Volume 71 · 8
Public Law 85–10
To provide interim assistance, through the Federal National Mortgage Association, in relieving the shortage of funds for home loans, and for other purposes.
Approved March 27, 1957
Statutory text
JOINT RESOLUTION
To provide interim assistance, through the Federal National Mortgage Association, in relieving the shortage of funds for home loans, and for other purposes.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled,
That
section 303 (d) of the National Housing Act is amended by adding at the end thereof the following new sentence: “In addition to the preferred stock provided for in the first sentence of this subsection, the Association is authorized and directed to issue and deliver to the Secretary of the Treasury, and the Secretary of the Treasury is authorized and directed to accept, preferred stock of the Association having an aggregate par value equal to $50,000,000.”
Section 303 (e) of such Act is amended (1) by striking out “pursuant to subsection (d)” and inserting in lieu thereof “pursuant to the first sentence of subsection (d)”, and (2) by adding at the end thereof the following new sentence: “The preferred stock of the Association delivered to the Secretary of the Treasury pursuant to the second sentence of subsection (d) of this section shall be in exchange for a note or notes of the Association, aggregating $50,000,000 in principal amount (and upon which the accrued interest shall have been paid through the date of delivery), held by the Secretary of the Treasury pursuant to the authority contained in section 304 (c).”
Section 304 (c) of such Act is amended by striking out all of
the second sentence after “or (2)” and inserting in lieu thereof the following: “such purchase would increase the aggregate principal amount of his then outstanding holdings of such obligations under this subsection to an amount greater than $1,350,000,000.”
Sec. 2.
Section 3G5 (e) of the National Housing Act is amended
69 Stat. 536.
(1) by striking out “$50,000,000” and inserting in lieu thereof “$100,000,000”, and (2) by striking out “$5,000,000” and inserting in lieu thereof “$10,000,000.”
Sec. 3.
Section 22Q (d) (3) (B) (iii) of the National Housing Act
68 Stat. 598.
is amended by striking out in the second proviso thereof “or per family unit, as the case may be,” and inserting in lieu thereof “without regard to the number of rooms being less than four, or four or more,”.
Approved March 27, 1957.