Canada Mortgage and Housing Corporation Act (R.S.C., 1985, c. C-7)

24. [Repealed, 1992, c. 32, s. 2]

Marginal note:Research and information

25. The Corporation shall conduct research into the business of lending money on the security of mortgages and for that purpose shall compile information relating thereto.

Marginal note:Agreement with lending institution

26. The Corporation may enter into an agreement with a lending institution under which

• (a) the lending institution agrees to furnish the Corporation with information in respect of interest rates, losses on loans secured by mortgages, costs of construction and of land, comparative rentals, availability of money for loans on the security of mortgages in different parts of Canada, costs of operation of the business of lending money on the security of mortgages, methods of appraising real property and such other information as may assist the Corporation in research into the conduct of the business of lending money on the security of mortgages; and

• (b) the Corporation agrees to furnish the lending institution with information and material relating to the lending of money on the security of mortgages.

Marginal note:Powers under agreement with lending institution

• 27. (1) Where the Corporation has entered into an agreement with a lending institution under section 26, the Corporation may out of its capital and reserve fund established under section 29 or out of such other moneys as may be appropriated by Parliament for that purpose

  • (a) purchase all right or interest of the lending institution in a mortgage and take an assignment of the mortgage; and

  • (b) if the lending institution is a trust or loan company,

    • (i) make loans to the company on such terms and conditions, including the rate of interest, as the Board may determine, on the security of an assignment of or an agreement to assign mortgages held by the company, and

    • (ii) buy the debentures or other evidences of indebtedness, guaranteed investment receipts or guaranteed investment certificates of the company.

• Marginal note:Sale of mortgages by Corporation

  (2) The Corporation may sell to any person all right or interest of the Corporation in any mortgage held by it as a consequence of a transaction made pursuant to subsection (1) and assign the mortgage to that person.

• Marginal note:Acquisition and disposal of collateral security

  (3) The Corporation may acquire, hold and dispose of collateral security for the repayment of loans or the payment of debentures, other evidences of indebtedness, guaranteed investment receipts or guaranteed investment certificates, made or purchased by the Corporation under this section.