Section 2427. Additional powers of the agency

The agency shall have the
  following additional powers only with respect to insuring mortgage loans
  and providing development corporation credit support:
    1. To establish and levy fees  and  charges  in  connection  with  the
  processing of applications for mortgage insurance;
    * 2.  (a)  To  issue commitments to insure mortgages and to enter into
  contracts of mortgage insurance,
    (b) to issue commitments to provide and to provide pool insurance  for
  one  or  more  aggregates  of  mortgage  loans  purchased  by the agency
  pursuant  to  its  forward  commitment  program,  or  for  one  or  more
  aggregates  of  mortgage  loans  on  single  or multi-family residential
  buildings made by a domestic  not-for-profit  corporation  whose  public
  purposes include combating community deterioration and which is approved
  as  a mortgage lender by the federal housing administration for purposes
  of insurance issued by such administration, and  which  is  a  qualified
  seller-servicer  for  the  federal national mortgage association and the
  federal home loan mortgage corporation or for one or more aggregates  of
  preservation  loans  made  by  a financial institution with respect to a
  building owned by a cooperative housing corporation, and
    (c) to fulfill its  obligations  and  enforce  its  rights  under  any
  insurance  so  furnished  as provided in this article and such rules and
  regulations as may be adopted by the agency;
    * NB Effective until July 16, 2011
    * 2. To enter into commitments to insure mortgages  and  contracts  of
  mortgage insurance and to fulfill its obligations and enforce its rights
  under  any  insurance  so furnished as provided in this article and such
  rules and regulations as may be adopted by the agency;
    * NB Effective July 16, 2011
    3. To pay, pursue to final collection, compromise,  waive  or  release
  any right, title, claim, lien or demand, however acquired, including any
  equity or right of redemption;
    4.  To  foreclose  any  mortgage  in default or commence any action to
  protect or enforce any right conferred upon it  by  any  law,  mortgage,
  contract  or  other agreement, and to bid for and purchase such property
  at any foreclosure or at any other sale, or otherwise to acquire or take
  possession of any such property;
    5. To deal with, hold, administer, manage,  rent,  repair,  insure  or
  sell, lease or otherwise dispose of any property conveyed to or acquired
  by  the  agency  and  to enter into agreements with the state, any city,
  town or village of this  state  or  any  person,  firm,  partnership  or
  corporation,  either  public  or private, for the purpose of causing any
  such property to be so dealt with;
    6. To procure insurance  against  any  loss  in  connection  with  its
  property  and other assets and to procure reinsurance in connection with
  its obligations, all in such amounts and from such insurers as it  deems
  necessary or desirable;
    7.  To  consent to the modification, with respect to rate of interest,
  time of payment of any installment of principal or interest, security or
  any other term, of any mortgage, mortgage loan, contract or agreement of
  any kind which the agency has insured or to which the agency is a party;
    8. To  sell,  at  public  or  private  sale,  any  mortgage,  mortgage
  participation or other obligation held by the agency;
    9.  To invest any funds held in reserves or sinking funds or any funds
  not required for immediate use or disbursement, at the discretion of the
  agency, in obligations of the state of federal government or of any city
  of the state, the principal and interest of which are guaranteed by  the
  state  or  federal  government,  obligations  of agencies of the federal
  government, or special time deposits  in,  or  certificates  of  deposit

  issued  by,  a  bank  or  trust company authorized to do business in the
  state and secured by a pledge of obligations of  the  United  States  of
  America  or  obligations  of  the  state,  any  city of the state, other
  municipal  corporation,  school  district or district corporation of the
  state or obligations of agencies of  the  federal  government,  provided
  that  any such investment from time to time (1) may be legally purchased
  by savings banks of the state as investments of funds belonging to  them
  or in their control and (2) shall be approved by the comptroller.
    10. To provide development corporation credit support.