Volume 53
Public Law 76–684
To allow the Home Owners’ Loan Corporation to extend the period of amortization of home loans from fifteen to twenty-five years.
Approved August 11, 1939
Statutory text
AN ACT
To allow the Home Owners’ Loan Corporation to extend the period of amortization of home loans from fifteen to twenty-five years.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That
the fourth
Home Owners’ Loan Act of 1933, amendments.
48 Stat. 130.
12 U. S. C. § 1463 (d); Supp. IV, § 1463 (d).
Amortization period for loans, extension.
Time extension for payment of installments.
sentence of section 4 (d) of the Home Owners’ Loan Act of 1933, as amended, is amended by striking out before the semicolon the words “fifteen years” and substituting therefor the words “twenty-five years”.
That the sixth sentence of section 4 (d) of the Home Owners’ Loan Act of 1933, as amended, is further amended to read as follows: “The Corporation may at any time grant an extension of time to any home owner for the payment of any installment of principal or interest owed by him to the Corporation or may at any time during
Other adjustments.
the existence of the mortgage grant an extension and revision of its terms to provide for the amortization by means of monthly payment sufficient to retire the interest and principal within a period not to exceed twenty-five years from the date of its execution if in the judgment of the Corporation the circumstances of the home owner and the condition of the security justify such extension or revision.”
Approved, August 11, 1939.