12-U.S.C.-1430B
§1430B – Advances to Nonmember Mortgagee; Terms and Conditions
Pathway
Title 12 > Chapter 11 > Section 1430b
Details
- Reference: Section 1430b
- Legend: §1430B – Advances to Nonmember Mortgagee; Terms and Conditions
- USCode Year: 2013
Provision Content
(a) In general
Each Federal Home Loan Bank is authorized to make advances to nonmember mortgagees approved under title II of the National Housing Act [12 U.S.C. 1707 et seq.]. Such mortgagees must be chartered institutions having succession and subject to the inspection and supervision of some governmental agency, and whose principal activity in the mortgage field must consist of lending their own funds. Such advances shall not be subject to the other provisions and restrictions of this chapter, but shall be made upon the security of insured mortgages, insured under title II of the National Housing Act. Advances made under the terms of this section shall be at such rates of interest and upon such terms and conditions as shall be determined by the Director, but no advance may be for an amount in excess of 90 per centum of the unpaid principal of the mortgage loan given as security.
(b) Exception
An advance made to a State housing finance agency for the purpose of facilitating mortgage lending that benefits individuals and families that meet the income requirements set forth in section 142(d) or 143(f) of title 26, need not be collateralized by a mortgage insured under title II of the National Housing Act [12 U.S.C. 1707 et seq.] or otherwise, if—
(1) such advance otherwise meets the requirements of this subsection; and
(2) such advance meets the requirements of section 1430(a) of this title, and any real estate collateral for such loan comprises single family or multifamily residential mortgages.
(July 22, 1932, ch. 522, §10b, as added May 25, 1935, ch. 150, §7, 49 Stat. 295; amended Pub. L. 101–73, title VII, §701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 102–550, title XIII, §1392(b), Oct. 28, 1992, 106 Stat. 4009; Pub. L. 110–289, div. A, title II, §1204(8), July 30, 2008, 122 Stat. 2786.)
References in Text
The National Housing Act, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. Title II of the Act is classified generally to subchapter II (§1707 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.
Amendments
2008—Subsec. (a). Pub. L. 110–289 substituted the Director for the Board.
1992—Pub. L. 102–550 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
1989—Pub. L. 101–73 substituted Board for Federal Home Loan Bank Board.
U.S. Encyclopedia of Law Coverage
Chapter 11 – Federal Home Loan Banks in the Legal Encyclopedia: Banking Law
In this entry about Chapter 11 – Federal Home Loan Banks, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1430B in the Legal Encyclopedia: Loans
In this entry about 12-U.S.C.-1430B, find legal reference material, bibliographies and premiere content related to loans in the American Encyclopedia of Law, presenting a comprehensive view of the United States loans-specific issues, written by authorities in the field.
12-U.S.C.-1430A in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-1430A, find legal reference material, bibliographies and premiere content related to housing in the American Encyclopedia of Law, presenting a comprehensive view of the United States housing-specific issues, written by authorities in the field.
Title 12 – Banks And Banking in the Legal Encyclopedia: Banks
In this entry about Title 12 – Banks And Banking, find legal reference material, bibliographies and premiere content related to banks in the American Encyclopedia of Law, presenting a comprehensive view of the United States banks-specific issues, written by authorities in the field.
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