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12 U.S.C. § 1430b — Advances to nonmember mortgagee; terms and conditions
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Each Federal Home Loan Bank is authorized to make advances to nonmember mortgagees approved under title II of the National Housing Act [[12 U.S.C. 1707](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim) et seq.]. Such mortgagees must be chartered institutions having succession and subject to the inspection and supervision of some governmental agency, and whose principal activity in the mortgage field must consist of lending their own funds. Such advances shall not be subject to the other provisions and restrictions of this chapter, but shall be made upon the security of insured mortgages, insured under title II of the National Housing Act. Advances made under the terms of this section shall be at such rates of interest and upon such terms and conditions as shall be determined by the Director, but no advance may be for an amount in excess of 90 per centum of the unpaid principal of the mortgage loan given as security.
**(b) Exception** An advance made to a State housing finance agency for the purpose of facilitating mortgage lending that benefits individuals and families that meet the income requirements set forth in section 142(d) or 143(f) of title 26, need not be collateralized by a mortgage insured under title II of the National Housing Act [[12 U.S.C. 1707](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim) et seq.] or otherwise, if—
(1) such advance otherwise meets the requirements of this subsection; and
(2) such advance meets the requirements of [section 1430(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1430/a&num=0&edition=prelim), and any real estate collateral for such loan comprises sin
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Source location: Title 12, Chapter 11, § 1430b; chapter-011-federal-home-loan-banks.md
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**(a) In general** Each Federal Home Loan Bank is authorized to make advances to nonmember mortgagees approved under title II of the National Housing Act [[12 U.S.C. 1707](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim) et seq.]. Such mortgagees must be chartered institutions having succession and subject to the inspection and supervision of some governmental agency, and whose principal activity in the mortgage field must consist of lending their own funds. Such advances shall not be subject to the other provisions and restrictions of this chapter, but shall be made upon the security of insured mortgages, insured under title II of the National Housing Act. Advances made under the terms of this section shall be at such rates of interest and upon such terms and conditions as shall be determined by the Director, but no advance may be for an amount in excess of 90 per centum of the unpaid principal of the mortgage loan given as security.
**(b) Exception** An advance made to a State housing finance agency for the purpose of facilitating mortgage lending that benefits individuals and families that meet the income requirements set forth in section 142(d) or 143(f) of title 26, need not be collateralized by a mortgage insured under title II of the National Housing Act [[12 U.S.C. 1707](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1707&num=0&edition=prelim) et seq.] or otherwise, if—
(1) such advance otherwise meets the requirements of this subsection; and
(2) such advance meets the requirements of [section 1430(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1430/a&num=0&edition=prelim), and any real estate collateral for such loan comprises single family or multifamily residential mortgages.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, which placed restrictions on loans, was from the Independent Offices Appropriation Act, 1953, act July 5, 1952, ch. 578, title III, § 301, 66 Stat. 415, and was not repeated in subsequent appropriation acts.
#### Similar Provisions
Similar provisions were contained in Aug. 31, 1951, ch. 376, title IV, § 401, 65 Stat. 287.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary of Housing and Urban Development shall collect and maintain information regarding early defaults on mortgages as provided under this section. The Secretary shall make such information available for public inspection upon request. Information shall be collected quarterly with respect to each applicable collection period (as such term is defined in subsection (c)) and shall be available for inspection not more than 30 days after the conclusion of the calendar quarter relating to each such period. Information shall first be made available under this section for the applicable collection period relating to the first calendar quarter ending more than 180 days after November 28, 1990.
**(b) Contents**
(1) **Mortgage lender analysis** — Information collected under this section shall include, for each lender originating mortgages during the applicable collection period that are insured pursuant to [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) and secured by property in a designated census tract, the following information with respect to such mortgages:
(A) The name of the lender and the number of each designated census tract in which the lender originated 1 or more such mortgages during the applicable collection period.
(B) The total number of such mortgages originated by such lender during the applicable collection period in each designated census tract and the number of mortgages originated each year in each designated census tract.
(C) The total number of defaults and foreclosures on such mortgages during the applicable collection period in each designated census tract and the number of defaults and foreclosures in each designated census tract in
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Federal law — U.S. Code and appendices · legal_authorities
Page 301
TITLE 12—BANKS AND BANKING
§ 1430b
1958—Subsec. (b). Pub. L. 85–857 inserted ‘‘chapter 37
of title 38,’’ after ‘‘Servicemen’s Readjustment Act of
1944, as amended,’’.
1954—Subsec. (b)(2). Act Aug. 2, 1954, substituted
‘‘$35,000’’ for ‘‘$20,000’’.
1951—Subsec. (a)(1). Act Sept. 1, 1951, inserted a ref-
erence to subchapter X of chapter 13 of this title.
1950—Subsec. (a) (1). Act Apr. 20, 1950, § 501(1), sub-
stituted ‘‘subchapters I, II, VI, and VIII of chapter 13 of
this title’’ for ‘‘sections 1707–1715b and 1736–1742 of this
title’’.
Subsec. (b). Act Apr. 20, 1950, § 501(2), inserted ‘‘unless
such home mortgage is insured under the National
Housing Act, as amended, or insured or guaranteed
under the Servicemen’s Readjustment Act of 1944, as
amended’’ after ‘‘Maturity’’ in first sentence.
1947—Subsec. (b). Act Aug. 1, 1947, increased period
collateral security can run from twenty years to twen-
ty-five years.
1941—Subsec. (a)(1). Act Mar. 28, 1941, inserted ref-
erence to sections 1736–1742 of this title.
1935—Subsec. (a). Act May 28, 1935, § 5, added cl. (4).
Subsec. (b)(1). Act May 28, 1935, § 6, substituted ‘‘twen-
ty’’ for ‘‘fifteen’’ and omitted reference to value of real
estate in cl. 2.
1934—Subsec. (a). Act June 27, 1934, amended subsec.
(a) generally.
Subsec. (b). Act Apr. 27, 1934, inserted ‘‘unless the
amount,’’ etc. to end of first sentence.
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Committee on Banking, Finance and Urban Affairs of
House of Representatives treated as referring to Com-
mittee on Banking and Financial Services of House of
Representatives by section 1(a) of Pub. L. 104–14, set
out as a note preceding section 21 of Title 2, The Con-
gress. Committee on Banking and Financial Services of
House
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Federal law — U.S. Code and appendices · legal_authorities
Page 532
TITLE 12—BANKS AND BANKING
§ 1706f
new grants or loans to be made after Oct. 1, 1991, under
this section, see section 12839(a)(5), (b)(1) of Title 42,
The Public Health and Welfare.
§ 1706f. Prohibition against kickbacks and un-
earned fees
(a) In general
Except as provided in subsection (b), the provi-
sions of sections 2602, 2607, 2614, 2615, 2616, and
2617 of this title shall apply to each sale of a
manufactured home financed with an FHA-in-
sured loan or extension of credit, as well as to
services rendered in connection with such trans-
actions.
(b) Authority of the Secretary
The Secretary is authorized to determine the
manner and extent to which the provisions of
sections 2602, 2607, 2614, 2615, 2616, and 2617 of
this title may reasonably be applied to the
transactions described in subsection (a), and to
grant such exemptions as may be necessary to
achieve the purposes of this section.
(c) Definitions
For purposes of this section—
(1) the term ‘‘federally related mortgage
loan’’ as used in sections 2602, 2607, 2614, 2615,
2616, and 2617 of this title shall include an
FHA-insured loan or extension of credit made
to a borrower for the purpose of purchasing a
manufactured home that the borrower intends
to occupy as a personal residence; and
(2) the term ‘‘real estate settlement service’’
as used in sections 2602, 2607, 2614, 2615, 2616,
and 2617 of this title shall include any service
rendered in connection with a loan or exten-
sion of credit insured by the Federal Housing
Administration for the purchase of a manufac-
tured home.
(d) Unfair and deceptive practices
In connection with the purchase of a manufac-
tured home financed with a loan or extension of
credit insured by the Federal Housing Adminis-
tration under this subc
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