§ 1735f-5. — Prohibition against discrimination on account of sex in extension of mortgage assistance; consideration of combined income of husband and wife for purpose of extending mortgage credit; definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1735f-5]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER V--MISCELLANEOUS
Sec. 1735f-5. Prohibition against discrimination on account of
sex in extension of mortgage assistance; consideration of
combined income of husband and wife for purpose of extending
mortgage credit; definitions
(a) No federally related mortgage loan, or Federal insurance,
guaranty, or other assistance in connection therewith (under this
chapter or any other Act), shall be denied to any person on account of
sex; and every person engaged in making mortgage loans secured by
residential real property shall consider without prejudice the combined
income of both husband and wife for the purpose of extending mortgage
credit in the form of a federally related mortgage loan to a married
couple or either member thereof.
(b) For purposes of subsection (a) of this section, the term
``federally related mortgage loan'' means any loan which--
(1) is secured by residential real property designed principally
for the occupancy of from one to four families; and
(2)(A) is made in whole or in part by any lender the deposits or
accounts of which are insured by any agency of the Federal
Government, or is made in whole or in part by any lender which is
itself regulated by any agency of the Federal Government; or
(B) is made in whole or in part, or insured, guaranteed,
supplemented, or assisted in any way, by the Secretary of Housing
and Urban Development or any other officer or agency of the Federal
Government or under or in connection with a housing or urban
development program administered by the Secretary of Housing and
Urban Development or a housing or related program administered by
any other such officer or agency; or
(C) is eligible for purchase by the Federal National Mortgage
Association, the Government National Mortgage Association, or the
Federal Home Loan Mortgage Corporation, or from any financial
institution from which it could be purchased by the Federal Home
Loan Mortgage Corporation; or
(D) is made in whole or in part by any ``creditor'', as defined
in section 1602(f) of title 15, who makes or invests in residential
real estate loans aggregating more than $1,000,000 per year.
(June 27, 1934, ch. 847, title V, Sec. 527, as added Pub. L. 93-383,
title VIII, Sec. 808(a), Aug. 22, 1974, 88 Stat. 728; amended Pub. L.
98-479, title II, Sec. 204(a)(22), Oct. 17, 1984, 98 Stat. 2233.)
Amendments
1984--Subsec. (a). Pub. L. 98-479 designated first par. as subsec.
(a).
Section Referred to in Other Sections
This section is referred to in section 1735f-7a of this title; title
42 section 3608.
