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12 U.S.C. § 1747a — Capitalization of Federal National Mortgage Association
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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Stable record: federal_law:legal_authorities:record_usc_652a26ada19810ae8d2ecb44
Source file: Laws/federal/codes/united-states-code/title-12/section-1747a-capitalization-of-federal-national-mortgage-association--1d36756359.md
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Source location: Title 12, Chapter 13, § 1747a; chapter-013-national-housing.md
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**(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 paragraph (2), the corporation may make such capital distributions (as such term is defined in [section 4502 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4502&num=0&edition=prelim)) as may be declared by the board of directors. All capital distributions shall be charged against the general surplus account of the corporation.
(2) The corporation may not make any capital distribution that would decrease the total capital of the corporation (as such term is defined in [section 4502 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4502&num=0&edition=prelim)) to an amount less than the risk-based capital level for the corporation established under [section 4611 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4611&num=0&edition=prelim) or that would decrease the core capital of the corporation (as such term is defined in [section 4502 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4502&num=0&edition=prelim)) to an amount less than the minimum capital level for the corporation established under [section 4612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4612&num=0&edition=prelim), without prior written approval of the distribution by the Director of the Federal Housing Finance Agency.
**(d) Institutions eligible to purchase stock** Notwithstanding any other provision of law, any institution, including a national bank or State member bank of the Federal Reserve System or any member of the Federal Deposit Insurance Corporation, trust company, or other banking organization, organized under any law of the United States, including the laws relating to the District of Columbia, shall be authorized to purchase shares of common stock of the corporation and to hold or dispose of such stock, subject to the provisions of this subchapter.
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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
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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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In the course of or in connection with any proceeding, examination, or investigation under this chapter, the Director or any designated representative thereof, including any person designated to conduct any hearing under this subchapter shall have the authority—
(1) to administer oaths and affirmations;
(2) to take and preserve testimony under oath;
(3) to issue subpoenas and subpoenas duces tecum; and
(4) to revoke, quash, or modify subpoenas and subpoenas duces tecum.
**(b) Witnesses and documents** The attendance of witnesses and the production of documents provided for in this section may be required from any place in any State or in any territory or other place subject to the jurisdiction of the United States at any designated place where such proceeding is being conducted.
**(c) Enforcement**
(1) **In general** — The Director, or any party to proceedings under this subchapter, may apply to the United States District Court for the District of Columbia, or the United States district court for the judicial district of the United States in any territory in which such proceeding is being conducted, or where the witness resides or carries on business, for enforcement of any subpoena or subpoena duces tecum issued pursuant to this section.
(2) **Power of court** — The courts described under paragraph (1) shall have the jurisdiction and power to order and require compliance with any subpoena issued under paragraph (1).
**(d) Fees and expenses** Witnesses subpoenaed under this section shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States. Any court having jurisdiction of any proceeding instituted under this section by an regulated entity enterprise-affiliated party 11 So in original. may allo
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4502
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Federal law — U.S. Code and appendices · legal_authorities
Nothing in this subchapter shall be construed to exempt any real property acquired and held by the Secretary under this subchapter from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1719
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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
### 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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1716
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Comptroller General of the United States, the Secretary of Housing and Urban Development, the Secretary of the Treasury, and the Director of the Congressional Budget Office shall each conduct and submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, not later than the expiration of the 2-year period beginning on October 28, 1992, a study regarding the desirability and feasibility of repealing the Federal charters of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, eliminating any Federal sponsorship of the enterprises, and allowing the enterprises to continue to operate as fully private entities.
**(b) Requirements** Each study shall particularly examine the effects of such privatization on—
(1) the requirements applicable to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation under Federal law and the costs to the enterprises;
(2) the cost of capital to the enterprises;
(3) housing affordability and availability and the cost of homeownership;
(4) the level of secondary mortgage market competition subsequently available in the private sector;
(5) whether increased amounts of capital would be necessary for the enterprises to continue operation;
(6) the secondary market for residential loans and the liquidity of such loans; and
(7) any other factors that the Comptroller General, the Secretary of Housing and Urban Development, the Secretary of the Treasury, or the Director of the Congressional Budget Office deems appropriate to enable the Congress to evaluate the desirability and feasibility of privatization of the enterprises.
**(c) Information** The Fed
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4612
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Study** Each of the enterprises shall conduct a study to review the underwriting guidelines of the enterprise. The studies shall examine—
(1) the extent to which the underwriting guidelines prevent or inhibit the purchase or securitization of mortgages for housing located in mixed-use, urban center, and predominantly minority neighborhoods and for housing for low- and moderate-income families;
(2) the standards employed by private mortgage insurers and the extent to which such standards inhibit the purchase and securitization by the enterprises of mortgages described in paragraph (1); and
(3) the implications of implementing underwriting standards that—
(A) establish a downpayment requirement for mortgagors of 5 percent or less;
(B) allow the use of cash on hand as a source for downpayments; and
(C) approve borrowers who have a credit history of delinquencies if the borrower can demonstrate a satisfactory credit history for at least the 12-month period ending on the date of the application for the mortgage.
**(b) Report** Not later than the expiration of the 1-year period beginning on October 28, 1992, each enterprise shall submit to the Secretary, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate a report regarding the study conducted by the enterprise under subsection (a). Each report shall include any recommendations of the enterprise for better meeting the housing needs of low- and moderate-income families.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4611
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Projects insurable** In addition to mortgages insured under [section 1713 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713&num=0&edition=prelim), the Secretary is authorized to insure mortgages as defined in [section 1713(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1713/a&num=0&edition=prelim) (including advances on such mortgages during construction), which cover property held by—
(1) a nonprofit cooperative ownership housing corporation or nonprofit cooperative ownership housing trust, the permanent occupancy of the dwellings of which is restricted to members of such corporation or to beneficiaries of such trust;
(2) a nonprofit corporation or nonprofit trust organized for the purpose of construction of homes for members of the corporation or for beneficiaries of the trust; or
(3) a mortgagor, approved by the Secretary which (A) has certified to the Secretary, as a condition of obtaining the insurance of a mortgage under this section, that upon completion of the property or project covered by such mortgage it intends to sell such property or project to a nonprofit corporation or nonprofit trust of the character described in paragraph (1) of this subsection at the actual cost of such property or project as certified pursuant to [section 1715r of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715r&num=0&edition=prelim) and will faithfully and diligently make and carry out all reasonable efforts to consummate such sale, and (B) shall be regulated or restricted by the Secretary as to rents, charges, capital structure, rate of return, and methods of operation during any period while it holds the mortgaged property or project; a
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1723b
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Federal law — U.S. Code and appendices · legal_authorities
Page 821
TITLE 12—BANKS AND BANKING
§ 1747c
be invalid, such judgment shall not affect, impair, or
invalidate the remainder of this Act or its application
to other persons and circumstances, but shall be con-
fined in its operation to the provisions of this Act, or
the application thereof to the persons and cir-
cumstances, directly involved in the controversy in
which such judgment shall have been rendered.’’
INCONSISTENT PROVISIONS
Act Aug. 10, 1948, ch. 832, title V, § 504, 62 Stat. 1285,
provided that: ‘‘Insofar as the provisions of any other
law are inconsistent with the provisions of this Act
[sections 1701c, 1701e to 1701g–3, 1702, 1703, 1709, 1710,
1713, 1716, 1738, 1743 to 1746 and 1747 to 1747l of this title,
section 846 of former Title 31, Money and Finance, sec-
tion 694 of former Title 38, Pensions, Bonuses, and Vet-
erans’ Relief, and section 1404a of Title 42, The Public
Health and Welfare], the provisions of this Act shall be
controlling.’’
§ 1747a. Eligibility for insurance
(a) To be eligible for insurance under this sub-
chapter, a project shall meet the following con-
ditions:
(1) The Secretary shall be satisfied that
there is, in the locality or metropolitan area
of such project, a need for new rental dwell-
ings at rents comparable to the rents proposed
to be charged for the dwellings in such project.
(2) Such project shall be economically sound,
and the dwellings in such project shall be ac-
ceptable to the Secretary as to quality, de-
sign, size, and type.
(b) Any insurance contract executed by the
Secretary under this subchapter shall be conclu-
sive evidence of the eligibility of the project and
the investor for such insurance, and the validity
of any insurance contract so executed shall be
incontestable in the hands of a
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1747a
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