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12 U.S.C. § 4613 — Transition
Federal law — U.S. Code and appendices · legal_authorities
Before the expiration of the period ending 18 months after the appointment of the Director under [section 4512 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4512&num=0&edition=prelim), any rules and regulations promulgated before October 28, 1992, by the Secretary pursuant to the Federal National Mortgage Association Charter Act [[12 U.S.C. 1716](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1716&num=0&edition=prelim) et seq.] or the Federal Home Loan Mortgage Corporation Act [[12 U.S.C. 1451](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1451&num=0&edition=prelim) et seq.] shall remain in effect unless modified, terminated, superseded, or revoked by operation of law or in accordance with law. Such rules and regulations shall terminate, effective upon the expiration of such period.
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Source file: Laws/federal/codes/united-states-code/title-12/section-4613-transition--dc620c366c.md
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Source location: Title 12, Chapter 46, § 4613; chapter-046-government-sponsored-enterprises.md
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Before the expiration of the period ending 18 months after the appointment of the Director under [section 4512 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4512&num=0&edition=prelim), any rules and regulations promulgated before October 28, 1992, by the Secretary pursuant to the Federal National Mortgage Association Charter Act [[12 U.S.C. 1716](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1716&num=0&edition=prelim) et seq.] or the Federal Home Loan Mortgage Corporation Act [[12 U.S.C. 1451](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1451&num=0&edition=prelim) et seq.] shall remain in effect unless modified, terminated, superseded, or revoked by operation of law or in accordance with law. Such rules and regulations shall terminate, effective upon the expiration of such period.
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this chapter:
(1) **Affiliate** — Except as provided by the Director, the term “affiliate” means any entity that controls, is controlled by, or is under common control with, an enterprise.
(2) **Agency** — The term “Agency” means the Federal Housing Finance Agency established under [section 4511 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4511&num=0&edition=prelim).
(3) **Authorizing statutes** — The term “authorizing statutes” means—
(A) the Federal National Mortgage Association Charter Act;
(B) the Federal Home Loan Mortgage Corporation Act; and
(C) the Federal Home Loan Bank Act.
(4) **Board** — The term “Board” means the Federal Housing Finance Oversight Board established under [section 4513a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4513a&num=0&edition=prelim).
(5) **Capital distribution**
(A) *In general* — The term “capital distribution” means—
(i) any dividend or other distribution in cash or in kind made with respect to any shares of, or other ownership interest in, an enterprise, except a dividend consisting only of shares of the enterprise;
(ii) any payment made by an enterprise to repurchase, redeem, retire, or otherwise acquire any of its shares, including any extension of credit made to finance an acquisition by the enterprise of such shares; and
(iii) any transaction that the Director determines by regulation to be, in substance, the distribution of capital.
(B) *Exception* — Any payment made by an enterprise to repurchase its shares for the purpose of fulfilling an obligation of the enterprise under an employee stock ownership plan that is qualified under [section 401 of title 26](https://uscode.house.gov/view
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4512
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
**(a)** The term “Board of Directors” means the Board of Directors of the Corporation.
**(b)** The term “Corporation” means the Federal Home Loan Mortgage Corporation created by this chapter.
**(c)** The term “law” includes any law of the United States or of any State (including any rule of law or of equity).
**(d)** The term “mortgage” includes such classes of liens as are commonly given or are legally effective to secure advances on, or the unpaid purchase price of, real estate under the laws of the State in which the real estate is located or a manufactured home that is personal property under the laws of the State in which the manufactured home is located together with the credit instruments, if any, secured thereby, and includes interests in mortgages.
**(e)** The term “organization” means any corporation, partnership, association, business trust, or business entity.
**(f)** The term “prescribe” means to prescribe by regulations or otherwise.
**(g)** The term “property” includes any property, whether real, personal, mixed, or otherwise, including without limitation on the generality of the foregoing choses in action and mortgages, and includes any interest in any of the foregoing.
**(h)** The term “residential mortgage” means a mortgage which (1) is a mortgage on real estate, in fee simple or under a leasehold having such term as may be prescribed by the Corporation, upon which there is located a structure or structures designed in whole or in part for residential use, or which comprises or includes one or more condominium units or dwelling units (as defined by the Corporation) and (2) has such characteristics and meets such requirements as to amount, term, repayment provisions, number of families, status as a lien on such real esta
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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) Enterprises** For purposes of this subchapter, the Director shall classify the enterprises according to the following capital classifications:
(1) **Adequately capitalized** — An enterprise shall be classified as adequately capitalized if the enterprise—
(A) maintains an amount of total capital that is equal to or exceeds the risk-based capital level established for the enterprise under [section 4611 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4611&num=0&edition=prelim); and
(B) maintains an amount of core capital that is equal to or exceeds the minimum capital level established for the enterprise under [section 4612 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4612&num=0&edition=prelim).
(2) **Undercapitalized** — An enterprise shall be classified as undercapitalized if—
(A) the enterprise—
(i) does not maintain an amount of total capital that is equal to or exceeds the risk-based capital level established for the enterprise; and
(ii) maintains an amount of core capital that is equal to or exceeds the minimum capital level established for the enterprise; or
(B) the enterprise is otherwise classified as undercapitalized under subsection (b)(1) of this section.
(3) **Significantly undercapitalized** — An enterprise shall be classified as significantly undercapitalized if—
(A) the enterprise—
(i) does not maintain an amount of total capital that is equal to or exceeds the risk-based capital level established for the enterprise;
(ii) does not maintain an amount of core capital that is equal to or exceeds the minimum capital level established for the enterprise; and
(iii) maintains an amount of core capital that is equal to or exceeds
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4617
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Federal law — U.S. Code and appendices · legal_authorities
Page 337
TITLE 12—BANKS AND BANKING
§ 1451
(b) Voluntary mergers authorized
(1) In general
Any Federal Home Loan Bank may, with the
approval of the Director and of the boards of
directors of the Banks involved, merge with
another Bank.
(2) Regulations required
The Director shall promulgate regulations
establishing the conditions and procedures for
the consideration and approval of any vol-
untary merger described in paragraph (1), in-
cluding the procedures for Bank member ap-
proval.
(July 22, 1932, ch. 522, § 26, 47 Stat. 740; Pub. L.
101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989,
103 Stat. 412; Pub. L. 110–289, div. A, title II,
§§ 1204(8), 1209, 1214, July 30, 2008, 122 Stat. 2786,
2789, 2791.)
Editorial Notes
AMENDMENTS
2008—Pub. L. 110–289, § 1209, designated existing provi-
sions as subsec. (a), inserted heading, and added subsec.
(b).
Pub. L. 110–289, § 1204(8), substituted ‘‘the Director’’
for ‘‘the Board’’ wherever appearing.
Subsec. (a). Pub. L. 110–289, § 1214, which directed in-
sertion of ‘‘At least 30 days prior to liquidating or reor-
ganizing any Bank under this section, the Director
shall notify the Bank of its determination and the facts
and circumstances upon which such determination is
based. The Bank may contest that determination in a
hearing before the Director, in which all issues shall be
determined on the record pursuant to section 554 of
title 5.’’ at the end of this section, was executed by
making the insertion at the end of subsec. (a), to re-
flect the probable intent of Congress and the amend-
ment by Pub. L. 110–289, § 1209. See above.
1989—Pub. L. 101–73 substituted ‘‘Board’’ for ‘‘board’’
wherever appearing.
§ 1447. Repealed. Pub. L. 106–102, title VI,
§ 606(c), Nov. 12, 1999, 113 Stat. 1454
Sectio
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1451
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Federal law — U.S. Code and appendices · legal_authorities
Page 745
TITLE 12—BANKS AND BANKING
§ 1716
1 So in original. The comma probably should not appear.
2 So in original. The word ‘‘and’’ probably should appear in-
stead of the comma.
Currency and the Director of the Office of Thrift
Supervision,1 shall jointly submit a report to
the Committee on Banking, Housing, and Urban
Affairs of the Senate,2 the Committee on Finan-
cial Services of the House of Representatives on
the volume of mortgage modifications reported
to the Office of the Comptroller of the Currency
and the Office of Thrift Supervision, under the
mortgage metrics program of each such Office,
during the previous quarter, including the fol-
lowing:
(1) A copy of the data collection instrument
currently used by the Office of the Comp-
troller of the Currency and the Office of Thrift
Supervision to collect data on loan modifica-
tions.
(2) The total number of mortgage modifica-
tions in each State that result in each of the
following:
(A) Additions of delinquent payments and
fees to loan balances.
(B) Interest rate reductions and freezes.
(C) Term extensions.
(D) Reductions of principal.
(E) Deferrals of principal.
(F) Combinations of modifications de-
scribed in subparagraph (A), (B), (C), (D), or
(E).
(3) The total number of mortgage modifica-
tions in each State for which the total month-
ly principal and interest payment resulted in
the following:
(A) An increase.
(B) Remained the same.
(C) Decreased less than 10 percent.
(D) Decreased between 10 percent and 20
percent.
(E) Decreased 20 percent or more.
(4) The total number of loans in each State
that have been modified and then entered into
default, where the loan modification resulted
in—
(A) higher monthly payments by the
homeowner;
(B) equivalent monthly payments by the
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1716
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 1716. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1690
TITLE 12—BANKS AND BANKING
§ 4613
quirements with respect to any product or activ-
ity of a regulated entity, as the Director con-
siders appropriate to ensure that the regulated
entity operates in a safe and sound manner, with
sufficient capital and reserves to support the
risks that arise in the operations and manage-
ment of the regulated entity.
(f) Periodic review
The Director shall periodically review the
amount of core capital maintained by the enter-
prises, the amount of capital retained by the
Federal Home Loan Banks, and the minimum
capital levels established for such regulated en-
tities pursuant to this section.
(Pub. L. 102–550, title XIII, § 1362, Oct. 28, 1992, 106
Stat. 3975; Pub. L. 110–289, div. A, title I, § 1111,
July 30, 2008, 122 Stat. 2676.)
Editorial Notes
AMENDMENTS
2008—Subsec. (a). Pub. L. 110–289, § 1111(1), substituted
‘‘Enterprises’’ for ‘‘In general’’ in heading.
Subsecs. (b) to (f). Pub. L. 110–289, § 1111(2), added sub-
secs. (b) to (f) and struck out former subsec. (b) which
related to minimum capital level during transition pe-
riod.
§ 4613. Critical capital levels
(a) Enterprises
For purposes of this subchapter, the critical
capital level for each enterprise shall be the sum
of—
(1) 1.25 percent of the aggregate on-balance
sheet assets of the enterprise, as determined
in accordance with generally accepted ac-
counting principles;
(2) 0.25 percent of the unpaid principal bal-
ance of outstanding mortgage-backed securi-
ties and substantially equivalent instruments
issued or guaranteed by the enterprise that
are not included in paragraph (1); and
(3) 0.25 percent of other off-balance sheet ob-
ligations of the enterprise not included in
paragraph (2) (excluding commitments in ex-
cess of 50 percent
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4613
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