the States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories and possessions of the United States.

Exempts the Corporation from the provisions or requirements of the Securities Exchange Commission.

Declares that no cause of action by or against the Corporation existing prior to the effective date of this Act shall abate by reason of the enactment of this Act.

Declares that the powers and functions of the Corporation and the Board of Directors shall be exercisable without regard to any other laws, except as otherwise provided in this Act, or as otherwise provided by the Corporation or by laws enacted by Congress.