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Federal law — U.S. Code and appendices · legal_authorities
The Secretary is authorized and directed to make such rules and regulations as may be necessary to carry out the provisions of this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1722
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Source file: Laws/federal/codes/united-states-code/title-12/section-1722-rules-and-regulations--77e0c9eb1c.md
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Source location: Title 12, Chapter 13, § 1722; chapter-013-national-housing.md
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; succession; principal and other offices** (1) There is created a body corporate to be known as the “Federal National Mortgage Association”, which shall be in the Department of Housing and Urban Development. The Association shall have succession until dissolved by Act of Congress. It shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Agencies or offices may be established by the Association in such other place or places as it may deem necessary or appropriate in the conduct of its business. (2) On September 1, 1968, the body corporate described in the foregoing paragraph shall cease to exist in that form and is hereby partitioned into two separate and distinct bodies corporate, each of which shall have continuity and corporate succession as a separated portion of the previously existing body corporate, as follows: (A) One of such separated portions shall be a body corporate without capital stock to be known as Government National Mortgage Association (hereinafter referred to as the “Association”), which shall be in the Department of Housing and Urban Development and which shall retain the assets and liabilities acquired and incurred under sections 1720 11 See References in Text note below. and 1721 of this title prior to such date, including any and all liabilities incurred pursuant to subsection (c). The Association shall have succession until dissolved by Act of Congress. It shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Agencies or offices may be established by the Association in such other place or places as it may deem necessary or appropriate i
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1746a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Common stock; preferred stock; transferability of shares** The corporation shall have common stock, without par value, which shall be vested with all voting rights, each share being entitled to one vote with rights of cumulative voting at all elections of directors. The corporation may eliminate such rights of cumulative voting by a resolution adopted by its board of directors and approved by the holders of a majority of the shares of common stock voting in person or by proxy at the annual meeting, or other special meeting, at which such resolution is considered. The corporation may have preferred stock on such terms and conditions as the board of directors shall prescribe. The free transferability of the stock at all times to any person, firm, corporation, or other entity shall not be restricted except that, as to the corporation, it shall be transferable only on the books of the corporation. The corporation may issue shares of common stock in return for appropriate payments into capital or capital and surplus. **(b) Fees and charges; annual transfer of earnings to general surplus account** (1) The corporation may impose charges or fees, which may be regarded as elements of pricing, with the objective that all costs and expenses of the operations of the corporation should be within its income derived from such operations and that such operations should be fully self-supporting. (2) All earnings from the operations of the corporation shall annually be transferred to the general surplus account of the corporation. At any time, funds of the general surplus account may, in the discretion of the board of directors, be transferred to reserves. **(c) Capital distributions from general surplus account; minimum capitalization levels** (1) Except as provided in paragr
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1747a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** (1) **Authority** — Whenever an issuer or custodian approved under [section 1721(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1721/g&num=0&edition=prelim) knowingly and materially violates any provisions of subsection (b), the Secretary of Housing and Urban Development may impose a civil money penalty on the issuer or the custodian in accordance with the provisions of this section. The penalty shall be in addition to any other available civil remedy or any available criminal penalty and may be imposed whether or not the Secretary imposes other administrative sanctions. (2) **Amount of penalty** — The amount of the penalty, as determined by the Secretary, may not exceed $5,000 for each violation, except that the maximum penalty for all violations by a particular issuer or custodian during any one-year period shall not exceed $1,000,000. Each violation of a provision of subsection (b)(1) shall constitute a separate violation with respect to each pool of mortgages. In the case of a continuing violation, as determined by the Secretary, each day shall constitute a separate violation. **(b) Violations for which penalty may be imposed** (1) **Violations** — The violations by an issuer or a custodian for which the Secretary may impose a civil money penalty under subsection (a) are the following: (A) Failure to make timely payments of principal and interest to holders of securities guaranteed under [section 1721(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1721/g&num=0&edition=prelim). (B) Failure to segregate cash flow from pooled mortgages or to deposit either principal and interest funds or escrow funds into special accounts with a depository institut
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1748a
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Federal law — U.S. Code and appendices · legal_authorities
Page 769 TITLE 12—BANKS AND BANKING § 1722 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, § 1, Sept. 30, 1987, 101 Stat. 793, pro- vided 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 amend- ed 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 in- creased 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 appli
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1722
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