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12 U.S.C. § 1715a — Credit and cancellation of notes transferred from Reconstruction Finance Corporation; net loss computation

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

12 U.S.C. § 1715a — Credit and cancellation of notes transferred from Reconstruction Finance Corporation; net loss computation

The Secretary of the Treasury is authorized and directed from time to time to credit and cancel the note or notes of the Housing and Home Finance Administrator executed and delivered in connection with loans transferred from the Reconstruction Finance Corporation to the Housing and Home Finance Agency pursuant to Reorganization Plan Numbered 23 of 1950 (64 Stat. 1279), to the extent of the net loss, as determined by the Secretary of the Treasury, sustained by said Agency in the liquidation of defaulted loans. The net loss shall be the sum of the unpaid principal and advances for care and preservation of collateral, together with accrued and unpaid interest on said principal and advances, and all expenses and costs (other than those subject to administrative expense limitations) in connection with the liquidation of defaulted loans, less the amount actually realized by the Housing and Home Finance Agency on account of such defaulted loans.

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Source location: Title 12, Chapter 13, § 1715a; chapter-013-national-housing.md

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

42 U.S.C. § 3534 — Transfer of functions

**(a) Housing and Home Finance Agency, Federal Housing Administration, and Public Housing Administration** Except as otherwise provided in subsection (b) of this section, there are hereby transferred to and vested in the Secretary all of the functions, powers, and duties of the Housing and Home Finance Agency, of the Federal Housing Administration and the Public Housing Administration in that Agency, and of the heads and other officers and offices of said agencies. **(b) Government National Mortgage Association** The Government National Mortgage Association, together with its functions, powers, and duties, is hereby transferred to the Department. **(c) Studies of organization of housing and urban development functions and programs and recommendations regarding transfer of such functions and programs to or from Department** The President shall undertake studies of the organization of housing and urban development functions and programs within the Federal Government, and he shall provide the Congress with the findings and conclusions of such studies, together with his recommendations regarding the transfer of such functions and programs to or from the Department. Notwithstanding any other provision of this chapter, none of the functions of the Secretary of the Interior authorized under chapter 2003 of title 54 or other functions carried out by the Bureau of Outdoor Recreation shall be transferred from the Department of the Interior or in any way be limited geographically unless specifically provided for by reorganization plan pursuant to provisions of chapter 9 of title 5, or by statute.

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 3534

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

12 U.S.C. § 1715z–22 — Insurance of mortgages

**(a) Authorization** The Secretary is authorized, upon application by the mortgagee, to insure as hereinafter provided any mortgage offered to him which is eligible for insurance as hereinafter provided, and, upon such terms as the Secretary may prescribe, to make commitments for the insuring of such mortgages prior to the date of their execution or disbursement thereon. **(b) Eligibility for insurance; mortgage limits** To be eligible for insurance under this section a mortgage shall comply with the following: (1) Have been made to, and be held by, a mortgagee approved by the Secretary as responsible and able to service the mortgage properly. (2) Involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) in an amount— (A) not to exceed the lesser of— (i) in the case of a 1-family residence, 115 percent of the median 1-family house price in the area, as determined by the Secretary; and in the case of a 2-, 3-, or 4-family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation determined under the sixth sentence of [section 1454(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1454/a/2&num=0&edition=prelim) for a 2-, 3-, or 4-family residence, respectively, bears to the dollar amount limitation determined under such section for a 1-family residence; or (ii) 150 percent of the dollar amount limitation determined under the sixth sentence of such section 1454(a)(2) for a residence of applicable size; except that the dollar amount limitation in effect under this subparagraph for any size residence for any area may not be less than the greater of: (I) the d

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

12 U.S.C. § 1716–1, 1716a — Payment of insurance

**(a) In general** (1) **Authorized claims procedures** — The Secretary may, in accordance with this subsection and terms and conditions prescribed by the Secretary, pay insurance benefits to a mortgagee for any mortgage insured under [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) through any of the following methods: (A) *Assignment of mortgage* — The Secretary may pay insurance benefits whenever a mortgage has been in a monetary default for not less than 3 full monthly installments or whenever the mortgagee is entitled to foreclosure for a nonmonetary default. Insurance benefits shall be paid pursuant to this subparagraph only upon the assignment, transfer, and delivery to the Secretary of— (i) all rights and interests arising under the mortgage; (ii) all claims of the mortgagee against the mortgagor or others arising out of the mortgage transaction; (iii) title evidence satisfactory to the Secretary; and (iv) such records relating to the mortgage transaction as the Secretary may require. (B) *Conveyance of title to property* — The Secretary may pay insurance benefits if the mortgagee has acquired title to the mortgaged property through foreclosure or has otherwise acquired such property from the mortgagor after a default upon— (i) the prompt conveyance to the Secretary of title to the property which meets the standards of the Secretary in force at the time the mortgage was insured and which is evidenced in the manner provided by such standards; and (ii) the assignment to the Secretary of all claims of the mortgagee against the mortgagor or others, arising out of mortgage transaction or foreclosure proceedings, except such claims as may have been r

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1716–1, 1716a

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

12 U.S.C. § 1718 — Rental housing insurance

**(a) Definitions** As used in this section— (1) The term “mortgage” means a first mortgage on real estate in fee simple, or on the interest of either the lessor or lessee thereof (A) under a lease for not less than ninety-nine years which is renewable or (B) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which there is located or upon which there is to be constructed a building or buildings designed principally for residential use, or upon which there is located or to be constructed facilities for manufactured homes, and the term “first mortgage” means such classes of first liens as are commonly given to secure advances (including but not being limited to advances during construction) on, or the unpaid purchase price of, real estate under the laws of the State, in which the real estate is located, together with the credit instrument or instruments, if any, secured thereby, and may be in the form of trust mortgages or mortgage indentures or deeds of trust securing notes, bonds, or other credit instruments. (2) The term “mortgagee” means the original lender under a mortgage, and its successors and assigns, and includes the holders of credit instruments issued under a trust mortgage or deed of trust pursuant to which such holders act by and through a trustee therein named. (3) The term “mortgagor” means the original borrower under a mortgage and its successors and assigns. (4) The term “maturity date” means the date on which the mortgage indebtedness would be extinguished if paid in accordance with the periodic payments provided for in the mortgage. (5) The term “slum or blighted area” means any area where dwellings predominate which, by reason of dilapidation, overcrowding, faulty arrangement or design

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

12 U.S.C. § 1723 — Labor standards

**(a)** The Secretary shall not insure under section 1713 or [section 1715a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715a&num=0&edition=prelim) or under [section 1743 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1743&num=0&edition=prelim) pursuant to any application for insurance filed subsequent to the effective date of this section, or under [section 1715e of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1715e&num=0&edition=prelim), or under subchapter VII pursuant to any application filed subsequent to sixty days after April 20, 1950, or under section 1748b or 1748h–2 of this title, or under [section 1750g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750g&num=0&edition=prelim), a mortgage or investment which covers property on which there is or is to be located a dwelling or dwellings, or a housing project, the construction of which was or is to be commenced subsequent to such date, unless the principal contractor files a certificate or certificates (at such times, in course of construction or otherwise, as the Secretary may prescribe) certifying that the laborers and mechanics employed in the construction of the dwelling or dwellings or the housing project involved have been paid not less than the wages prevailing in the locality in which the work was performed for the corresponding classes of laborers and mechanics employed on construction of a similar character, as determined by the Secretary of Labor, in accordance with sections 3141–3144, 3146, and 3147 of title 40, prior to the beginning of construction and after the date of the filing of the application for insurance. The provi

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1723

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

12 U.S.C. § 1748h–3 — Payment of certain funds to Treasury

The following funds shall be deemed an indebtedness to the United States of the particular insurance fund involved, and the Secretary is authorized and directed to pay the amount of such indebtedness to the Secretary of the Treasury, with simple interest thereon from the date the funds were advanced to the date of final payment at a rate determined by the Secretary of the Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States from the date the funds were advanced until the date of final payment— (1) funds made available to the Secretary pursuant to the provisions of sections 1705 and 1708 of this title, exclusive of amounts heretofore refunded, (a) for carrying out this subchapter and [section 484d of title 48](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section484d&num=0&edition=prelim) with respect to mortgages insured under [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim) where such funds were credited to the general reinsurance account in the Mutual Mortgage Insurance Fund, and (b) for the payment of salaries and expenses with respect to mortgage insurance under sections 1713 and 1715a of this title where such funds were credited to the Housing Insurance Fund; (2) funds made available to the Secretary pursuant to sections 1737 and 1748a 11 See References in Text note below. of this title; and (3) funds made available to the Secretary by the Secretary of the Treasury pursuant to section 1747i 1 of this title. Payments to the Secretary of the Treasury under this section shall be made in such amounts and at such times as the Secretary determines, after consultations with the Secretary of the Treasury, th

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

12 U.S.C. § 1715a — Repealed. June 3, 1939, ch. 175, § 13, 53

Page 582 TITLE 12—BANKS AND BANKING § 1715a count or accounts, as the Commissioner shall deter- mine’’ for ‘‘shall be charged as a general expense of the Fund, the Housing Fund, and the Defense Housing In- surance Fund in such proportion as the Commissioner shall determine’’. 1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’ for ‘‘Administrator’’ wherever appearing. 1941—Act Mar. 28, 1941, substituted ‘‘Fund, the Hous- ing Fund, and the Defense Housing Insurance Fund’’ for ‘‘Fund and the Housing Fund’’. 1938—Act Feb. 3, 1938, inserted ‘‘and the Housing Fund in such proportion as the Administrator shall de- termine’’ after ‘‘Fund’’. § 1715a. Repealed. June 3, 1939, ch. 175, § 13, 53 Stat. 807 Section, act June 27, 1934, ch. 847, title II, § 210, as added by act Feb. 3, 1938, ch. 13, § 3, 52 Stat. 22, related to additional housing insurance. Statutory Notes and Related Subsidiaries APPLICATIONS PRIOR TO REPEAL Act June 3, 1939, ch. 175, § 13, 53 Stat. 807, which re- pealed this section, also provided: ‘‘That the Adminis- trator is authorized to insure under said section [this section] any mortgage for the insurance of which an ap- plication has been filed with him prior to the effective date of this act [June 3, 1939].’’ § 1715b. Rules and regulations The Secretary is authorized and directed to make such rules and regulations as may be nec- essary to carry out the provisions of this sub- chapter. (June 27, 1934, ch. 847, title II, § 211, as added Feb. 3, 1938, ch. 13, § 3, 52 Stat. 23; amended Apr. 20, 1950, ch. 94, title I, § 122, 64 Stat. 59; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.) Editorial Notes AMENDMENTS 1967—Pub. L. 90–19 substituted ‘‘Secretary’’ for ‘‘Com- missioner’’. 1950—Act Apr. 20, 1950, substituted ‘‘Commissioner’’

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