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12 U.S.C. § 1747f — Management

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1747f — Management

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Source location: Title 12, Chapter 13, § 1747f; chapter-013-national-housing.md

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**(a) Government National Mortgage Association** All the powers and duties of the Government National Mortgage Association shall be vested in the Secretary of Housing and Urban Development and the Association shall be administered under the direction of the Secretary. Within the limitations of law, the Secretary shall determine the general policies which shall govern the operations of the Association, and shall have power to adopt, amend, and repeal bylaws governing the performance of the powers and duties granted to or imposed upon it by law. There is hereby established in the Department of Housing and Urban Development the position of President, Government National Mortgage Association, who shall be appointed by the President, by and with the advice and consent of the Senate. The Secretary shall select and effect the appointment of qualified persons to fill the offices of vice president, and such other offices as may be provided for in the bylaws. Persons appointed under the preceding sentence shall perform such executive functions, powers, and duties as may be prescribed by the bylaws or by the Secretary, and such persons shall be executive officers of the Association and shall discharge all such executive functions, powers, and duties. **(b) Federal National Mortgage Association** The Federal National Mortgage Association shall have a board of directors, which shall consist of 13 persons, or such other number that the Director determines appropriate, who shall be elected annually by the common stockholders. Except to the extent that action under [section 4636a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4636a&num=0&edition=prelim) temporarily results in a lesser number, the board shall at all times have as members at least one person from the homebuilding industry, at least one person from the mortgage lending industry, at least one person from the real estate industry, and at least one person from an organization that has represented consumer or community interests for not less than 2 years or one person who has demonstrated a career commitment to the provision of housing for low-income households. Each member of the board of directors shall be elected for a term ending on the date of the next annual meeting of the stockholders. Any seat on the board which becomes vacant after the annual election of the directors shall be filled by the board, but only for the unexpired portion of the term. Within the limitations of law and regulation, the board shall determine the general policies which shall govern the operations of the corporation, and shall have power to adopt, amend, and repeal bylaws governing the performance of the powers and duties granted to or imposed upon it by law. The board of directors shall select and effect the appointment of qualified persons to fill the offices of president and vice president, and such other offices as may be provided for in the bylaws. Any member of the board who is a full-time officer or employee of the Federal Government shall not, as such member, receive compensation for his services.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4636a — Judicial review

**(a) Commencement** Any party to a proceeding under section 4631 11 So in original. Probably should be followed by a comma. 4513b, 4636, or 4636a of this title may obtain review of any final order issued under this chapter by filing in the United States Court of Appeals for the District of Columbia Circuit, within 30 days after the date of service of such order, a written petition praying that the order of the Director be modified, terminated, or set aside. The clerk of the court shall transmit a copy of the petition to the Director. **(b) Filing of record** Upon receiving a copy of a petition, the Director shall file in the court the record in the proceeding, as provided in [section 2112 of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section2112&num=0&edition=prelim). **(c) Jurisdiction** Upon the filing of a petition, such court shall have jurisdiction, which upon the filing of the record by the Director shall (except as provided in the last sentence of [section 4633(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4633/b/2&num=0&edition=prelim)) be exclusive, to affirm, modify, terminate, or set aside, in whole or in part, the order of the Director. **(d) Review** Review of such proceedings shall be governed by chapter 7 of title 5. **(e) Order to pay penalty** Such court shall have the authority in any such review to order payment of any penalty imposed by the Director under this subchapter. **(f) No automatic stay** The commencement of proceedings for judicial review under this section shall not, unless specifically ordered by the court, operate as a stay of any order issued by the Director.

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 3531 — Congressional declaration of purpose

The Congress hereby declares that the general welfare and security of the Nation and the health and living standards of our people require, as a matter of national purpose, sound development of the Nation’s communities and metropolitan areas in which the vast majority of its people live and work.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1716b — General Surplus and Participating Reserve Accounts

**(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

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5 U.S.C. § 3132 — Definitions and exclusions

**(a)** For the purpose of this subchapter— (1) “agency” means an Executive agency, except a Government corporation and the Government Accountability Office, but does not include— (A) any agency or unit thereof excluded from coverage by the President under subsection (c) of this section; or (B) the Federal Bureau of Investigation, the Drug Enforcement Administration, the Central Intelligence Agency, the Office of the Director of National Intelligence, the Defense Intelligence Agency, the National Geospatial-Intelligence Agency, the National Security Agency, Department of Defense intelligence activities the civilian employees of which are subject to [section 1590 of title 10](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section1590&num=0&edition=prelim), and, as determined by the President, an Executive agency, or unit thereof, whose principal function is the conduct of foreign intelligence or counterintelligence activities; (C) the Federal Election Commission or the Election Assistance Commission; (D) the Office of the Comptroller of the Currency, the Office of Thrift Supervision,,11 So in original. the Resolution Trust Corporation, the Farm Credit Administration, the Federal Housing Finance Agency, the National Credit Union Administration, the Bureau of Consumer Financial Protection, and the Office of Financial Research; (E) the Securities and Exchange Commission; or (F) the Commodity Futures Trading Commission; (2) “Senior Executive Service position” means any position in an agency which is classified above GS–15 pursuant to section 5108 or in level IV or V of the Executive Schedule, or an equivalent position, which is not required to be filled by an appointment by the President by and with the advice and consent of the Sena

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1716 — Repealed. Pub. L. 85–364, § 6, Apr. 1, 1958, 72 Stat. 77

### Statutory Notes Section, Pub. L. 85–104, title VI, § 605, July 12, 1957, 71 Stat. 305, authorized Federal Housing Commissioner and Administrator of Veterans’ Affairs to fix reasonable limits on charges, fees, and discounts imposed upon builders, sellers, or purchasers.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1701k — Debentures

**(a) Acquisition of project by Secretary; issuance of debentures** If the aggregate of the amounts paid to the investor pursuant to [section 1747f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1747f&num=0&edition=prelim) with respect to a project insured under this subchapter shall at any time equal or exceed 15 per centum of the established investment, the Secretary thereafter shall have the right, after written notice to the investor of his intentions so to do, to acquire, as of the first day of any operating year, such project in consideration of the issuance and delivery to the investor of debentures having a total face value equal to 90 per centum of the outstanding investment for such operating year. In any such case the investor shall be obligated to convey to said Secretary title to the project which meets the requirements of the rules and regulations of the Secretary in force at the time the insurance contract was executed and which is evidenced in the manner prescribed by such rules and regulations, and, in the event that the investor fails so to do, said Secretary may, at his option, terminate the insurance contract. **(b) Relinquishment of project by investor** If in any operating year the aggregate of the differences between the operating expenses (exclusive of any premium charges previously waived hereunder) and the gross income for the preceding operating years, less the aggregate of any deficits in such operating expenses reimbursed from excess earnings as hereinbefore provided, shall at any time equal or exceed 5 per centum of the established investment, the investor shall thereafter have the right, after written notice to the Secretary of his intention so to do, to convey to the Secretary, as of the first

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1747f — Payment of claims; assignment of bene-

Page 822 TITLE 12—BANKS AND BANKING § 1747d Editorial Notes AMENDMENTS 1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com- missioner’’ wherever appearing. 1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’ for ‘‘Administrator’’ wherever appearing. § 1747d. Excess earnings used for amortization of original investment For all of the purposes of any insurance con- tract made pursuant to this subchapter, 50 per centum of the excess earnings, if any, for any operating year may be applied, in addition to the minimum annual return, to return on the outstanding investment but only to the extent that such application thereof does not result in an annual return of more than 5 per centum of the outstanding investment for such operating year, and the balance of any such excess earn- ings shall be applied, in addition to the min- imum annual amortization charge, to amortiza- tion of the outstanding investment: Provided, That if in any preceding operating years the gross income shall have been less than the oper- ating expenses, such excess earnings shall be ap- plied to the extent necessary in whole or in part, first, to the reimbursement of the amount of the difference between such expenses (exclusive of any premium charges previously waived here- under) and such income, and, second, to the pay- ment of any premium charges previously waived hereunder. (June 27, 1934, ch. 847, title VII, § 705, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1277.) § 1747e. Financial statements by Secretary With respect to each project insured under this subchapter, the Secretary shall provide that, after the close of each operating year, the investor shall submit to him for approval a fi- nancial and operating statement covering such operating year. If

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