Source: http://www.law.cornell.edu/uscode/text/12/1715z-9?qt-us_code_tabs=1
Timestamp: 2014-12-21 19:06:45
Document Index: 358598103

Matched Legal Cases: ['§ 244', '§ 307', '§ 6', '§ 1', '§ 1', '§ 301', '§ 1', '§ 301', '§ 1', '§ 1', '§ 301', '§ 1', '§ 301', '§ 107', '§ 331', '§ 1', '§ 1', '§ 1', '§ 303', '§ 401', '§ 104', '§ 1', '§ 1', '§ 1', '§ 1', '§ 3007', '§ 1', '§ 1', '§ 1', '§ 401', '§ 139', '§ 1701', '§ 289', '§ 414', '§ 401', '§ 429', '§ 107', '§ 414', '§ 401', '§ 414', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 1', '§ 401', '§ 401', '§ 434', '§ 434', '§ 303', '§ 6', '§ 6', 'art 200', 'art 204', 'art 206', 'art 251', 'art 252', 'art 255']

The Secretary may make loans, from the applicable insurance fund, to public housing agencies in connection with mortgages which have been insured pursuant to this subsection and which are in default.
The Secretary may insure and make a commitment to insure in connection with a co-insurance contract pursuant to this subsection (A) a mortgage on a project assisted under the second proviso in the first sentence of section 1715z–1
(b) of this title, and (B) a mortgage or advance on a mortgage made to a public housing agency on a project under construction which is not approved for insurance prior to construction.
As used in this subsection, the term “public housing agency” has the meaning given such term in section 1437a
(b)(6) of title 42.
Notwithstanding any other provision of this chapter, the Secretary may include in the determination of replacement cost of a project to be covered by a mortgage made to a public housing agency and insured pursuant to this subsection, such reserves and development costs, not to exceed 5 per centum of the amount otherwise allowable, as may be established or authorized by the public housing agency consistent with such agency’s procedures and underwriting standards.
Redesignated (f) (h)
Acceptable co-insurance provisions for rental rehabilitation; termination date Notwithstanding any other provision of this section, in the case of a mortgage insured under section 1715n
(f) of this title secured by property which is to be rehabilitated or developed under section 1437o [1]
of title 42, such co-insurance may include provisions that—
insurance benefits shall equal the sum of (A)
90 per centum of the mortgage on the date of institution of foreclosure proceedings (or on the date of acquisition of the property otherwise after default), and (B)
90 per centum of interest arrears on the date benefits are paid;
the mortgagee shall remit to the Secretary, for credit to the General Insurance Fund, 90 per centum of any proceeds of the property, including sale proceeds, net of the mortgagee’s actual and reasonable costs related to the property and the enforcement of security;
payment of such benefits shall be made in cash unless the mortgagee submits a written request for debenture payment; and
the underwriter of co-insurance may reinsure 10 per centum of the mortgage amount with a private mortgage insurance company or with a State mortgage insurance agency.
2 Authority of mortgagee to assign its interest in any note or mortgage subject to a contract of co-insurance; terms and conditions respecting retention of co-insurance risk of such note or mortgage Any mortgagee which enters into a contract of co-insurance under this section shall have the authority to assign its interest in any note or mortgage subject to a contract of co-insurance to a warehouse bank or other financial institution which provides interim funding for a loan co-insured under this section, and to retain the co-insurance risk of such note or mortgage, upon such terms and conditions as the Secretary shall prescribe.
2 Annual review of, and assessment of compliance with, requirements; report; adjustment of requirements The Secretary shall, by January 15 and July 15 of each year (1)
review the adequacy of capital and other requirements for mortgagees under this section, (2)
assess the compliance by mortgagees with such requirements, and (3)
make such adjustment to such requirements as the Secretary, after providing opportunity for hearing, determines to be appropriate to improve the long-term financial soundness of the Federal Housing Administration funds. Such requirements shall include the minimum capital or net worth of mortgagees; the ratio that mortgagees shall maintain between the mortgagee’s capital and the volume of mortgages co-insured by such mortgagee; and such other requirements as the Secretary determines to be appropriate to ensure the long-term financial soundness of the Federal Housing Administration funds. The Secretary shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives a report on the review and assessment under the previous sentence, and an explanation of the Secretary’s reasons for making any adjustment in requirements authorized under this section.
So in original. Two subsecs. (i) have been enacted.
(June 27, 1934, ch. 847, title II, § 244, as added Pub. L. 93–383, title III, § 307,Aug. 22, 1974, 88 Stat. 679; amended Pub. L. 94–375, § 6,Aug. 3, 1976, 90 Stat. 1070; Pub. L. 95–60, § 1(d),June 30, 1977, 91 Stat. 257; Pub. L. 95–80, § 1(d),July 31, 1977, 91 Stat. 339; Pub. L. 95–128, title III, § 301(f),Oct. 12, 1977, 91 Stat. 1131; Pub. L. 95–406, § 1(f),Sept. 30, 1978, 92 Stat. 879; Pub. L. 95–557, title III, § 301(f),Oct. 31, 1978, 92 Stat. 2096; Pub. L. 96–71, § 1(f),Sept. 28, 1979, 93 Stat. 501; Pub. L. 96–105, § 1(f),Nov. 8, 1979, 93 Stat. 794; Pub. L. 96–153, title III, § 301(f),Dec. 21, 1979, 93 Stat. 1111; Pub. L. 96–372, § 1(f),Oct. 3, 1980, 94 Stat. 1363; Pub. L. 96–399, title III, § 301(f),Oct. 8, 1980, 94 Stat. 1638; Pub. L. 96–470, title I, § 107(a),Oct. 19, 1980, 94 Stat. 2238; Pub. L. 97–35, title III, § 331(f),Aug. 13, 1981, 95 Stat. 413; Pub. L. 97–289, § 1(f),Oct. 6, 1982, 96 Stat. 1230; Pub. L. 98–35, § 1(f),May 26, 1983, 97 Stat. 197; Pub. L. 98–109, § 1(f),Oct. 1, 1983, 97 Stat. 745; Pub. L. 98–181, title I[title III, § 303(a), title IV, §§ 401(e), 434], Nov. 30, 1983, 97 Stat. 1206, 1207, 1222; Pub. L. 98–479, title I, § 104(a)(5),Oct. 17, 1984, 98 Stat. 2225; Pub. L. 99–120, § 1(e),Oct. 8, 1985, 99 Stat. 502; Pub. L. 99–156, § 1(e),Nov. 15, 1985, 99 Stat. 815; Pub. L. 99–219, § 1(e),Dec. 26, 1985, 99 Stat. 1730; Pub. L. 99–267, § 1(e),Mar. 27, 1986, 100 Stat. 73; Pub. L. 99–272, title III, § 3007(e),Apr. 7, 1986, 100 Stat. 105; Pub. L. 99–289, § 1(b),May 2, 1986, 100 Stat. 412; Pub. L. 99–345, § 1,June 24, 1986, 100 Stat. 673; Pub. L. 99–430, Sept. 30, 1986, 100 Stat. 986; Pub. L. 100–122, § 1,Sept. 30, 1987, 101 Stat. 793; Pub. L. 100–154, Nov. 5, 1987, 101 Stat. 890; Pub. L. 100–170, Nov. 17, 1987, 101 Stat. 914; Pub. L. 100–179, Dec. 3, 1987, 101 Stat. 1018; Pub. L. 100–200, Dec. 21, 1987, 101 Stat. 1327; Pub. L. 100–242, title IV, §§ 401(a)(3), 414, 429(g),Feb. 5, 1988, 101 Stat. 1898, 1907, 1919; Pub. L. 101–235, title I, § 139(a),Dec. 15, 1989, 103 Stat. 2029.)
This chapter, referred to in subsecs. (a), (e), and (f)(5), was in the original “this Act”, meaning act June 27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see Tables.
Section 1437o of title 42, referred to in subsec. (h), was repealed by Pub. L. 101–625, title II, § 289(b),Nov. 28, 1990, 104 Stat. 4128.
1989—Subsec. (i). Pub. L. 101–235added subsec. (i) relating to annual review of, and assessment of compliance with, requirements.
1988—Subsec. (c). Pub. L. 100–242, § 414(a), struck out subsec. (c) which read as follows: “No insurance shall be granted pursuant to this section unless the Secretary has, after due consultation with the mortgage lending industry, determined that the demonstration program of co-insurance authorized by this section will not disrupt the mortgage market or reduce the availability of mortgage credit to borrowers who depend upon mortgage insurance provided under this chapter.”
Subsec. (d). Pub. L. 100–242, § 401(a)(3), struck out subsec. (d) which read as follows: “No mortgage, advance, or loan shall be insured pursuant to this section after March 15, 1988, except pursuant to a commitment to insure made before that date.”
Subsec. (f). Pub. L. 100–242, § 429(g)(1), which directed that subsec. (g) be amended by striking out par. (2) which read: “The second sentence of subsection (d) of this section shall not apply to mortgages made to public housing agencies, but for purposes of such second sentence such mortgages shall not be counted in the aggregate principal amount of all mortgages insured under this subchapter.”, and by redesignating former pars. (3) to (6) as (2) to (5), was executed to subsec. (f) to reflect the probable intent of Congress, because of the prior redesignation of subsec. (g) as (f) by Pub. L. 96–470, § 107(a).
Subsec. (h). Pub. L. 100–242, §§ 414(b)(1), 429(g)(2), made identical amendments, substituting “co-insurance” for “coinsurance” in introductory provision and par. (4).
Pub. L. 100–242, § 401(a)(3), struck out at end “No commitment for insurance pursuant to this subsection may be issued after March 15, 1988.”
Subsec. (i). Pub. L. 100–242, § 414(b)(2), added subsec. (i).
1987—Subsecs. (d), (h). Pub. L. 100–200substituted “March 15, 1988” for “December 16, 1987”.
1986—Subsecs. (d), (h). Pub. L. 99–430substituted “September 30, 1987” for “September 30, 1986”.
1985—Subsec. (d). Pub. L. 99–219, § 1(e)(1), substituted “March 17, 1986” for “December 15, 1985”.
Pub. L. 99–156, § 1(e)(1), substituted “December 15, 1985” for “November 14, 1985”.
Pub. L. 99–120, § 1(e)(1), substituted “November 14, 1985” for “September 30, 1985”.
Subsec. (h). Pub. L. 99–219, § 1(e)(2), substituted “after March 17, 1986” for “on or after December 16, 1985”.
Pub. L. 99–156, § 1(e)(2), substituted “December 16, 1985” for “November 15, 1985”.
Pub. L. 99–120, § 1(e)(2), substituted “November 15, 1985” for “October 1, 1985”.
1984—Subsec. (d). Pub. L. 98–479amended subsec. (d) generally, thereby striking out last sentence which provided: “The aggregate principal amount of mortgages and loans insured pursuant to this section in any fiscal year beginning on or after July 1, 1974, and ending prior to October 1, 1985, shall not exceed 20 per centum of the aggregate principal amount of all mortgages and loans insured under this subchapter during such fiscal year.”
1983—Subsec. (d). Pub. L. 98–181, § 401(e)(3), which directed that last two sentences of subsec. (d) be struck out was executed by striking out last sentence which provided that the overall percentage limitation specified in the preceding sentence also apply separately within each of the categories of mortgages and loans covering one- to four-family dwellings and mortgages and loans covering projects with five or more dwelling units, as the probable intent of Congress, in view of the amendment to the next to last sentence by section 401(e)(2) ofPub. L. 98–181.
Pub. L. 98–181, § 401(e)(1), (2), substituted “September 30, 1985” for “November 30, 1983” and “October 1, 1985” for “December 1, 1983”.
Pub. L. 98–109substituted “November 30, 1983” for “September 30, 1983” and “December 1, 1983” for “October 1, 1983”.
Pub. L. 98–35substituted “September 30, 1983” for “May 20, 1983” and “October 1, 1983” for “May 21, 1983”.
Subsec. (f)(1). Pub. L. 98–181, § 434(1), struck out “the mortgagee is a public housing agency or an insured depository institution and” after “Where”. Notwithstanding the directory language that amendment be made to subsec. (g)(1), the amendment was executed to subsec. (f)(1) to reflect the probable intent of Congress and the intervening redesignation of subsec. (g) as (f) by Pub. L. 96–470.
Subsec. (f)(5). Pub. L. 98–181, § 434(2), substituted reference to section 1437a
(b)(6) of title 42 for reference to section 1437a
(6) of title 42 and struck out provision which defined the term “insured depository institution” as any savings bank, savings and loan association, commercial bank or other such depository institution whose deposits are insured by the Federal Deposit Insurance Corporation, by the Federal Savings and Loan Insurance Corporation, or by an agency or instrumentality of a State. Notwithstanding the directory language that amendment be made to subsec. (g)(5), the amendment was executed to subsec. (f)(5) to reflect the probable intent of Congress and the intervening redesignation of subsec. (g) as (f) by Pub. L. 96–470.
Subsec. (h). Pub. L. 98–181, § 303(a), added subsec. (h).
1982—Subsec. (d). Pub. L. 97–289substituted “May 20, 1983” and “May 21, 1983” for “September 30, 1982” and “October 1, 1982”, respectively.
1981—Subsec. (d). Pub. L. 97–35substituted “1982” for “1981” in two places.
1980—Subsec. (d). Pub. L. 96–399substituted “September 30, 1981” and “October 1, 1981” for “October 15, 1980” and “October 16, 1980”, respectively.
Pub. L. 96–372substituted “October 15, 1980” and “October 16, 1980” for “September 30, 1980” and “October 1, 1980”, respectively.
Subsecs. (f), (g). Pub. L. 96–470struck out subsec. (f) and redesignated subsec. (g) as (f).
1979—Subsec. (d). Pub. L. 96–153substituted “September 30, 1980” for “November 30, 1979” and “October 1, 1980” for “December 1, 1979”.
Pub. L. 96–105substituted “November 30, 1979” and “December 1, 1979” for “October 31, 1979” and “November 1, 1979”, respectively.
Pub. L. 96–71substituted “October 31, 1979” and “November 1, 1979” for “September 30, 1979” and “October 1, 1979”, respectively.
1978—Subsec. (d). Pub. L. 95–557substituted “September 30, 1979” for “October 31, 1978” and “October 1, 1979” for “November 1, 1978”.
Pub. L. 95–406substituted “October 31, 1978” for “September 30, 1978” and “November 1, 1978” for “October 1, 1978”.
1977—Subsec. (d). Pub. L. 95–128substituted “September 30, 1978” for “September 30, 1977” and “October 1, 1978” for “October 1, 1977”.
1976—Subsec. (a). Pub. L. 94–375, § 6(b), inserted, in text following par. (2), a provision excluding a mortgagee which enters into a contract under this section from regulation by state insurance laws.
Subsec. (g). Pub. L. 94–375, § 6(a), added subsec. (g).
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.24 CFR - Housing and Urban Development24 CFR Part 200 - INTRODUCTION TO FHA PROGRAMS24 CFR Part 204 - COINSURANCE24 CFR Part 206 - HOME EQUITY CONVERSION MORTGAGE INSURANCE24 CFR Part 251 - COINSURANCE FOR THE CONSTRUCTION OR SUBSTANTIAL REHABILITATION OF MULTIFAMILY HOUSING PROJECTS24 CFR Part 252 - COINSURANCE OF MORTGAGES COVERING NURSING HOMES, INTERMEDIATE CARE FACILITIES, AND BOARD AND CARE HOMES24 CFR Part 255 - COINSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS