12 GCA § 4602: Authorization of Home Financing Program.

In addition to the powers of the Housing Corporation set forth elsewhere, in this Chapter, and notwithstanding any restrictions, requirements or limitations set forth in Articles 1, 2, 3, 4 and 5 of this Chapter, the Housing Corporation shall have the power to make, purchase, make commitments to purchase, and take assignments from lending institutions, of home mortgages and mortgage-backed securities, under terms and conditions specified by the Housing Corporation. The Housing Corporation may obtain or require mortgagors to obtain mortgage insurance on home mortgages, and may enter into risk-sharing agreements with the providers of the mortgage insurance upon terms and conditions determined by the Housing Corporation. Any obligations of the Housing Corporation to a mortgage insurer under a risk-sharing agreement shall be payable only out of the assets of the Housing Corporation that are not pledged to secure other obligations of the Housing Corporation.