[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1721]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER III--NATIONAL MORTGAGE ASSOCIATIONS
Sec. 1721. Management and liquidation functions of Government
National Mortgage Association
(a) Separate accountability of assets and liabilities
To carry out the purposes set forth in paragraph (c) \1\ of section
1716 of this title, the Association is authorized and directed, as of
the close of the cutoff date determined by the Association pursuant to
section 1718(d) \1\ of this title, to establish separate accountability
for all of its assets and liabilities (exclusive of capital, surplus,
surplus reserves, and undistributed earnings to be evidenced by
preferred stock as provided in section 1718(d) \1\ of this title, but
inclusive of all rights and obligations under any outstanding
contracts), and to maintain such separate accountability for the
management and orderly liquidation of such assets and liabilities as
provided in this section.
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(b) Issuance of obligations to expedite substitution of private
financing
For the purposes of this section and to assure that, to the maximum
extent, and as rapidly as possible, private financing will be
substituted for Treasury borrowings otherwise required to carry
mortgages held under the aforesaid separate accountability, the
Association is authorized to issue, upon the approval of the Secretary
of the Treasury, and have outstanding at any one time obligations having
such maturities and bearing such rate or rates of interest as may be
determined by the Association with the approval of the Secretary of the
Treasury, to be redeemable at the option of the Association before
maturity in such manner as may be stipulated in such obligations; but in
no event shall any such obligations be issued if, at the time of such
proposed issuance, and as a consequence thereof, the resulting aggregate
amount of its outstanding obligations under this subsection would exceed
the amount of the Association's ownership under the aforesaid separate
accountability, free from any liens or encumbrances, of cash, mortgages,
and obligations of the United States or guaranteed thereby, or
obligations, participations, or other instruments which are lawful
investments for fiduciary, trust or public funds. The proceeds of any
private financing effected under this subsection shall be paid to the
Secretary of the Treasury in reduction of the indebtedness of the
Association to the Secretary of the Treasury under the aforesaid
separate accountability. The Association shall insert appropriate
language in all of its obligations issued under this subsection clearly
indicating that such obligations, together with the interest thereon,
are not guaranteed by the United States and do not constitute a debt or
obligation of the United States or of any agency or instrumentality
thereof other than the Association. The Association is authorized to
purchase in the open market any of its obligations outstanding under
this subsection at any time and at any price.
(c) Cutoff date as controlling purchases; total amount of mortgages and
commitments
No mortgage shall be purchased by the Association in its operations
under this section except pursuant to and in accordance with the terms
of a contract or commitment to purchase the same made prior to the
cutoff date provided for in section 1718(d) \1\ of this title, which
contract or commitment became a part of the aforesaid separate
accountability, and the total amount of mortgages and commitments held
by the Association under this section shall not, in any event, exceed
$3,350,000,000: Provided, That such maximum amount shall be
progressively reduced by the amount of cash realizations on account of
principal of mortgages held under the aforesaid separate accountability
and by cancellation of any commitments to purchase mortgages thereunder,
as reflected by the books of the Association, with the objective that
the entire aforesaid maximum amount shall be eliminated with the orderly
liquidation of all mortgages held under the aforesaid separate
accountability: And provided further, That nothing in this subsection
shall preclude the Association from granting such usual and customary
increases in the amounts of outstanding commitments (resulting from
increased costs or otherwise) as have theretofore been covered by like
increases in commitments granted by the agencies of the Federal
Government insuring or guaranteeing the mortgages. There shall be
excluded from the total amounts set forth in this subsection the amounts
of any mortgages which, subsequent to May 31, 1954, are transferred by
law to the Association and held under the aforesaid separate
accountability.
(d) Issuance of obligations sufficient to carry out functions;
character; purchase
The Association may issue to the Secretary of the Treasury its
obligations in an amount outstanding at any one time sufficient to
enable the Association to carry out its functions under this section,
such obligations to mature not more than five years from their
respective dates of issue, to be redeemable at the option of the
Association before maturity in such manner as may be stipulated in such
obligations. Each such obligation shall bear interest at a rate
determined by the Secretary of the Treasury, taking into consideration
the current average rate on outstanding marketable obligations of the
United States as of the last day of the month preceding the issuance of
the obligation of the Association. The Secretary of the Treasury is
authorized to purchase any obligations of the Association to be issued
under this section, and for such purpose the Secretary of the Treasury
is authorized to use as a public debt transaction the proceeds from the
sale of any securities issued under chapter 31 of title 31, and the
purposes for which securities may be issued under chapter 31 of title 31
are extended to include any purchases of the Association's obligations
hereunder.
(e) Acquisition of mortgages offered by Secretary of Housing and Urban
Development
Notwithstanding any other provision of law, the Association is
authorized, under the aforesaid separate accountability, to make
commitments to purchase, and to purchase, service, or sell any
obligations offered to it by the Secretary of Housing and Urban
Development, or any mortgages covering residential property offered to
it by any Federal instrumentality, or the head thereof. These shall be
excluded from the total amounts set forth in subsection (c) of this
section the amounts of any obligations or mortgages purchased by the
Association pursuant to this subsection.
(f) Transfer of funds
Notwithstanding any of the provisions of this chapter or of any
other law, an amount equal to the net decrease for the preceding fiscal
year in the aggregate principal amount of all mortgages owned by the
Association under this section shall, as of July 1 of each of the years
1961 through 1964, be transferred to and merged with the authority
provided under section 1720(a) \2\ of this title, and the amount of such
authority as specified in section 1720(c) \2\ of this title shall be
increased by any amounts so transferred.
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(g) Guarantee of principal and interest on trust certificates and other
securities; fees and charges; subrogation; contract for
extinguishment of right, title, or interest in mortgages;
protection of interests; full faith and credit; commitments
limited; limitation on fees or charges
(1) The Association is authorized, upon such terms and conditions as
it may deem appropriate, to guarantee the timely payment of principal of
and interest on such trust certificates or other securities as shall (i)
be issued by the corporation under section 1719(d) of this title, or by
any other issuer approved for the purposes of this subsection by the
Association, and (ii) be based on and backed by a trust or pool composed
of mortgages which are insured under this chapter or title V of the
Housing Act of 1949 [42 U.S.C. 1471 et seq.], or which are insured or
guaranteed under the Servicemen's Readjustment Act of 1944 or chapter 37
of title 38, or which are guaranteed under title XIII of the Public
Health Service Act [42 U.S.C. 300e et seq.]; \3\ or guaranteed under
section 1715z-13a of this title. The Association shall collect from the
issuer a reasonable fee for any guaranty under this subsection and shall
make such charges as it may determine to be reasonable for the analysis
of any trust or other security arrangement proposed by the issuer. In
the event the issuer is unable to make any payment of principal of or
interest on any security guaranteed under this subsection, the
Association shall make such payment as and when due in cash, and
thereupon shall be subrogated fully to the rights satisfied by such
payment. In any case in which (I) Federal law requires the reduction of
the interest rate on any mortgage backing a security guaranteed under
this subsection, (II) the mortgagor under the mortgage is a person in
the military service, and (III) the issuer of such security fails to
receive from the mortgagor the full amount of interest payment due, the
Association may make payments of interest on the security in amounts not
exceeding the difference between the amount payable under the interest
rate on the mortgage and the amount of interest actually paid by the
mortgagor. The Association is hereby empowered, in connection with any
guaranty under this subsection, whether before or after any default, to
provide by contract with the issuer for the extinguishment, upon default
by the issuer, of any redemption, equitable, legal, or other right,
title, or interest of the issuer in any mortgage or mortgages
constituting the trust or pool against which the guaranteed securities
are issued; and with respect to any issue of guaranteed securities, in
the event of default and pursuant otherwise to the terms of the
contract, the mortgages that constitute such trust or pool shall become
the absolute property of the Association subject only to the unsatisfied
rights of the holders of the securities based on and backed by such
trust or pool. No State or local law, and no Federal law (except Federal
law enacted expressly in limitation of this subsection after October 8,
1980), shall preclude or limit the exercise by the Association of (A)
its power to contract with the issuer on the terms stated in the
preceding sentence, (B) its rights to enforce any such contract with the
issuer, or (C) its ownership rights, as provided in the preceding
sentence, in the mortgages constituting the trust or pool against which
the guaranteed securities are issued. The full faith and credit of the
United States is pledged to the payment of all amounts which may be
required to be paid under any guaranty under this subsection. There
shall be excluded from the total amounts set forth in subsection (c) of
this section the amounts of any mortgages acquired by the Association as
a result of its operations under this subsection.
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(2) Notwithstanding any other provision of law and subject only to
the absence of qualified requests for guarantees, to the authority
provided in this subsection, and to the extent of or in such amounts as
any funding limitation approved in appropriation Acts, the Association
shall enter into commitments to issue guarantees under this subsection
in an aggregate amount of $110,000,000,000 during fiscal year 1996.
There are authorized to be appropriated to cover the costs (as such term
is defined in section 661a of title 2) of guarantees issued under this
chapter by the Association such sums as may be necessary for fiscal year
1996.
(3)(A) No fee or charge in excess of 6 basis points may be assessed
or collected by the United States (including any executive department,
agency, or independent establishment of the United States) on or with
regard to any guaranty of the timely payment of principal or interest on
securities or notes based on or backed by mortgages that are secured by
1- to 4-family dwellings and (i) insured by the Federal Housing
Administration under subchapter II of this chapter; or (ii) insured or
guaranteed under the Serviceman's Readjustment Act of 1944, chapter 37
of title 38, or title V of the Housing Act of 1949 [42 U.S.C. 1471 et
seq.].
(B) The fees charged for the guaranty of securities or on notes
based on or backed by mortgages not referred to in subparagraph (A), as
authorized by other provisions of law, shall be set by the Association
at a level not more than necessary to create reserves sufficient to meet
anticipated claims based upon actuarial analysis, and for no other
purpose.
(C) Fees or charges for the issuance of commitments or miscellaneous
administrative fees of the Association shall not be on a competitive
auction basis and shall remain at the level set for such fees or charges
as of September 1, 1985, except that such fees or charges may be
increased if reasonably related to the cost of administering the
program, and for no other purpose.
(D) Not less than 90 days before increasing any fee or charge under
subparagraph (B) or (C), the Secretary shall submit to the Congress a
certification that such increase is solely for the purpose specified in
such subparagraph.
(E)(i) Notwithstanding subparagraphs (A) through (D), fees charged
for the guarantee of, or commitment to guarantee, multiclass securities
backed by a trust or pool of securities or notes guaranteed by the
Association under this subsection, and other related fees shall be
charged by the Association in an amount the Association deems
appropriate. The Association shall take such action as may be necessary
to reasonably assure that such portion of the benefit, resulting from
the Association's multiclass securities program, as the Association
determines is appropriate accrues to mortgagors who execute eligible
mortgages after August 10, 1993.
(ii) The Association shall provide for the initial implementation of
the program for which fees are charged under the first sentence of
clause (i) by notice published in the Federal Register. The notice shall
be effective upon publication and shall provide an opportunity for
public comment. Not later than 12 months after publication of the
notice, the Association shall issue regulations for such program based
on the notice, comments received, and the experience of the Association
in carrying out the program during such period.
(iii) The Association shall consult with persons or entities in such
manner as the Association deems appropriate to ensure the efficient
commencement and operation of the multiclass securities program.
(iv) No State or local law, and no Federal law (except Federal law
enacted expressly in limitation of this clause after August 10, 1993)
shall preclude or limit the exercise by the Association of its power to
contract with persons or entities, and its rights to enforce such
contracts, for the purpose of ensuring the efficient commencement and
continued operation of the multiclass securities program.
(June 27, 1934, ch. 847, title III, Sec. 306, 48 Stat. 1255; July 1,
1948, ch. 784, Sec. 1, 62 Stat. 1209; Apr. 20, 1950, ch. 94, title I,
Sec. 122, 64 Stat. 59; Aug. 2, 1954, ch. 649, title II, Sec. 201, 68
Stat. 618; Aug. 7, 1956, ch. 1029, title II, Sec. 209, 70 Stat. 1097;
Pub. L. 86-372, title III, Secs. 305(a), 306(a), Sept. 23, 1959, 73
Stat. 670; Pub. L. 87-70, title VI, Sec. 601(c), June 30, 1961, 75 Stat.
176; Pub. L. 88-560, title VII, Sec. 701(b)(2), Sept. 2, 1964, 78 Stat.
800; Pub. L. 89-117, title VIII, Sec. 802(b), Aug. 10, 1965, 79 Stat.
494; Pub. L. 90-19, Sec. 1(k), May 25, 1967, 81 Stat. 18; Pub. L. 90-
448, title VIII, Sec. 804(b), Aug. 1, 1968, 82 Stat. 542; Pub. L. 93-
222, Sec. 7(c), Dec. 29, 1973, 87 Stat. 936; Pub. L. 96-399, title III,
Sec. 335, Oct. 8, 1980, 94 Stat. 1654; Pub. L. 97-35, title III,
Sec. 333(a)(3), Aug. 13, 1981, 95 Stat. 413; Pub. L. 98-181, title IV,
Sec. 481, Nov. 30, 1983, 97 Stat. 1239; Pub. L. 98-479, title II,
Sec. 203(a)(2), Oct. 17, 1984, 98 Stat. 2229; Pub. L. 100-14, Mar. 24,
1987, 101 Stat. 128; Pub. L. 100-242, title IV, Sec. 446, Feb. 5, 1988,
101 Stat. 1922; Pub. L. 101-625, title III, Sec. 339, Nov. 28, 1990, 104
Stat. 4147; Pub. L. 102-550, title V, Secs. 531, 532, Oct. 28, 1992, 106
Stat. 3793; Pub. L. 103-66, title III, Sec. 3004, Aug. 10, 1993, 107
Stat. 339; Pub. L. 103-120, Sec. 10, Oct. 27, 1993, 107 Stat. 1151; Pub.
L. 104-120, Sec. 7, Mar. 28, 1996, 110 Stat. 836; Pub. L. 104-330, title
VII, Sec. 701(k), Oct. 26, 1996, 110 Stat. 4050; Pub. L. 105-244, title
IX, Sec. 972(a), Oct. 7, 1998, 112 Stat. 1837; Pub. L. 107-326, Sec. 4,
Dec. 4, 2002, 116 Stat. 2793.)
References in Text
Paragraph (c) of section 1716 of this title, referred to in subsec.
(a), was redesignated par. (4) of section 1716 by Pub. L. 101-73, title
VII, Sec. 731(m)(1)(B), Aug. 9, 1989, 103 Stat. 435. Par. (4) of section
1716 was redesignated par. (5) by Pub. L. 102-550, title XIII,
Sec. 1381(a)(3), Oct. 28, 1992, 106 Stat. 3994.
Section 1718(d) of this title, referred to in subsecs. (a) and (c),
authorizing the issuance of preferred stock to the Secretary of the
Treasury, was repealed by Pub. L. 93-383, title VIII, Sec. 806(i), Aug.
22, 1974, 88 Stat. 728.
Section 1720 of this title, referred to in subsec. (f), was repealed
by Pub. L. 98-181, title IV, Sec. 483(a), Nov. 30, 1983, 97 Stat. 1240.
The Housing Act of 1949, referred to in subsec. (g)(1), (3)(A), is
act July 15, 1949, ch. 338, 63 Stat. 413, as amended. Title V of the
Housing Act of 1949 is classified generally to subchapter III (Sec. 1471
et seq.) of chapter 8A of Title 42, The Public Health and Welfare. For
complete classification of this Act to the Code, see Short Title note
set out under section 1441 of Title 42 and Tables.
The Servicemen's Readjustment Act of 1944, referred to in subsec.
(g)(1), (3)(A), is act June 22, 1944, ch. 268, 58 Stat. 284, as amended,
which was classified generally to chapter 11C (Secs. 693 to 697g) of
former Title 38, Pensions, Bonuses, and Veterans' Relief, and which was
repealed by section 14(87) of Pub. L. 85-857, Sept. 2, 1958, 72 Stat.
1273, the first section of which enacted Title 38, Veterans' Benefits.
For distribution of sections 693 to 697g of former Title 38 to Title 38,
Veterans' Benefits, see Table preceding section 101 of Title 38.
The Public Health Service Act, referred to in subsec. (g)(1), is act
July 1, 1944, ch. 373, 58 Stat. 682, as amended. Title XIII of the
Public Health Service Act, is title XIII of act July 1, 1944, ch. 373,
as added by act Dec. 29, 1973, Pub. L. 93-222, Sec. 2, 87 Stat. 914,
which is classified generally to subchapter XI (Sec. 300e et seq.) of
chapter 6A of Title 42, The Public Health and Welfare. For complete
classification of this Act to the Code, see Short Title note set out
under section 201 of Title 42 and Tables.
Amendments
2002--Subsec. (g)(3)(A). Pub. L. 107-326 repealed Pub. L. 105-244,
Sec. 972(a). See 1998 Amendment note below.
1998--Subsec. (g)(3)(A). Pub. L. 105-244, Sec. 972(a), which
directed amendment of subpar. (A), effective Oct. 1, 2004, by
substituting ``The Association shall assess and collect a fee in an
amount equal to nine basis points'' for ``No fee or charge in excess of
6 basis points may be assessed or collected by the United States
(including any executive department, agency, or independent
establishment of the United States)'', was repealed by Pub. L. 107-326.
See 2002 Amendment note above and Effective Date of 1998 Amendment note
below.
1996--Subsec. (g)(1). Pub. L. 104-330 inserted before period at end
of first sentence ``; or guaranteed under section 1715z-13a of this
title''.
Subsec. (g)(2). Pub. L. 104-120 amended par. (2) generally. Prior to
amendment, par. (2) read as follows: ``Notwithstanding any other
provision of law and subject only to the absence of qualified requests
for guarantees, to the authority provided in this subsection, and to the
extent of or in such amounts as any funding limitation approved in
appropriation Acts, the Association shall enter into commitments to
issue guarantees under this subsection in an aggregate amount of
$107,700,000,000 during fiscal year 1993 and $91,696,000,000 during
fiscal year 1994. There is authorized to be appropriated such sums as
may be necessary to cover the costs (as such term is defined in section
661a of title 2) of guarantees issued under this chapter by the
Association.''
1993--Subsec. (g)(2). Pub. L. 103-120 substituted
``$107,700,000,000'' for ``$88,000,000,000''.
Subsec. (g)(3)(E). Pub. L. 103-66 added subpar. (E).
1992--Subsec. (g)(1). Pub. L. 102-550, Sec. 532, inserted after
third sentence ``In any case in which (I) Federal law requires the
reduction of the interest rate on any mortgage backing a security
guaranteed under this subsection, (II) the mortgagor under the mortgage
is a person in the military service, and (III) the issuer of such
security fails to receive from the mortgagor the full amount of interest
payment due, the Association may make payments of interest on the
security in amounts not exceeding the difference between the amount
payable under the interest rate on the mortgage and the amount of
interest actually paid by the mortgagor.''
Subsec. (g)(2). Pub. L. 102-550, Sec. 531, amended par. (2)
generally. Prior to amendment, par. (2) read as follows:
``Notwithstanding any other provision of law and subject only to the
absence of qualified requests for guarantees, to the authority provided
in this subsection, and to the extent of or in such amounts as any
funding limitation approved in appropriation Acts, the Association shall
enter into commitments to issue guarantees under this subsection in an
aggregate amount of $84,982,000,000 during fiscal year 1991 and
$88,296,000,000 during fiscal year 1992.''
1990--Subsec. (g)(2). Pub. L. 101-625 amended par. (2) generally.
Prior to amendment, par. (2) read as follows: ``Notwithstanding any
other provision of law and subject only to the absence of qualified
requests for guarantees, to the authority provided in this subsection,
and to any funding limitation approved in appropriation Acts, the
Association shall enter into commitments to issue guarantees under this
subsection in an aggregate amount of $150,000,000,000 for fiscal year
1988, and $156,000,000,000 for fiscal year 1989.''
1988--Subsec. (g)(2). Pub. L. 100-242 amended par. (2) generally.
Prior to amendment, par. (2) read as follows: ``Notwithstanding any
other provision of law and subject only to the absence of qualified
requests for guarantees, to the authority provided in this subsection,
and to any funding limitation approved in appropriation Acts, the
Association shall enter into commitments for each of the fiscal years
1984 and 1985 to issue guarantees under this subsection for each such
fiscal year in an aggregate amount of $68,250,000,000.''
1987--Subsec. (g)(3). Pub. L. 100-14 added par. (3).
1984--Subsec. (d). Pub. L. 98-479 substituted ``chapter 31 of title
31'' for ``the Second Liberty Bond Act, as now or hereafter in force''
in two places.
1983--Subsec. (g)(2). Pub. L. 98-181 substituted ``Notwithstanding
any other provision of law and subject only to the absence of qualified
requests for guarantees, to the authority provided in this subsection,
and to any funding limitation approved in appropriation Acts, the
Association shall enter into commitments for each of the fiscal years
1984 and 1985 to issue guarantees under this subsection for each such
fiscal year in an aggregate amount of $68,250,000,000'' for ``During
fiscal year 1982, the Association may not enter into commitments to
issue guarantees under this subsection in an aggregate amount in excess
of $69,542,000,000''.
1981--Subsec. (g). Pub. L. 97-35 redesignated existing provisions as
par. (1), substituted ``(i)'' for ``(1)'' and ``(ii)'' for ``(2)'', and
added par. (2).
1980--Subsec. (g). Pub. L. 96-399 inserted provisions relating to
Federal, State, or local law, and substituted ``The Association is
hereby'' for ``Any Federal, State, or other law to the contrary
notwithstanding, the Association is hereby''.
1973--Subsec. (g). Pub. L. 93-222 included mortgages which are
guaranteed under title XIII of the Public Health Service Act.
1968--Subsec. (g). Pub. L. 90-448 added subsec. (g).
1967--Subsec. (e). Pub. L. 90-19 substituted ``Secretary of Housing
and Urban Development'' for ``Housing and Home Finance Agency or its
Administrator, or by such Agency's constituent units or agencies or the
heads thereof''.
1965--Subsec. (e). Pub. L. 89-117 authorized Association to deal in
any obligations offered to it by Housing and Home Finance Agency or its
Administrator or by such Agency's units or agencies or by heads thereof
as well as residential mortgages offered to it by any Federal
instrumentality, or head thereof.
1964--Subsec. (b). Pub. L. 88-560 substituted ``or obligations,
participations, or other instruments which are lawful investments'' for
``or obligations which are lawful investments''.
1961--Subsec. (f). Pub. L. 87-70 added subsec. (f).
1959--Subsec. (b). Pub. L. 86-372, Sec. 305(a), substituted ``and
obligations of the United States or guaranteed thereby, or obligations
which are lawful investments for fiduciary, trust, or public funds'' for
``and bonds or other obligations of, or bonds or other obligations
guaranteed as to principal and interest by, the United States''.
Subsec. (e). Pub. L. 86-372, Sec. 306(a), added subsec. (e).
1956--Subsec. (c). Act Aug. 7, 1956, Sec. 209(a), struck out ``and
subsection (e) of this section'' after ``set forth in this subsection''
in last sentence.
Subsec. (e). Act Aug. 7, 1956, Sec. 209(b), repealed provisions
which related to applicability of prior authorized total amount of
investments, etc., to functions under this section and section 1720 of
this title.
1954--Act Aug. 2, 1954, amended section generally by substituting
new provisions and subdividing section into subsecs. (a) to (e).
1950--Act Apr. 20, 1950, substituted ``Commissioner'' for
``Administrator'' wherever appearing.
1948--Act July 1, 1948, amended section generally to provide for
liquidation of Association.
Effective Date of 1998 Amendment
Pub. L. 105-244, title IX, Sec. 972(b), Oct. 7, 1998, 112 Stat.
1837, which provided that the amendment made by section 972 was
effective Oct. 1, 2004, was repealed by Pub. L. 107-326, Sec. 4, Dec. 4,
2002, 116 Stat. 2793.
Effective Date of 1996 Amendment
Amendment by Pub. L. 104-120 to be construed to have become
effective Oct. 1, 1995, see section 13(a) of Pub. L. 104-120, set out as
an Effective and Termination Dates of 1996 Amendments note under section
1437d of Title 42, The Public Health and Welfare.
Effective Date of 1981 Amendment
Amendment by Pub. L. 97-35 effective Oct. 1, 1981, see section 371
of Pub. L. 97-35, set out as an Effective Date note under section 3701
of this title.
Effective Date of 1968 Amendment
For effective date of amendment by title VIII of Pub. L. 90-448, see
section 808 of Pub. L. 90-448, set out as an Effective Date note under
section 1716b of this title.
Authorization To Enter Into Additional Commitments To Insure Loans and
Guarantee Mortgage-Backed Securities During Specific Fiscal Years;
Temporary Extension of Certain Programs Relating to Housing and
Community Development
Fiscal year 1988--Pub. L. 100-200, Dec. 21, 1987, 101 Stat. 1327,
provided: ``That each provision of law amended by Public Law 100-179
[set out below] is amended by striking `December 16, 1987' each place it
appears and inserting `March 15, 1988'.''
Pub. L. 100-179, Dec. 3, 1987, 101 Stat. 1018, provided: ``That each
provision of law amended by Public Law 100-170 [set out below] is
amended by striking `December 2, 1987' each place it appears and
inserting `December 16, 1987'.''
Pub. L. 100-170, Nov. 17, 1987, 100 Stat. 914, provided: ``That each
provision of law amended by Public Law 100-154 [set out below] is
amended by striking `November 15, 1987' and inserting `December 2,
1987'.''
Pub. L. 100-154, Nov. 5, 1987, 101 Stat. 890, provided: ``That each
provision of law amended by Public Law 100-122 [set out below],
including those provisions amended by section 2 of such Public Law, is
amended by striking out `October 31, 1987' wherever it appears and
inserting in lieu thereof `November 15, 1987'.''
Pub. L. 100-122, Sec. 1, Sept. 30, 1987, 101 Stat. 793, provided
that: ``Each provision of law amended by Public Law 99-430 [set out
below] is amended by striking out `September 30, 1987' wherever it
appears and inserting in lieu thereof `October 31, 1987'.''
Fiscal year 1987--Pub. L. 99-430, Sept. 30, 1986, 100 Stat. 986,
provided: ``That each provision of law amended by Public Law 99-345 [set
out below] is amended by striking out `September 30, 1986' wherever it
appears and inserting in lieu thereof `September 30, 1987'.''
Fiscal year 1986--Pub. L. 99-349, title I, July 2, 1986, 100 Stat.
728, provided that: ``The applicable limitation on additional
commitments to insure mortgages and loans to carry out the purposes of
the National Housing Act [12 U.S.C. 1701 et seq.] during fiscal year
1986 is increased by an additional $57,580,000,000 of mortgage and loan
principal.'' and
``The applicable limitation on new commitments to issue guarantees
to carry out the purposes of section 306 of the National Housing Act [12
U.S.C. 1721] during fiscal year 1986 is increased by an additional
$49,000,000,000 of principal.''
Pub. L. 99-345, June 24, 1986, 100 Stat. 673, provided that:
``Section 1. Each provision of law amended by Public Law 99-289 [set
out below], is amended by striking out `June 6, 1986' wherever it
appears and inserting in lieu thereof `September 30, 1986'.
``Sec. 2. The applicable limitation on additional commitments to
insure mortgages and loans to carry out the purposes of the National
Housing Act [12 U.S.C. 1701 et seq.] during fiscal year 1986 is
increased by an additional $9,500,000,000 of mortgage and loan
principal.''
Pub. L. 99-289, May 2, 1986, 100 Stat. 412, provided that:
``SECTION 1. FEDERAL HOUSING ADMINISTRATION FUND.
``(a) The applicable limitation on additional commitments to insure
mortgages and loans to carry out the purposes of the National Housing
Act [12 U.S.C. 1701 et seq.] during fiscal year 1986 is increased by an
additional $17,000,000,000 of mortgage and loan principal.
``(b) Each provision of law amended by Public Law 99-267 [amending
sections 1703, 1715h, 1715l, 1715z, 1715z-9, 1715z-10, 1715z-14, 1748h-
1, 1748h-2, 1749bb, 1749aaa, 1749bbb, and 2811 of this title and
sections 1452b, 1485, 1490, 1490c, 4026, 4056, 4101, and 5302 of Title
42, The Public Health and Welfare, and provisions set out as a note
under section 1701q of this title] is amended by striking out `April 30,
1986' wherever it appears and inserting in lieu thereof `June 6, 1986'.
``SEC. 2. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GUARANTEES OF
MORTGAGE-BACKED SECURITIES.
``The applicable limitation on new commitments to issue guarantees
to carry out the purposes of section 306 of the National Housing Act [12
U.S.C. 1721] during fiscal year 1986 is increased by an additional
$60,684,750,000 of principal.
``SEC. 3. ADMINISTRATIVE PROVISION.
``(a) The Secretary of Housing and Urban Development (hereinafter
referred to as the `Secretary') shall estimate the rates at which the
authority to make commitments to insure mortgages and loans under the
National Housing Act [12 U.S.C. 1701 et seq.], and the authority to make
commitments to issue guarantees under section 306(g) of that Act [12
U.S.C. 1721(g)], are likely to be used for the remainder of any fiscal
year. The Secretary shall make these estimates at such times as the
Secretary deems appropriate, but not less frequently than monthly.
``(b) If an estimate under subsection (a) indicates that either
limitation on authority to make commitments for a fiscal year referred
to in subsection (a) will be reached before the end of that fiscal year,
or in any event whenever 75 per centum of either authority to make
commitments has been utilized, the Secretary shall promptly so notify
the Committee on Appropriations and the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Appropriations and
the Committee on Banking, Finance and Urban Affairs [now Committee on
Financial Services] of the House of Representatives.''
Special Assistance Functions Fund; Transfer of Funds
Pub. L. 98-371, title I, July 18, 1984, 98 Stat. 1218, directed
Secretary to transfer all assets acquired and liabilities incurred
pursuant to section 1720 of this title to management and liquidating
functions fund established pursuant to this section, and that on Oct. 1,
1984, each outstanding obligation issued by Secretary of Housing and
Urban Development to Secretary of the Treasury pursuant to section
1720(d) of this title, together with any promise to repay principal and
unpaid interest which had accrued on each obligation, and any other term
or condition specified by each such obligation, was canceled.
Emergency Mortgage Purchase Assistance; Transfer of Funds
For transfer of all assets acquired and liabilities incurred
pursuant to section 1723e of this title to management and liquidating
functions fund established by this section, with provision for
cancellation of obligations, see title I [part] of Pub. L. 98-371, set
out as a note under section 1723e of this title.
Administrative Expenses in Connection With the Sale of Certain Mortgages
to the Federal National Mortgage Association
Section 306(b) of Pub. L. 86-372, as amended by Pub. L
