12 U.S.C. § 1430b | Advances to nonmember mortgagee; terms and conditions

(a)

In general

12 U.S.C. 1707Each Federal Home Loan Bank is authorized to make advances to nonmember mortgagees approved under title II of the National Housing Act [ 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

12 U.S.C. 1707An 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 [ et seq.] or otherwise, if—

(1)

such advance otherwise meets the requirements of this subsection; and

(2)

section 1430(a) of this title such advance meets the requirements of , and any real estate collateral for such loan comprises single family or multifamily residential mortgages.

July 22, 1932, ch. 522, § 10b May 25, 1935, ch. 150, § 7 49 Stat. 295 Pub. L. 101–73, title VII, § 701(b)(1)Aug. 9, 1989103 Stat. 412 Pub. L. 102–550, title XIII, § 1392(b)Oct. 28, 1992106 Stat. 4009 Pub. L. 110–289, div. A, title II, § 1204(8)July 30, 2008122 Stat. 2786(, as added , ; amended , (3)(A), , ; , , ; , , .)

Editorial Notes

References in Text

act June 27, 1934, ch. 847 48 Stat. 1246 section 1701 of this titleThe National Housing Act, referred to in text, is , . 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 and Tables.

Amendments

Pub. L. 110–2892008—Subsec. (a). substituted “the Director” for “the Board”.

Pub. L. 102–5501992— designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

Pub. L. 101–731989— substituted “Board” for “Federal Home Loan Bank Board”.