12-U.S.C.-1712
§1712 – Investment of Funds
Pathway
Title 12 > Chapter 13 > Subchapter II > Section 1712
Details
- Reference: Section 1712
- Legend: §1712 – Investment of Funds
- USCode Year: 2013
Provision Content
Moneys in the Fund not needed for the current operations of the Department of Housing and Urban Development related to insurance under section 1709 of this title shall be deposited with the Treasurer of the United States to the credit of the Fund, or invested in bonds or other obligations of, or in bonds or other obligations guaranteed as to principal and interest by, the United States or any agency of the United States: Provided, That such moneys shall to the maximum extent feasible be invested in such bonds or other obligations the proceeds of which will be used to directly support the residential mortgage market. The Secretary may, with the approval of the Secretary of the Treasury, purchase in the open market debentures issued under the provisions of section 1710 of this title. Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this section. Debentures so purchased shall be canceled and not reissued, and the several group accounts to which such debentures have been charged shall be charged with the amounts used in making such purchases.
(June 27, 1934, ch. 847, title II, §206, 48 Stat. 1252; Feb. 3, 1938, ch. 13, §3, 52 Stat. 16; Apr. 20, 1950, ch. 94, title I, §122, 64 Stat. 59; Pub. L. 90–19, §1(a)(1), (3), (e), May 25, 1967, 81 Stat. 17, 18; Pub. L. 91–609, title I, §117(a), Dec. 31, 1970, 84 Stat. 1774.)
Amendments
1970—Pub. L. 91–609 provided for guarantee as to principal and interest by any agency of the United States and for investment of monies in bonds or other obligations the proceeds of which will be used to directly support the residential mortgage market.
1967—Pub. L. 90–19 substituted Department of Housing and Urban Development and Secretary for Federal Housing Administration and Commissioner, respectively, and inserted related to insurance under section 1709 of this title before shall be deposited.
1950—Act Apr. 20, 1950, substituted Commissioner for Administrator.
1938—Act Feb. 3, 1938, among other changes, inserted or in bonds or other obligations guaranteed as to principal and interest by in first sentence, and inserted third sentence.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1706D in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1706D, 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.-1702 in the Legal Encyclopedia: Mortgage
In this entry about 12-U.S.C.-1702, find legal reference material, bibliographies and premiere content related to mortgage in the American Encyclopedia of Law, presenting a comprehensive view of the United States mortgage-specific issues, written by authorities in the field.
12-U.S.C.-1712 in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-1712, 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.
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