Notes on 12 U.S.C. § 1716 : US Code - Notes

Search Notes on 12 U.S.C. § 1716 : US Code - Notes

(June 27, 1934, ch. 847, title III, Sec. 301, 48 Stat. 1252; May
28, 1935, ch. 150, Sec. 30, 49 Stat. 300; Feb. 3, 1938, ch. 13,
Secs. 4, 5, 52 Stat. 23; June 3, 1939, ch. 175, Secs. 15, 16, 53
Stat. 808; Mar. 28, 1941, ch. 31, Sec. 5, 55 Stat. 62; July 1,
1948, ch. 784, Sec. 1, 62 Stat. 1206; Aug. 10, 1948, ch. 832, title
II, Secs. 201, 202, 62 Stat. 1275; Aug. 8, 1949, ch. 403, Sec. 4,
63 Stat. 576; Oct. 25, 1949, ch. 729, Sec. 7, 63 Stat. 906; Apr.
20, 1950, ch. 94, title I, Secs. 116, 122, 64 Stat. 57, 59; Sept.
1, 1951, ch. 378, title II, Sec. 205, title VI, Sec. 608(b), 65
Stat. 303, 315; Apr. 9, 1952, ch. 173, 66 Stat. 51; July 14, 1952,
ch. 723, Secs. 3(a), 10(a)(2), 66 Stat. 602, 603; June 30, 1953,
ch. 170, Secs. 12, 13(a), 67 Stat. 125; June 29, 1954, ch. 410,
Sec. 1(1), 68 Stat. 320; Aug. 2, 1954, ch. 649, title II, Sec. 201,
68 Stat. 612; Pub. L. 90-448, title VIII, Sec. 802(b), Aug. 1,
1968, 82 Stat. 536; Pub. L. 101-73, title VII, Sec. 731(m)(1), Aug.
9, 1989, 103 Stat. 435; Pub. L. 102-550, title XIII, Sec. 1381(a),
Oct. 28, 1992, 106 Stat. 3994.)
AMENDMENTS
1992 - Pub. L. 102-550, Sec. 1381(a)(1), substituted
"residential" for "home" in introductory provisions.
Par. (1). Pub. L. 102-550, Sec. 1381(a)(1), substituted
"residential" for "home".
Par. (3). Pub. L. 102-550, Sec. 1381(a)(1), (2), substituted
"residential" for "home" in two places, substituted "(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)" for "(including
mortgages securing housing for low- and moderate-income families
involving a reasonable economic return)", and struck out "and" at
end.
Par. (4). Pub. L. 102-550, Sec. 1381(a)(3), (4), added par. (4)
and redesignated former par. (4) as (5).
Par. (5). Pub. L. 102-550, Sec. 1381(a)(1), (3), redesignated
par. (4) as (5) and substituted "residential" for "home".
1989 - Pub. L. 101-73 added pars. (1) to (3), struck out subsecs.
(a) and (b), and redesignated subsec. (c) as par. (4). Prior to
amendment, subsecs. (a) and (b) related to supplementary assistance
to the secondary market and to provision of special assistance,
respectively.
1968 - Pub. L. 90-448 struck out provisions which established in
the Federal Government a secondary market facility for home
mortgages in view of section 1716b of this title which created two
separate and distinct corporations.
1954 - Act Aug. 2, 1954, amended section generally, substituting
entirely new provisions for provisions now covered by section 1717
of this title and other sections in this subchapter.
Subsec. (a)(1)(G). Act June 29, 1954, substituted in first
sentence "August 1, 1954" for "July 1, 1954".
1953 - Subsec. (a)(1)(E). Act June 30, 1953, Sec. 12, in cl. (2),
substituted "principal amount to be paid therefor" for "unpaid
principal balance thereof", and "aggregate principal amount" for
"aggregate amount"; and substituted three provisos for former
proviso which made such cl. (2) and any terms therein inapplicable
to any defense or disaster mortgages as defined in subpar. (G) of
par. (1).
Subsec. (a)(1)(G). Act June 30, 1953, Sec. 13(a), substituted in
first sentence "July 1, 1954" for "July 1, 1953".
1952 - Subsec. (a)(1). Act July 14, 1952, Sec. 3(a)(1),
authorized the FNMA to purchase Government-insured or guaranteed
home mortgages other than defense or disaster mortgages if they are
insured after Feb. 29, 1952.
Subsec. (a)(1)(E). Act July 14, 1952, Sec. 3(a)(2), (3), changed
the base date from Apr. 30, 1948 to Feb. 29, 1952, and exempted
defense or disaster mortgages from the limitation of this
subparagraph.
Subsec. (a)(1)(G). Act July 14, 1952, Sec. 3(a)(4), increased the
FNMA commitment powers from $252,000,000 to $1,152,000,000
outstanding at any one time if the commitments relate to defense or
disaster mortgages.
S.J. Res. Apr. 9, 1952, increased the $200,000,000 authorization
to $252,000,000 and struck out Dec. 31, 1951, deadline, (1) with
respect to programed defense housing for which applications were
received prior to Dec. 28, 1951, and (2) with respect to subchapter
VIII military housing if the commitment to insure the mortgage was
issued after Dec. 27 and before Dec. 31, 1951.
Subsec. (c)(4). Act July 14, 1952, inserted "Guam," after
"District of Columbia".
1951 - Subsec. (a)(1). Act Sept. 1, 1951, Sec. 205, inserted
reference to subchapter X of this chapter.
Subsec. (a)(1)(G). Act Sept. 1, 1951, Sec. 608(b), inserted
proviso.
1950 - Act Apr. 20, 1950, Sec. 122, substituted "Commissioner"
for "Administrator" wherever appearing.
Subsec. (a)(1). Act Apr. 20, 1950, Sec. 116(1), (2), inserted "or
section 1706c of this title" and first proviso.
Subsec. (a)(1)(E). Act Apr. 20, 1950, Sec. 116(3), substituted
new proviso for former proviso.
Subsec. (a)(1)(F). Act Apr. 20, 1950, Sec. 116(4), substituted
provision that no loan made to finance the purchase price or
construction cost of a dwelling was to be purchased by the Federal
National Mortgage Association unless the Administrator of Veterans'
Affairs certifies that such dwelling conforms with minimum
construction requirements prescribed by the Administrator for
former provision that such certification was to be given by the
mortgagee and that minimum construction standards were to be
determined by the provisions within the National Housing Act.
Subsec. (a)(1)(G). Act Apr. 20, 1950, Sec. 116(5), added par.
(1)(G).
1949 - Subsec. (a). Act Aug. 8, 1949, inserted reference to
subchapter VIII in par. (1), and inserted proviso at end of par.
(1)(E).
Subsec. (a)(1)(E). Joint Res. Oct. 25, 1949, struck out proviso
and inserted new proviso.
1948 - Act July 1, 1948, amended section generally to create a
Federal National Mortgage Association with power to purchase,
service, or sell insured or guaranteed mortgage, provide for the
powers and succession of the Association, and to eliminate the
former national mortgage association.
Subsec. (a)(1). Act Aug. 10, 1948, Secs. 201, 202, substituted
"subchapter II or VI of this chapter" for "section 1709 or 1738 of
this title", inserted "after April 30, 1948", after "or
guaranteed", and substituted "50" for "25" in cl. (2) of par. (1)
(E).
1941 - Subsec. (a)(2). Act Mar. 28, 1941, substituted
"subchapters II and VI" for "subchapter II".
1939 - Subsec. (b). Act June 3, 1939, amended last sentence.
Subsec. (c)(4). Act June 3, 1939, inserted "Alaska, Hawaii or
Puerto Rico".
1938 - Subsec. (a). Act Feb. 3, 1938, amended provisions
generally, and among other changes, substituted "60 per centum" in
subsec. (a)(3), for "80 per centum".
Subsec. (d). Act Feb. 3, 1938, substituted "$2,000,000" for
"$5,000,000," and "that at least 25 per centum thereof has been
paid in cash," for "paid in full in cash", and inserted "or in
first mortgages or such other first liens as are described in
section 301 (a) hereof, which mortgages or liens shall be taken at
such value as the Administrator may determine, not exceeding
(except as to mortgages insured under title II of this Act) 60 per
centum of the appraised value of the property as of the date of
subscription, and that the remainder of the subscription to such
capital stock is payable in the same manner and at such time as may
be determined by the Administrator: Provided, That no association
shall issue notes, bonds, debentures, or other such obligations
until such time as such subscriptions are paid in full in cash or
Government securities at their par value or in mortgages or other
liens as hereinbefore set forth".
1935 - Subsec. (d). Act May 28, 1935, substituted "$5,000,000"
for "$2,000,000".
EFFECTIVE DATE OF 1968 AMENDMENT
For effective date of amendment by title VIII of Pub. L. 90-448,
see section 808 of Pub. L. 90-448, set out as an Effective Date
note under section 1716b of this title.
EFFECTIVE DATE OF 1949 AMENDMENT
Section 7 of Joint Res. Oct. 25, 1949, provided in part: "That
the amendment made by this section 7 with respect to mortgages
guaranteed under section 501 of the Servicemen's Readjustment Act
of 1944, as amended [this section], shall apply only to such
mortgages guaranteed after the date of enactment of this Act [Oct.
25, 1949]."
SHORT TITLE
Section 312 of title III of act June 27, 1934, as added Aug. 2,
1954, ch. 649, Sec. 201, 68 Stat. 622, provided: "This title III
[this subchapter] may be referred to as the 'Federal National
Mortgage Association Charter Act'."
DELEGATION OF FUNCTIONS
Functions of President under this section delegated to Secretary
of Housing and Urban Development, see Ex. Ord. No. 11732, July 30,
1973, 38 F.R. 20429, set out as a note under section 301 of Title
3, The President.
SERVICE OR SALE OF MORTGAGES PURCHASED PRIOR TO JULY 1, 1948;
FULFILLMENT OF PRIOR COMMITMENTS
Section 2 of act July 1, 1948, provided that: "Nothing in the
amendment made by the first section of this Act [amending sections
1716, 1717 to 1721 of this title] shall limit the authority of the
Federal National Mortgage Association to service or sell any
mortgage purchased prior to the date of the enactment of this Act
[July 1, 1948], or to purchase, service, or sell any mortgage with
respect to which a commitment to purchase was made prior to the
date of the enactment of this Act [July 1, 1948]."