12 U.S.C. § 1716b : US Code - Section 1716B: Partition of Federal National Mortgage Association into Federal National Mortgage Association and Government National Mortgage Association; assets and liabilities; operations

Search 12 U.S.C. § 1716b : US Code - Section 1716B: Partition of Federal National Mortgage Association into Federal National Mortgage Association and Government National Mortgage Association; assets and liabilities; operations

The purposes of this title include the partition of the Federal
National Mortgage Association as heretofore existing into two
separate and distinct corporations, each of which shall have
continuity and corporate succession as a separated portion of the
previously existing corporation. One of such corporations, to be
known as Federal National Mortgage Association, will be a
Government-sponsored private corporation, will retain the assets
and liabilities of the previously existing corporation accounted
for under section 1719 of this title, and will continue to operate
the secondary market operations authorized by such section 1719.
The other, to be known as Government National Mortgage Association,
will remain in the Government, will retain the assets and
liabilities of the previously existing corporation accounted for
under sections 1720 (!1) and 1721 of this title, and will continue
to operate the special assistance functions and management and
liquidating functions authorized by such sections 1720 (!1) and
1721.