Source: https://www.law.cornell.edu/uscode/text/12/1430b
Timestamp: 2016-07-26 01:23:15
Document Index: 62675545

Matched Legal Cases: ['§ 1430', '§ 1430', '§ 1430', '§\u202f1430', '§\u202f10', '§\u202f7', '§\u202f701', '§\u202f1392', '§\u202f1204', '§\u202f1707', 'art 950', 'art 955', 'art 1264', 'art 1265', 'art 1267', 'art 1269']

12 U.S. Code § 1430b - Advances to nonmember mortgagee; terms and conditions | US Law | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 11 › § 1430b 12 U.S. Code § 1430b - Advances to nonmember mortgagee; terms and conditions
§ 1430b.
Advances to nonmember mortgagee; terms and conditions
Each Federal Home Loan Bank is authorized to make advances to nonmember mortgagees approved under title II of the National Housing Act [12 U.S.C. 1707 et seq.]. Such mortgagees must be chartered institutions having succession and subject to the inspection and supervision of some governmental agency, and whose principal activity in the mortgage field must consist of lending their own funds. Such advances shall not be subject to the other provisions and restrictions of this chapter, but shall be made upon the security of insured mortgages, insured under title II of the National Housing Act. Advances made under the terms of this section shall be at such rates of interest and upon such terms and conditions as shall be determined by the Director, but no advance may be for an amount in excess of 90 per centum of the unpaid principal of the mortgage loan given as security.
(b) ExceptionAn advance made to a State housing finance agency for the purpose of facilitating mortgage lending that benefits individuals and families that meet the income requirements set forth in section 142(d) or 143(f) of title 26, need not be collateralized by a mortgage insured under title II of the National Housing Act [12 U.S.C. 1707 et seq.] or otherwise, if—
such advance otherwise meets the requirements of this subsection; and
such advance meets the requirements of section 1430(a) of this title, and any real estate collateral for such loan comprises single family or multifamily residential mortgages.
(July 22, 1932, ch. 522, § 10b, as added May 25, 1935, ch. 150, § 7, 49 Stat. 295; amended Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 102–550, title XIII, § 1392(b), Oct. 28, 1992, 106 Stat. 4009; Pub. L. 110–289, div. A, title II, § 1204(8), July 30, 2008, 122 Stat. 2786.)
The National Housing Act, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. Title II of the Act is classified generally to subchapter II (§ 1707 et seq.) of chapter 13 of this title. For complete classification of this Act to the Code, see section 1701 of this title and Tables.
2008—Subsec. (a). Pub. L. 110–289 substituted “the Director” for “the Board”.
1989—Pub. L. 101–73 substituted “Board” for “Federal Home Loan Bank Board”.
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.12 CFR - Banks and Banking12 CFR Part 950 - ADVANCES12 CFR Part 955 - ACQUIRED MEMBER ASSETS12 CFR Part 1264 - FEDERAL HOME LOAN BANK HOUSING ASSOCIATES12 CFR Part 1265 - CORE MISSION ACTIVITIES12 CFR Part 1267 - FEDERAL HOME LOAN BANK INVESTMENTS12 CFR Part 1269 - STANDBY LETTERS OF CREDIT