Each change shall be made by contributing to each such quantity (as it may have been formerly adjusted) a percentage thereof equivalent to the portion boost, throughout the most current 12-month or 4-quarter period ending before the time of determining such annual change, in the housing rate index maintained by the Director of the Federal Housing Finance Agency (pursuant to section 4542 of this title). If the modification in such house price index throughout the most recent 12-month or 4-quarter duration ending before the time of figuring out such yearly modification is a decline, then no modification will be made for the next year, and the next adjustment shall take into consideration previous declines in the home cost index, so that any change will show the net change in your house rate index because the last modification. Declines in the home rate index will be collected and after that reduce boosts until subsequent increases exceed previous decreases." for "Such restrictions shall not go beyond $93,750 for a mortgage secured by a single-family residence, $120,000 for a mortgage secured by a two-family residence, $145,000 for a mortgage secured by a three-family residence, and $180,000 for a mortgage secured by a four-family home, except that such maximum limitations shall be changed effective January 1 of each year starting with 1981. Each such adjustment shall be made by contributing to each such amount (as it might have been formerly adjusted) a percentage thereof equal to the percentage increase throughout the twelve-month period ending with the previous October in the nationwide average one-family house rate in the regular monthly survey of all significant lending institutions conducted by the Federal Housing Finance Board." and placed last sentence.
1998-Subsec. (a)( 2 ). Pub. L. 105-276, § 582(a)( 14 ), set out penultimate sentence which checked out as follows: "With regard to mortgages secured by residential or commercial property consisting of 5 or more household house units, such constraints will not go beyond 125 per centum of the dollar amounts stated in section 207(c)( 3) of the National Housing Act, other than that such limitations may be increased by the Corporation (taking into account construction expenses) to not to go beyond 240 per centum of such dollar quantities in any geographical location for which the Secretary of Housing and Urban Development determines under such section that cost levels require any boost in the dollar amount restrictions under such area."
Pub. L. 105-276, § 202(a), which directed the change of the first sentence of par. (2) by striking out "or" at end of cl. (B) and substituting "; or (D) the mortgage goes through default loss defense that the Corporation identifies is financially equivalent or superior, on a private or pooled basis, to the protection provided by stipulation (C) of this sentence: Provided, That if the Director of the Office of Federal Housing Enterprise Oversight consequently discovers that such default loss protection determined by the Corporation does not provide such equivalent or exceptional security, the Corporation shall supply such extra default loss security for such mortgage, as authorized by the Director of the Office of Federal Housing Enterprise Oversight, needed to supply such equal or superior protection." for the duration at end, was repealed by Pub. L. 105-277, reliable upon enactment of Pub. L. 105-276.
1992-Subsec. (a)( 1 ). Pub. L. 102-550, § 1382(j), in first sentence, substituted a period for "from any Federal mortgage bank, the Resolution Trust Corporation, the Federal Deposit Insurance Corporation, the National Cooperative Credit Union Administration, any member of a Federal mortgage bank, or any other financial organization the deposits or accounts of which are insured by a firm of the United States, or from any banks the deposits or accounts of which are guaranteed under the laws of any State if the total amount of time and savings deposits kept in all such institutions in that State is more than 20 per centum of the overall quantity of such deposits in all banks, structure and loan, savings and loan, and homestead associations (including cooperative banks) because State or from any mortgagee authorized by the Secretary of Housing and Urban Development for involvement in any mortgage insurance program under the National Housing Act or from any public utility performing activities in accordance with the requirements of title II of the National Energy Conservation Policy Act if the residential mortgage to be acquired is a loan or advance of credit the initial proceeds of which are obtained in order to fund the purchase and installation of residential energy preservation measures (as specified in section 210( 11) of the National Energy Conservation Policy Act) in residential realty." and in 2nd sentence, substituted a duration for ", and the maintenance on any such mortgage might be performed by the seller or by a monetary organization certified as a seller under the arrangements of the preceding sentence, or by a mortgagee approved by the Secretary of Housing and Urban Development for involvement in any mortgage insurance coverage program under the National Housing Act, with which organization or mortgagee the seller may contract."
Subsec. (a)( 2 ). Pub. L. 102-550, § 1382(k), substituted "Hawaii, and the Virgin Islands" for "and Hawaii" in last sentence.
Subsec. (c). Pub. L. 102-550, § 1382(l), (m), added subsec. (c) and set out former subsec. (c) which read as follows: "The Board of Directors might not enforce any yearly constraint on the maximum aggregate principal quantity of mortgages bought by the Corporation."
1989-Subsec. (a)( 1 ). Pub. L. 101-73, § 731(e)( 1 ), (f)( 2 )(A), replaced "Resolution Trust Corporation" for "Federal Savings and Loan Insurance Corporation" and placed at end "Nothing in this section licenses the Corporation to impose any charge or fee upon any mortgagee approved by the Secretary of Housing and Urban Development for involvement in any mortgage insurance program under the National Housing Act solely because of such status."
Subsec. (a)( 2 ). Pub. L. 101-73, § 731(f)( 2 ), replaced "Resolution Trust Corporation" for "Federal Savings and Loan Insurance Corporation" and "Federal Housing Finance Board" for "Federal Mortgage Bank Board".
Subsec. (a)( 5 ). Pub. L. 101-73, § 731(e)( 2 ), included par. (5 ).
Subsec. (b). Pub. L. 101-73, § 731(f)( 2 )(A), replaced "Resolution Trust Corporation" for "Federal Savings and Loan Insurance Corporation".
1988-Subsec. (a)( 4 )(A)(i). Pub. L. 100-242, § 443(b), struck out "through March 15, 1988," before "domestic mortgages".
Subsec. (a)( 4 )(A)(ii). Pub. L. 100-628 struck out "until October 1, 1985," before "domestic mortgages".
Subsec. (c). Pub. L. 100-242, § 445, added subsec. (c).
1987-Subsec. (a)( 4 )(A)(i). Pub. L. 100-200 replaced "March 15, 1988" for "December 16, 1987".
Pub. L. 100-179 substituted "December 16, 1987" for "December 2, 1987".
Pub. L. 100-170 replaced "December 2, 1987" for "November 15, 1987".
Pub. L. 100-154 replaced "November 15, 1987" for "October 31, 1987".
Pub. L. 100-122 substituted "through October 31, 1987" for "up until October 1, 1987".
1984-Subsec. (a)( 2 ). Pub. L. 98-440, § 205(b), which directed insertion of "secured by a residential or commercial property making up one- to four-family house systems" after "mortgages" where very first appearing in first sentence was performed by placing that phrase after "No standard mortgage" as the probable intent of Congress.
Pub. L. 98-440, § 201(b), replaced "The Corporation shall develop constraints governing the maximum original primary obligation of traditional mortgages that are bought by it; in any case in which the Corporation purchases a participation interest in such a mortgage, the limitation will be calculated with regard to the total original principal responsibility of the mortgage and not simply with respect to the interest purchased by the Corporation" for "The Corporation will develop restrictions governing the optimum primary commitment of traditional mortgages bought by it".
Pub. L. 98-440, § 206(b), placed arrangement that the limitations stated in section 1713(c)( 3) of this title may be increased by the Corporation (considering building expenses) to not to exceed 240 per centum of such dollar amounts in any geographical area for which the Secretary of Housing and Urban Development determines under such area that expense levels needed any boost in the dollar quantity restrictions under such area.
Subsec. (a)( 4 ). Pub. L. 98-440, § 203(b)( 2 ), included par. (4 ).
1981-Subsec. (a)( 1 ). Pub. L. 97-110, § 203, included the Federal Deposit Insurance Corporation and the National Cooperative Credit Union Administration to the enumeration of firms from which the Federal Mortgage Mortgage Corporation is licensed to acquire property mortgages.
Subsec. (a)( 2 ). Pub. 97-110, § 202(a), substituted arrangements authorizing the Corporation to acquire a standard mortgage which was originated more than one year prior to the purchase date just if the seller is the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the National Credit Union Administration, or any other seller currently engaged in mortgage lending or investing activities for arrangements which had authorized the Corporation to acquire a conventional mortgage which was originated more than one year prior to the purchase date only if the seller was presently engaged in mortgage lending or investing activities and if, as a result thereof, the cumulative aggregate of the primary balances of all standard mortgages bought by the Corporation which were stemmed more than one year prior to the date of purchases did not exceed 20 per centum of the cumulative aggregate of the primary balances of all conventional mortgages purchased by the Corporation.
Pub. L. 97-110, § 202(b)( 1 ), inserted provision that, with respect to any transaction in which a seller contemporaneously sells mortgages came from more than one year old prior to the date of sale to the Corporation and gets in payment for such mortgages securities representing undistracted interests only in those mortgages, the Corporation will not enforce any cost or charge upon a qualified seller which is not a member of a Federal Mortgage Bank which varies from that enforced upon an eligible seller which is such a member.
Subsec. (b). Pub. L. 97-110, § 203, included the Federal Deposit Insurance Corporation and the National Credit Union Administration to the enumeration of firms having the authority to participate in and to carry out and perform transactions and matters referred to in this section.
1980-Subsec. (a)( 1 ). Pub. L. 96-294 placed arrangements relating to public energies performing activities in accordance with the requirements of title II of the National Energy Conservation Policy Act.
Subsec. (a)( 2 ). Pub. L. 96-399 inserted arrangements stating constraints appreciating mortgages secured by a single-family residence, etc, and set out arrangements making the restrictions stated in first proviso of very first sentence of area 1464(c) of this title.
1978-Subsec. (a)( 1 ). Pub. L. 95-557 placed reference to any mortgagee approved by the Secretary of Housing and Urban Development at end of very first sentence, and placed last 5 sentences relating to imposition of charges or fees for various classes of sellers or servicers, etc 1977-Subsec. (a)( 2 ). Pub. L. 95-128 placed "by more than 25 per centum" after "surpass" in last sentence.
1974-Subsec. (a)( 1 ). Pub. L. 93-495 placed provisions connecting to State insurance of deposits or accounts in banks.
Pub. L. 93-383, § 805(a), replaced ". The Corporation may hold" for ", and to hold" and placed arrangements connecting to the servicing of any such mortgage by the seller or qualified banks.
Subsec. (a)( 2 ). Pub. L. 93-383, § 805(b), replaced "80" for "75" in two places and "not go beyond 20" for "not exceed 10", set out "personal" before "insurance provider" in cl. (C), and replaced provisions relating to restrictions contained in first proviso of very first sentence of area 1464(c) of this title, for arrangements associating with restrictions appropriate if the mortgage were insured by the Secretary under section 1709(b) or 1713 of this title.
