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Brief
The Public Law 97-110 was enacted on December 26, 1981, to clarify international banking facility deposits and remove limitations on mortgage loan purchases. The law amends the Federal Deposit Insurance Act to exclude certain obligations from deposit liabilities, including those payable outside of the United States. It also amends the Federal Home Loan Mortgage Corporation Act and the National Housing Act to allow for the purchase of mortgages originated more than one year prior by the Federal Deposit Insurance Corporation or other sellers engaged in mortgage lending activities. The law further amends various provisions related to depository institutions, credit unions, and housing development, and provides exemptions and extensions as specified.
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