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![handle is hein.gao/gaobadgpo0001 and id is 1 raw text is:
07972 - [C3426547]
Authority of BSA To Sell Disaster and Icm*Uisaster Leas to
Federal Financing bank. .-149685. Deceaber 5. 1976. 16 ;;.
Decision re: Smalil uasiass Adiistratica; by Sutert F. Keller,
Deputy Comptroller General.
Contact: Office of the General Counsels General GoveEnmeot
Eatters.
Organization Coacerned: Federal Financing ank.
Authority: Federal Financing Bask Act Of 1973 jl.I. 93-224g 87
Stat. 937; 12 U.S.C. .2281).. al kainess luastmoat Act of
1958 (15 U.S.C. 661). Small Dusaieas Act (15 0.S.C. 634(b) 8
15 U.S.C. 636). Participation Sales Act (12 \U..C. 17174c3).I
P.1.. 93-135. F.1.689-409. P.L. 95-89.*79 stat. 624.91 Stat..
553. 44,Coap. ea. 549. *45 Coup. .ea. 253. 45 Comp. Gea..
370. 3-149685 (1971). 3-1*0673 (1959)..i. Sept. 89-13*8. S.
Rept. 89-1057.,S. Rept. 95-184. 112 Cong. Eec. 7311.
Clarification was regeested coceing the Isall
Business lduaitration's (AI's) authority to isa1e
certificates to the Federal Ainancing Ean (P13) evidencing
ownership of a group of SEA loans and to sell direct disater
loans to FF5 and guarautee payment of principal and interest at
a rate which may be in excess of the rate said to SaA by the
borrower. The SBA Goes have authority to issue the -ertitlates,
and the proposed fianacing arremements, as well as 5BAa, m
current procedure of 'selling individual loans toan8 with
recourse, is similar to fiancing arreagemeats approved Inthe
past. It is not authorized under existing leislation to ,sell
direct diaster loans to Fra on a guarateed tasis eiher
individually or coflectively.,Such action could result in
establishmjnt of unlimited contingent 'ilability against 83A
without congressional restrants, ad 8lA's. proposal to sell the
lians with 100% guarantees is not copsistent with its statutory
authority to guarantee a maximum of 901 of loas made by
participating lending institations. (RTI)
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