Each change shall be made by adding to each such quantity (as it may have been previously adjusted) a percentage thereof equivalent to the portion increase, during the most current 12-month or 4-quarter period ending before the time of determining such yearly modification, in the housing price index kept by the Director of the Federal Housing Finance Agency (pursuant to area 4542 of this title). If the modification in such home cost index during the most recent 12-month or 4-quarter period ending before the time of determining such yearly change is a decrease, then no adjustment will be made for the next year, and the next adjustment will consider prior decreases in the home rate index, so that any modification shall show the net change in the home cost index because the last adjustment. Declines in your home rate index will be built up and then minimize boosts up until subsequent increases go beyond previous decreases." for "Such constraints shall not exceed $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 house, and $180,000 for a mortgage protected by a four-family home, except that such optimum constraints shall be changed effective January 1 of each year starting with 1981. Each such adjustment will be made by contributing to each such quantity (as it may have been previously adjusted) a portion thereof equivalent to the portion boost throughout the twelve-month duration ending with the previous October in the national typical one-family house price in the regular monthly study of all significant lenders carried out 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 read as follows: "With regard to mortgages secured by residential or commercial property consisting of five or more household residence systems, such restrictions will not surpass 125 per centum of the dollar amounts set forth in section 207(c)( 3) of the National Housing Act, except that such limitations may be increased by the Corporation (taking into consideration building and construction costs) to not to exceed 240 per centum of such dollar amounts in any geographical location for which the Secretary of Housing and Urban Development determines under such section that expense levels need any increase in the dollar amount constraints under such area."
Pub. L. 105-276, § 202(a), which directed the modification of the very first sentence of par. (2) by setting out "or" at end of cl. (B) and substituting "; or (D) the mortgage goes through default loss defense that the Corporation figures out is financially equivalent or superior, on an individual or pooled basis, to the security supplied by provision (C) of this sentence: Provided, That if the Director of the Office of Federal Housing Enterprise Oversight consequently discovers that such default loss defense identified by the Corporation does not provide such equal or superior defense, the Corporation will offer such additional default loss defense for such mortgage, as authorized by the Director of the Office of Federal Housing Enterprise Oversight, needed to offer such equal or superior protection." for the period at end, was rescinded by Pub. L. 105-277, reliable upon enactment of Pub. L. 105-276.
1992-Subsec. (a)( 1 ). Pub. L. 102-550, § 1382(j), in very first sentence, substituted a duration 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 monetary organization the deposits or accounts of which are insured by a firm of the United States, or from any financial organization the deposits or accounts of which are insured under the laws of any State if the overall amount of time and cost savings deposits kept in all such organizations because State is more than 20 per centum of the overall quantity of such deposits in all banks, building 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 participation in any mortgage insurance program under the National Housing Act or from any utility bring out activities in accordance with the requirements of title II of the National Energy Conservation Policy Act if the property mortgage to be purchased is a loan or advance of credit the initial profits of which are looked for in order to finance the purchase and setup of domestic energy preservation procedures (as specified in section 210( 11) of the National Energy Conservation Policy Act) in domestic realty." and in second sentence, replaced a duration for ", and the servicing on any such mortgage may be carried out by the seller or by a banks qualified as a seller under the arrangements of the preceding sentence, or by a mortgagee approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act, with which organization or mortgagee the seller might 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), included subsec. (c) and started out former subsec. (c) which read as follows: "The Board of Directors may not impose any yearly restriction on the maximum aggregate principal amount of mortgages bought by the Corporation."
1989-Subsec. (a)( 1 ). Pub. L. 101-73, § 731(e)( 1 ), (f)( 2 )(A), substituted "Resolution Trust Corporation" for " and Loan Insurance Corporation" and placed at end "Nothing in this section authorizes the Corporation to enforce any charge or fee upon any mortgagee authorized by the Secretary of Housing and Urban Development for participation in any mortgage insurance coverage program under the National Housing Act exclusively because of such status."
Subsec. (a)( 2 ). Pub. L. 101-73, § 731(f)( 2 ), substituted "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 ), added 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), set out "through March 15, 1988," before "domestic mortgages".
Subsec. (a)( 4 )(A)(ii). Pub. L. 100-628 set out "up until October 1, 1985," before "property mortgages".
Subsec. (c). Pub. L. 100-242, § 445, included subsec. (c).
1987-Subsec. (a)( 4 )(A)(i). Pub. L. 100-200 replaced "March 15, 1988" for "December 16, 1987".
Pub. L. 100-179 replaced "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 "protected by a residential or commercial property consisting of one- to four-family residence units" after "mortgages" where very first appearing in first sentence was carried out by inserting that expression after "No traditional mortgage" as the likely intent of Congress.
Pub. L. 98-440, § 201(b), replaced "The Corporation will develop constraints governing the optimum original principal commitment of conventional mortgages that are bought by it; in any case in which the Corporation purchases a participation interest in such a mortgage, the limitation shall be determined with regard to the total original primary commitment of the mortgage and not merely with regard to the interest acquired by the Corporation" for "The Corporation will establish restrictions governing the maximum principal obligation of traditional mortgages purchased by it".
Pub. L. 98-440, § 206(b), inserted arrangement that the constraints set forth in section 1713(c)( 3) of this title might be increased by the Corporation (taking into consideration building expenses) to not to exceed 240 per centum of such dollar quantities in any geographical location for which the Secretary of Housing and Urban Development figures out under such area that cost levels needed any boost in the dollar amount restrictions under such area.
Subsec. (a)( 4 ). Pub. L. 98-440, § 203(b)( 2 ), added par. (4 ).
1981-Subsec. (a)( 1 ). Pub. L. 97-110, § 203, included the Federal Deposit Insurance Corporation and the National Credit Union Administration to the enumeration of firms from which the Federal Mortgage Mortgage Corporation is authorized to buy residential mortgages.
Subsec. (a)( 2 ). Pub. 97-110, § 202(a), replaced provisions authorizing the Corporation to purchase a conventional mortgage which was stemmed more than one year prior to the purchase date only 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 taken part in mortgage lending or investing activities for arrangements which had licensed 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 participated in mortgage financing or investing activities and if, as an outcome thereof, the cumulative aggregate of the principal 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 standard mortgages acquired by the Corporation.
Pub. L. 97-110, § 202(b)( 1 ), placed provision that, with regard to any deal in which a seller contemporaneously sells mortgages originated more than one years of age previous 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 shall not enforce any charge or charge upon a qualified seller which is not a member of a Federal Mortgage Bank which differs from that imposed upon a qualified 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 agencies having the authority to participate in and to perform and bring out transactions and matters described in this section.
1980-Subsec. (a)( 1 ). Pub. L. 96-294 inserted arrangements relating to utilities carrying out activities in accordance with the requirements of title II of the National Energy Conservation Policy Act.
Subsec. (a)( 2 ). Pub. L. 96-399 placed provisions stating restrictions appreciating mortgages secured by a single-family house, and so on, and started out arrangements making the constraints stated in first proviso of very first sentence of section 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 five sentences connecting to imposition of charges or fees for various classes of sellers or servicers, etc 1977-Subsec. (a)( 2 ). Pub. L. 95-128 inserted "by more than 25 per centum" after "exceed" in last sentence.
1974-Subsec. (a)( 1 ). Pub. L. 93-495 placed provisions associating with State insurance coverage of deposits or accounts in financial institutions.
Pub. L. 93-383, § 805(a), substituted ". The Corporation may hold" for ", and to hold" and inserted arrangements relating to the maintenance of any such mortgage by the seller or qualified monetary organization.
Subsec. (a)( 2 ). Pub. L. 93-383, § 805(b), replaced "80" for "75" in two locations and "not exceed 20" for "not exceed 10", struck out "private" before "insurer" in cl. (C), and replaced provisions connecting to constraints included in first proviso of very first sentence of section 1464(c) of this title, for arrangements associating with constraints appropriate if the mortgage were guaranteed by the Secretary under section 1709(b) or 1713 of this title.
