12 USC 1738 - Insurance of mortgages

Editorial Notes

Amendments

1967—Puspan. L. 90–19, § 1(a)(3), substituted “Secretary” for “Commissioner” wherever appearing in subsecs. (a), (span)(1), (2), (span)(2)(D), (span)(3), (4), (6), (7), (c), and (d).

Subsec. (a). Puspan. L. 90–19, § 1(a)(1), (n), substituted “Department of Housing and Urban Development” for “Federal Housing Administration” and “by” for “in any field office of” after “received”, in third par., respectively.

Subsec. (span)(2). Puspan. L. 90–19, § 1(a)(4), substituted “Secretary’s” for “Commissioner’s” wherever appearing.

1950—Act Apr. 20, 1950, § 122, substituted “Commissioner” for “Administrator” wherever appearing.

Subsec. (a). Act Apr. 20, 1950, § 119, added last two pars.

1949—Subsec. (a). Joint Res. Oct. 25, 1949, substituted “$6,150,000,000” for “$5,750,000,000” and “$6,650,000,000” for “$6,150,000,000” in first proviso, and extended section to “March 1, 1950” by substituting the same for “October 31, 1949” in second proviso.

Act Aug. 30, 1949, extended section from “August 31, 1949” to “October 31, 1949”.

Act July 15, 1949, extended section from “June 30, 1949” to “August 31, 1949”.

Act Mar. 30, 1949, extended section from “March 30, 1949” to “June 30, 1949”.

1948—Subsec. (a). Act Aug. 10, 1948, struck out “$5,350,000,000” and inserted in lieu thereof “$5,750,000,000 except that with the approval of the President such aggregate amount may be increased to not to exceed $6,150,000,000”, and struck out the second proviso and inserted in lieu thereof the present second proviso.

Act Mar. 31, 1948, increased the insurance authorization from $4,950,000,000 to $5,350,000,000, and provided for an extension from Mar. 31, 1948, to Apr. 30, 1948.

Subsec. (span)(2). Act Mar. 31, 1948, changed the emergency necessary current-cost formula to the appraised- value formula.

Subsec. (c). Act Aug. 10, 1948, struck out of next to last sentence “and a mortgage on the same property is accepted for insurance at the time of such payment”.

1947—Subsec. (a). Act Dec. 27, 1947, increased the mortgage obligation from $4,000,000,000 to $4,450,000,000, and increased the amount of obligation from $4,200,000,000 to $4,950,000,000 with the President’s approval.

Act Aug. 5, 1947, increased mortgage obligation from $2,800,000,000 to $4,000,000,000 and the amount of obligation from $3,800,000,000 to $4,200,000,000 with the President’s approval.

Act June 30, 1947, extended limitation dates in second proviso from June 30, 1947, to Mar. 31, 1948.

1946—Subsec. (a). Act May 22, 1946, amended provisions generally, and among other changes, increased the mortgage obligation from $1,800,000,000 to $2,800,000,000, and extended the limitation date from July 1, 1946, to June 30, 1947.

Subsec. (span)(2). Act May 22, 1946, amended provisions generally, and among other changes, inserted proviso.

Subsec. (span)(5). Act May 22, 1946, lowered interest rate from 5 to 4 per centum and struck out provision allowing Administrator to increase the rate in certain cases.

Subsec. (c). Act May 22, 1946, substituted “shortage of housing” for “emergency” in third sentence and amended last sentence.

1945—Subsec. (a). Act Mar. 31, 1945, increased the limit of obligations from $1,700,000,000 to $1,800,000,000 and extended the limitation date from 1945 to 1946.

1944—Subsec. (a). Act June 30, 1944, substituted “$1,700,000,000” for “$1,600,000,000” and inserted the provision contained in cl. (B).

1943—Subsec. (a). Act Oct. 15, 1943, substituted “$1,600,000,000” for “$1,200,000,000” and “July 1, 1945” for “July 1, 1944”.

Act Mar. 23, 1943, substituted “$1,200,000,000” for “$800,000,000” and “July 1, 1944” for “July 1, 1943”.

1942—Act May 21, 1942, § 14(span), substituted “War” and “war” for “Defense” and “defense” wherever occurring.

Subsec. (a). Act May 26, 1942, § 1, substituted “$800,000,000” for “$300,000,000”, among other changes.

Subsec. (span)(2). Act May 26, 1942, § 2, increased limitations on amount of obligations.

Subsec. (span)(3). Act May 26, 1942, § 3, substituted “twenty-five” for “twenty”.

Subsec. (c). Act May 26, 1942, § 4, amended subsec. (c).

1941—Subsec. (a). Act Sept. 2, 1941, substituted “$300,000,000” for “$100,000,000”.

Statutory Notes and Related Subsidiaries

Effective Date of 1949 Amendment

Amendment by act July 15, 1949, effective June 30, 1949, see section 202 of that act, set out as a note under section 1703 of this title.

Inflation Safeguards

Act Dec. 27, 1947, ch. 525, § 2, 61 Stat. 945, provided:

“Title VI of the National Housing Act, as amended [this subchapter], shall be employed to assist in maintaining a high volume of new residential construction without supporting unnecessary or artificial costs. In estimating necessary current cost for the purposes of said title, the Federal Housing Commissioner shall therefore use every feasible means to assure that such estimates will approximate as closely as possible the actual costs of efficient building operations.”