Source: https://www.law.cornell.edu/uscode/text/12/1716?qt-us_code_tabs=2
Timestamp: 2016-02-06 14:27:40
Document Index: 731968590

Matched Legal Cases: ['§ 1716', '§\u202f1716', '§\u202f301', '§\u202f30', '§\u202f4', '§\u202f15', '§\u202f5', '§\u202f1', '§\u202f201', '§\u202f4', '§\u202f7', '§\u202f116', '§\u202f205', '§\u202f608', '§\u202f3', '§\u202f12', '§\u202f1', '§\u202f201', '§\u202f802', '§\u202f731', '§\u202f1381', '§\u202f1381', '§\u202f1381', '§\u202f1381', '§\u202f1381', '§\u202f1381', '§\u202f12', '§\u202f13', '§\u202f3', '§\u202f3', '§\u202f3', '§\u202f205', '§\u202f608', '§\u202f122', '§\u202f116', '§\u202f116', '§\u202f116', '§\u202f116', '§\u202f201', '§\u202f7', '§\u202f2']

12 U.S. Code § 1716 - Declaration of purposes of subchapter | US Law | LII / Legal Information Institute
§ 1716.
Declaration of purposes of subchapterThe Congress declares that the purposes of this subchapter are to establish secondary market facilities for residential mortgages, to provide that the operations thereof shall be financed by private capital to the maximum extent feasible, and to authorize such facilities to—
(June 27, 1934, ch. 847, title III, § 301, 48 Stat. 1252; May 28, 1935, ch. 150, § 30, 49 Stat. 300; Feb. 3, 1938, ch. 13, §§ 4, 5, 52 Stat. 23; June 3, 1939, ch. 175, §§ 15, 16, 53 Stat. 808; Mar. 28, 1941, ch. 31, § 5, 55 Stat. 62; July 1, 1948, ch. 784, § 1, 62 Stat. 1206; Aug. 10, 1948, ch. 832, title II, §§ 201, 202, 62 Stat. 1275; Aug. 8, 1949, ch. 403, § 4, 63 Stat. 576; Oct. 25, 1949, ch. 729, § 7, 63 Stat. 906; Apr. 20, 1950, ch. 94, title I, §§ 116, 122, 64 Stat. 57, 59; Sept. 1, 1951, ch. 378, title II, § 205, title VI, § 608(b), 65 Stat. 303, 315; Apr. 9, 1952, ch. 173, 66 Stat. 51; July 14, 1952, ch. 723, §§ 3(a), 10(a)(2), 66 Stat. 602, 603; June 30, 1953, ch. 170, §§ 12, 13(a), 67 Stat. 125; June 29, 1954, ch. 410, § 1(1), 68 Stat. 320; Aug. 2, 1954, ch. 649, title II, § 201, 68 Stat. 612; Pub. L. 90–448, title VIII, § 802(b), Aug. 1, 1968, 82 Stat. 536; Pub. L. 101–73, title VII, § 731(m)(1), Aug. 9, 1989, 103 Stat. 435; Pub. L. 102–550, title XIII, § 1381(a), Oct. 28, 1992, 106 Stat. 3994.)
1992—Pub. L. 102–550, § 1381(a)(1), substituted “residential” for “home” in introductory provisions.
Par. (1). Pub. L. 102–550, § 1381(a)(1), substituted “residential” for “home”.
Par. (3). Pub. L. 102–550, § 1381(a)(1), (2), substituted “residential” for “home” in two places, substituted “(including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities)” for “(including mortgages securing housing for low- and moderate-income families involving a reasonable economic return)”, and struck out “and” at end.
Par. (4). Pub. L. 102–550, § 1381(a)(3), (4), added par. (4) and redesignated former par. (4) as (5).
Par. (5). Pub. L. 102–550, § 1381(a)(1), (3), redesignated par. (4) as (5) and substituted “residential” for “home”.
1989—Pub. L. 101–73 added pars. (1) to (3), struck out subsecs. (a) and (b), and redesignated subsec. (c) as par. (4). Prior to amendment, subsecs. (a) and (b) related to supplementary assistance to the secondary market and to provision of special assistance, respectively.
1968—Pub. L. 90–448 struck out provisions which established in the Federal Government a secondary market facility for home mortgages in view of section 1716b of this title which created two separate and distinct corporations.
1953—Subsec. (a)(1)(E). Act June 30, 1953, § 12, in cl. (2), substituted “principal amount to be paid therefor” for “unpaid principal balance thereof”, and “aggregate principal amount” for “aggregate amount”; and substituted three provisos for former proviso which made such cl. (2) and any terms therein inapplicable to any defense or disaster mortgages as defined in subpar. (G) of par. (1).
Subsec. (a)(1)(G). Act June 30, 1953, § 13(a), substituted in first sentence “July 1, 1954” for “July 1, 1953”.
1952—Subsec. (a)(1). Act July 14, 1952, § 3(a)(1), authorized the FNMA to purchase Government-insured or guaranteed home mortgages other than defense or disaster mortgages if they are insured after Feb. 29, 1952.
Subsec. (a)(1)(E). Act July 14, 1952, § 3(a)(2), (3), changed the base date from Apr. 30, 1948 to Feb. 29, 1952, and exempted defense or disaster mortgages from the limitation of this subparagraph.
Subsec. (a)(1)(G). Act July 14, 1952, § 3(a)(4), increased the FNMA commitment powers from $252,000,000 to $1,152,000,000 outstanding at any one time if the commitments relate to defense or disaster mortgages.
1951—Subsec. (a)(1). Act Sept. 1, 1951, § 205, inserted reference to subchapter X of this chapter.
Subsec. (a)(1)(G). Act Sept. 1, 1951, § 608(b), inserted proviso.
1950—Act Apr. 20, 1950, § 122, substituted “Commissioner” for “Administrator” wherever appearing.
Subsec. (a)(1). Act Apr. 20, 1950, § 116(1), (2), inserted “or section 1706c of this title” and first proviso.
Subsec. (a)(1)(E). Act Apr. 20, 1950, § 116(3), substituted new proviso for former proviso.
Subsec. (a)(1)(F). Act Apr. 20, 1950, § 116(4), substituted provision that no loan made to finance the purchase price or construction cost of a dwelling was to be purchased by the Federal National Mortgage Association unless the Administrator of Veterans’ Affairs certifies that such dwelling conforms with minimum construction requirements prescribed by the Administrator for former provision that such certification was to be given by the mortgagee and that minimum construction standards were to be determined by the provisions within the National Housing Act.
Subsec. (a)(1)(G). Act Apr. 20, 1950, § 116(5), added par. (1)(G).
Subsec. (a)(1). Act Aug. 10, 1948, §§ 201, 202, substituted “subchapter II or VI of this chapter” for “section 1709 or 1738 of this title”, inserted “after April 30, 1948”, after “or guaranteed”, and substituted “50” for “25” in cl. (2) of par. (1) (E).
Joint Res. Oct. 25, 1949, ch. 729, § 7, 63 Stat. 906, provided in part: “That the amendment made by this section 7 with respect to mortgages guaranteed under section 501 of the Servicemen’s Readjustment Act of 1944, as amended [this section], shall apply only to such mortgages guaranteed after the date of enactment of this Act [Oct. 25, 1949].”
Act July 1, 1948, ch. 784, § 2, 62 Stat. 1209, provided that: “Nothing in the amendment made by the first section of this Act [amending sections 1716, 1717 to 1721 of this title] shall limit the authority of the Federal National Mortgage Association to service or sell any mortgage purchased prior to the date of the enactment of this Act [July 1, 1948], or to purchase, service, or sell any mortgage with respect to which a commitment to purchase was made prior to the date of the enactment of this Act [July 1, 1948].”