N.Y. Banking Law § 380-b

§ 380-b. Power to purchase mortgages from mortgage holders. A savings\nand loan association may purchase from mortgage holders; (1) any bond\nand mortgage insured or guaranteed by the United States or any\ninstrumentality thereof, or for which there is a commitment to so insure\nor guarantee, or (2) provided the mortgage is a first lien, any bond and\nmortgage at least twenty per centum of which is guaranteed pursuant to\nthe provisions of the act of congress entitled the "Servicemen's\nReadjustment Act of 1944". A savings and loan association may receive\nand hold such debentures as are issued in payment of any such insurance.\nNo law of this state prescribing or limiting the interest rate upon\nloans or advances of credit or prescribing a penalty for violation\nthereof or prescribing the nature, amount or form of security or\nrequiring security upon which loans or advances of credit may be made or\nprescribing or limiting the period for which loans or advances of credit\nmay be made or limiting the amount of any class of loans, advances of\ncredit or purchases which may be made shall be deemed to apply to loans,\nadvances of credit or purchases made or to loans acquired by purchase\npursuant to this subdivision.\n