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12 U.S.C. § 1744 — Declaration of purposes of subchapter
Federal law — U.S. Code and appendices · legal_authorities
The 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—
(1) provide stability in the secondary market for residential mortgages;
(2) respond appropriately to the private capital market;
(3) provide ongoing assistance to the secondary market for residential mortgages (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) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing;
(4) promote access to mortgage credit throughout the Nation (including central cities, rural areas, and underserved areas) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing; and
(5) manage and liquidate federally owned mortgage portfolios in an orderly manner, with a minimum of adverse effect upon the residential mortgage market and minimum loss to the Federal Government.
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Source file: Laws/federal/codes/united-states-code/title-12/section-1744-declaration-of-purposes-of-subchapter--6a02a18fbc.md
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Source location: Title 12, Chapter 13, § 1744; chapter-013-national-housing.md
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The 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—
(1) provide stability in the secondary market for residential mortgages;
(2) respond appropriately to the private capital market;
(3) provide ongoing assistance to the secondary market for residential mortgages (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) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing;
(4) promote access to mortgage credit throughout the Nation (including central cities, rural areas, and underserved areas) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing; and
(5) manage and liquidate federally owned mortgage portfolios in an orderly manner, with a minimum of adverse effect upon the residential mortgage market and minimum loss to the Federal Government.
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Federal law — U.S. Code and appendices · legal_authorities
Moneys in the Fund not needed for the current operations of the Department of Housing and Urban Development related to insurance under [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) shall be deposited with the Treasurer of the United States to the credit of the Fund, or invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States or any agency of the United States: Provided, That such moneys shall to the maximum extent feasible be invested in such bonds or other obligations the proceeds of which will be used to directly support the residential mortgage market. The Secretary may, with the approval of the Secretary of the Treasury, purchase in the open market debentures issued under the provisions of [section 1710 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1710&num=0&edition=prelim). Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this section. Debentures so purchased shall be canceled and not reissued, and the several group accounts to which such debentures have been charged shall be charged with the amounts used in making such purchases.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1717
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment; abolishment of General Reinsurance Account** The Secretary shall establish as of July 1, 1954, in the Mutual Mortgage Insurance Fund a General Surplus Account and a Participating Reserve Account. All of the assets of the General Reinsurance Account shall be transferred to the General Surplus Account whereupon the General Reinsurance Account shall be abolished. There shall be transferred from the various group accounts to the Participating Reserve Account as of July 1, 1954, an amount equal to the aggregate amount which would have been distributed under the provisions of this section in effect on June 30, 1954, if all outstanding mortgages in such group accounts had been paid in full on said date. All of the remaining balances of said group accounts shall as of said date be transferred to the General Surplus Account whereupon all of said group accounts shall be abolished.
**(b) Credits and charges** The aggregate net income thereafter received or any net loss thereafter sustained by the Mutual Mortgage Insurance Fund in any semiannual period shall be credited or charged to the General Surplus Account and/or the Participating Reserve Account in such manner and amounts as the Secretary may determine to be in accord with sound actuarial and accounting practice.
**(c) Distribution of funds to terminating mortgagors** Upon termination of the insurance obligation of the Mutual Mortgage Insurance Fund by payment of any mortgage insured thereunder, the Secretary is authorized to distribute to the mortgagor a share of the Participating Reserve Account in such manner and amount as the Secretary shall determine to be equitable and in accordance with sound actuarial and accounting practice: Provided, That, in no event, shall any such distributable share exceed
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1716b
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Secretary of Housing and Urban Development may exchange data relating to housing and urban planning and development with other nations and assemble such data from other nations, through participation in international conferences and other means, where such exchange or assembly is deemed by him to be beneficial in carrying out his responsibilities under the Department of Housing and Urban Development Act [[42 U.S.C. 3531](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section3531&num=0&edition=prelim) et seq.] or other legislation. In carrying out his responsibilities under this subsection the Secretary may—
(1) pay the expenses of participation in activities conducted under authority of this section including, but not limited to, the compensation, travel expenses, and per diem in lieu of subsistence of persons serving in an advisory capacity while away from their homes or regular places of business in connection with attendance at international meetings and conferences, or other travel for the purpose of exchange or assembly of data relating to housing and urban planning and development; but such travel expenses shall not exceed those authorized for regular officers and employees traveling in connection with said activities; and
(2) accept from international organizations, foreign countries, and private nonprofit foundations, funds, services, facilities, materials, and other donations to be utilized jointly in carrying out activities under this section.
**(b)** International programs and activities carried out by the Secretary under the authority provided in subsection (a) shall be subject to the approval of the Secretary of State for the purpose of assuring that such authority shall be exercised in a manner consistent with the forei
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1706c
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Federal law — U.S. Code and appendices · legal_authorities
The President of the United States is authorized to designate and empower the head of any department or agency in the executive branch, or any official thereof who is required to be appointed by and with the advice and consent of the Senate, to perform without approval, ratification, or other action by the President (1) any function which is vested in the President by law, or (2) any function which such officer is required or authorized by law to perform only with or subject to the approval, ratification, or other action of the President: Provided, That nothing contained herein shall relieve the President of his responsibility in office for the acts of any such head or other official designated by him to perform such functions. Such designation and authorization shall be in writing, shall be published in the Federal Register, shall be subject to such terms, conditions, and limitations as the President may deem advisable, and shall be revocable at any time by the President in whole or in part.
Source: Supplied U.S. Code snapshot — release unconfirmed · 3 U.S.C. § 301
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Federal law — U.S. Code and appendices · legal_authorities
Page 815
TITLE 12—BANKS AND BANKING
§ 1744
ance premiums paid after default; less the sum
of (i) an amount equivalent to 1 per centum of
the unpaid amount of such principal obligation
on the date of default; (ii) any amount received
on account of the mortgage after such date; and
(iii) any net income received by the mortgagee
from the property after such date: Provided,
That the mortgagee in the event of a default
under the mortgage may, at its option and in ac-
cordance with regulations of, and in a period to
be determined by the Secretary, proceed to fore-
close on and obtain possession of or otherwise
acquire such property from the mortgagor after
default, and receive the benefits of the insurance
as herein provided, upon (1) the prompt convey-
ance to the Secretary of title to the property
which meets the requirements of the rules and
regulations of the Secretary in force at the time
the mortgage was insured, and which is evi-
denced in the manner prescribed by such rules
and regulations; and (2) the assignment to him
of all claims of the mortgagee against the mort-
gagor or others, arising out of the mortgage
transaction or foreclosure proceedings, except
such claims that may have been released with
the consent of the Secretary. Upon such convey-
ance and assignment, the obligation of the
mortgagee to pay the premium charges for in-
surance shall cease and the mortgagee shall be
entitled to receive the benefits of the insurance
as provided in this subsection, except that in
such event the 1 per centum deduction, set out
in (i) hereof, shall not apply.
(d) Certificates of claim; amount
The certificate of claim issued by the Sec-
retary to any mortgagee in connection with the
insurance of mortgages under this section shall
be for an amoun
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1744
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