Notes on 12 U.S.C. § 1451 : US Code - Notes

Search Notes on 12 U.S.C. § 1451 : US Code - Notes

(Pub. L. 91-351, title III, Sec. 302, July 24, 1970, 84 Stat. 451;
Pub. L. 95-619, title II, Sec. 245, Nov. 9, 1978, 92 Stat. 3233;
Pub. L. 95-630, title XVII, Sec. 1702, Nov. 10, 1978, 92 Stat.
3718; Pub. L. 96-153, title III, Sec. 316(c), Dec. 21, 1979, 93
Stat. 1118; Pub. L. 96-294, title V, Sec. 534(a)(2), June 30, 1980,
94 Stat. 741; Pub. L. 98-440, title II, Secs. 202, 203(b)(1), 204,
Oct. 3, 1984, 98 Stat. 1693-1695; Pub. L. 99-514, Sec. 2, Oct. 22,
1986, 100 Stat. 2095; Pub. L. 102-550, title XIII, Sec. 1382(b),
Oct. 28, 1992, 106 Stat. 4002.)
REFERENCES IN TEXT
The National Housing Act, referred to in subsecs. (h) and (l), is
act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. Title I of
the National Housing Act is classified generally to subchapter I
(Sec. 1702 et seq.) of chapter 13 of this title. For complete
classification of this Act to the Code, see section 1701 of this
title and Tables.
The National Energy Conservation Policy Act, referred to in
subsec. (h), is Pub. L. 95-619, Nov. 9, 1978, 92 Stat. 3208, as
amended. Title II of the Act is classified principally to
subchapter II (Sec. 8211 et seq.) of chapter 91 of Title 42, The
Public Health and Welfare. Section 210 of the Act (42 U.S.C. 8211)
was omitted from the Code pursuant to section 8229 of Title 42
which terminated authority under that section June 30, 1989. For
complete classification of this Act to the Code, see Short Title
note set out under section 8201 of Title 42 and Tables.
AMENDMENTS
1992 - Subsec. (h). Pub. L. 102-550 substituted "purchased from
any public utility carrying out activities in accordance with the
requirements of title II of the National Energy Conservation Policy
Act if the residential mortgage to be purchased is a loan or
advance of credit the original proceeds of which are applied for in
order to finance the purchase and installation of residential
energy conservation measures (as defined in section 210(11) of the
National Energy Conservation Policy Act) in residential real
estate" for "made by a public utility and purchased by the
Corporation pursuant to the first sentence of section 1454(a)(1) of
this title".
1986 - Subsec. (h). Pub. L. 99-514 substituted "Internal Revenue
Code of 1986" for "Internal Revenue Code of 1954", which for
purposes of codification was translated as "title 26" thus
requiring no change in text.
1984 - Subsec. (d). Pub. L. 98-440, Sec. 202(a), inserted
reference to a manufactured home that is personal property under
the laws of the State in which the manufactured home is located.
Subsec. (h). Pub. L. 98-440, Sec. 203(b)(1), substituted "status
as a lien" for "status as a first lien" and "Such term shall also
include other secured loans that are secured by a subordinate lien
against a property as to which the Corporation may purchase a
residential mortgage as defined under the first sentence of this
subsection" for "The maximum principal obligation of loans
purchased by virtue of the preceding sentence shall not exceed the
dollar limits prescribed by the Federal Home Loan Bank Board with
respect to similar types of loans made by Federal savings and loan
associations".
Pub. L. 98-440, Sec. 202(b), inserted provision that term
"residential mortgage" also includes a loan or advance of credit
secured by a mortgage or other lien on a manufactured home that is
the principal residence of the borrower, without regard to whether
the security property is real, personal, or mixed.
Subsec. (i). Pub. L. 98-440, Sec. 204, substituted "any of its
agencies or instrumentalities" for "a State or an agency or
instrumentality of either".
Subsec. (l). Pub. L. 98-440, Sec. 202(c), added subsec. (l).
1980 - Subsec. (h). Pub. L. 96-294 inserted provision relating to
loans or advances of credit made by a public utility and purchased
by the Corporation pursuant to section 1454(a)(1) of this title.
1979 - Subsec. (h). Pub. L. 96-153 expanded definition of
residential mortgage to include a mortgage, lien, or other security
interest on the stock or membership certificate issued to a tenant-
stockholder or resident-member by a cooperative housing
corporation, and on the proprietary lease, occupancy agreement, or
right of tenancy in the dwelling unit of the tenant-stockholder or
resident-member in such cooperative housing corporation.
1978 - Subsec. (h). Pub. L. 95-630 inserted provisions expanding
definition of "residential mortgage" to include a secured loan or
advance of credit the proceeds of which are intended to finance the
rehabilitation, renovation, modernization, refurbishment, or
improvement of properties as to which the Corporation may purchase
a "residential mortgage" as defined under first sentence of this
subsection, provisions relating to the maximum principal obligation
of loans, and provisions defining "secured loan or advance of
credit".
Pub. L. 95-619 inserted provisions relating to loans or advances
of credit insured under title I of the National Housing Act whose
original proceeds were applied for to finance energy conserving
improvements or solar energy systems and provisions relating to
certain loans or advances of credit for such purposes not so
insured.
EFFECTIVE DATE OF 1978 AMENDMENT
Section 1703 of Pub. L. 95-630 provided that: "This title
[amending sections 1451 and 1464 of this title] shall take effect
upon enactment [Nov. 10, 1978]."
SHORT TITLE OF 1981 AMENDMENT
Pub. L. 97-110, title II, Sec. 201, Dec. 26, 1981, 95 Stat. 1514,
provided that: "This title [amending sections 1454 and 1717 of this
title and enacting provisions set out as a note under section 1454
of this title] may be cited as the 'Mortgage Purchase Amendments of
1981'."
SHORT TITLE AND STATEMENT OF PURPOSE
Section 301 of title III of Pub. L. 91-351, as amended by Pub. L.
101-73, title VII, Sec. 731(a), Aug. 9, 1989, 103 Stat. 429; Pub.
L. 102-550, title XIII, Sec. 1382(a), Oct. 28, 1992, 106 Stat.
4002, provided that:
"(a) This title [enacting this chapter] may be cited as the
'Federal Home Loan Mortgage Corporation Act'.
"(b) It is the purpose of the Federal Home Loan Mortgage
Corporation -
"(1) to provide stability in the secondary market for
residential mortgages;
"(2) to respond appropriately to the private capital market;
"(3) to provide ongoing assistance to the secondary market for
residential mortgages (including activities relating to mortgages
on housing for low- and moderate-income families involving a
reasonable economic return that may be less than the return
earned on other activities) by increasing the liquidity of
mortgage investments and improving the distribution of investment
capital available for residential mortgage financing; and
"(4) to promote access to mortgage credit throughout the Nation
(including central cities, rural areas, and underserved areas) by
increasing the liquidity of mortgage investments and improving
the distribution of investment capital available for residential
mortgage financing."
REGULATIONS
Section 1383 of Pub. L. 102-550 provided that:
"(a) In General. - The Secretary of Housing and Urban Development
and the Director, as appropriate, shall issue any final regulations
necessary to implement the amendments made by this subtitle
[subtitle D (Secs. 1381-1383) of title XIII of Pub. L. 102-550,
amending this section and sections 1452 to 1456, 1716, 1717 to
1719, 1723, 1723a, and 1723c of this title and provisions set out
as a note above] not later than the expiration of the 18-month
period beginning on the date of the enactment of this Act [Oct. 28,
1992].
"(b) Notice and Comment. - The regulations under this section
shall be issued after notice and opportunity for public comment
pursuant to the provisions of section 553 of title 5, United States
Code."
(!1) See References in Text note below.