Skip to content
Congress Index

119th Congress

Menu

119th Congress

Title 12 — Banks and Banking

Chapter 13 — National Housing

§ 1716. Declaration of purposes of subchapter

Statutory text

The Congress declares that the purposes of this subchapter are to establish secondary market facilities for residential mortgages, to provide that the operations thereof shall be financed by private capital to the maximum extent feasible, and to authorize such facilities to—

(1)

provide stability in the secondary market for residential mortgages;

(2)

respond appropriately to the private capital market;

(3)

provide ongoing assistance to the secondary market for residential mortgages (including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing;

(4)

promote access to mortgage credit throughout the Nation (including central cities, rural areas, and underserved areas) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing; and

(5)

manage and liquidate federally owned mortgage portfolios in an orderly manner, with a minimum of adverse effect upon the residential mortgage market and minimum loss to the Federal Government.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

  1. National Housing Act.”

    Pub. L. 73–847 · 48 Stat. 1246

    Enacted · 12 U.S.C. § 1716

    June 27, 1934, ch. 847, title III, § 301, 48 Stat. 1252

    Source evidence

    Code source credit
    June 27, 1934, ch. 847, title III, § 301, 48 Stat. 1252

  2. Public Law not identified

    Substituted · 12 U.S.C. § 1716(d)

    Subsec. (d). Act May 28, 1935, substituted “$5,000,000” for “$2,000,000”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (d). Act May 28, 1935, substituted “$5,000,000” for “$2,000,000”.

  3. Public Law not identified

    1. Amended · 12 U.S.C. § 1716(a)

      Subsec. (a). Act Feb. 3, 1938, amended provisions generally, and among other changes

    2. Substituted · 12 U.S.C. § 1716(a)

      Subsec. (a). Act Feb. 3, 1938, substituted “60 per centum” in subsec. (a)(3), for “80 per centum”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a). Act Feb. 3, 1938, amended provisions generally, and among other changes, substituted “60 per centum” in subsec. (a)(3), for “80 per centum”.

  4. Public Law not identified

    1. Substituted · 12 U.S.C. § 1716(d)

      Subsec. (d). Act Feb. 3, 1938, substituted “$2,000,000” for “$5,000,000,”

    2. Substituted · 12 U.S.C. § 1716(d)

      Subsec. (d). Act Feb. 3, 1938, substituted “that at least 25 per centum thereof has been paid in cash,” for “paid in full in cash”

    3. Inserted · 12 U.S.C. § 1716(d)

      Subsec. (d). Act Feb. 3, 1938, inserted “or in first mortgages or such other first liens as are described in section 301 (a) hereof, which mortgages or liens shall be taken at such value as the Administrator may determine, not exceeding (except as to mortgages insured under title II of this Act) 60 per centum of the appraised value of the property as of the date of subscription, and that the remainder of the subscription to such capital stock is payable in the same manner and at such time as may be determined by the Administrator: Provided, That no association shall issue notes, bonds, debentures, or other such obligations until such time as such subscriptions are paid in full in cash or Government securities at their par value or in mortgages or other liens as hereinbefore set forth”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (d). Act Feb. 3, 1938, substituted “$2,000,000” for “$5,000,000,” and “that at least 25 per centum thereof has been paid in cash,” for “paid in full in cash”, and inserted “or in first mortgages or such other first liens as are described in section 301 (a) hereof, which mortgages or liens shall be taken at such value as the Administrator may determine, not exceeding (except as to mortgages insured under title II of this Act) 60 per centum of the appraised value of the property as of the date of subscription, and that the remainder of the subscription to such capital stock is payable in the same manner and at such time as may be determined by the Administrator: Provided, That no association shall issue notes, bonds, debentures, or other such obligations until such time as such subscriptions are paid in full in cash or Government securities at their par value or in mortgages or other liens as hereinbefore set forth”.

  5. Public Law not identified

    Amended · 12 U.S.C. § 1716(b)

    Subsec. (b). Act June 3, 1939, amended last sentence

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (b). Act June 3, 1939, amended last sentence.

  6. Public Law not identified

    Inserted · 12 U.S.C. § 1716(c)(4)

    Subsec. (c)(4). Act June 3, 1939, inserted “Alaska, Hawaii or Puerto Rico”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c)(4). Act June 3, 1939, inserted “Alaska, Hawaii or Puerto Rico”.

  7. Public Law not identified

    Substituted · 12 U.S.C. § 1716(a)(2)

    Subsec. (a)(2). Act Mar. 28, 1941, substituted “subchapters II and VI” for “subchapter II”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(2). Act Mar. 28, 1941, substituted “subchapters II and VI” for “subchapter II”.

  8. Public Law not identified

    1. Substituted · 12 U.S.C. § 1716(a)(1)

      Subsec. (a)(1). Act Aug. 10, 1948, §§ 201, 202, substituted “subchapter II or VI of this chapter” for “section 1709 or 1738 of this title”

    2. Inserted · 12 U.S.C. § 1716(a)(1)

      Subsec. (a)(1). Act Aug. 10, 1948, §§ 201, 202, inserted “after April 30, 1948”, after “or guaranteed”

    3. Substituted · 12 U.S.C. § 1716(a)(1)

      Subsec. (a)(1). Act Aug. 10, 1948, §§ 201, 202, substituted “50” for “25” in cl. (2) of par. (1) (E)

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1). Act Aug. 10, 1948, §§ 201, 202, substituted “subchapter II or VI of this chapter” for “section 1709 or 1738 of this title”, inserted “after April 30, 1948”, after “or guaranteed”, and substituted “50” for “25” in cl. (2) of par. (1) (E).

  9. Public Law not identified

    1. Inserted · 12 U.S.C. § 1716(a)

      Subsec. (a). Act Aug. 8, 1949, inserted reference to subchapter VIII in par. (1)

    2. Inserted · 12 U.S.C. § 1716(a)

      Subsec. (a). Act Aug. 8, 1949, inserted proviso at end of par. (1)(E)

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a). Act Aug. 8, 1949, inserted reference to subchapter VIII in par. (1), and inserted proviso at end of par. (1)(E).

  10. Public Law not identified

    Struck and inserted · 12 U.S.C. § 1716(a)(1)(E)

    Subsec. (a)(1)(E). Joint Res. Oct. 25, 1949, struck out proviso and inserted new proviso

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1)(E). Joint Res. Oct. 25, 1949, struck out proviso and inserted new proviso.

  11. Public Law not identified

    Inserted · 12 U.S.C. § 1716(a)(1)

    Subsec. (a)(1). Act Apr. 20, 1950, § 116(1), (2), inserted “or section 1706c of this title” and first proviso

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1). Act Apr. 20, 1950, § 116(1), (2), inserted “or section 1706c of this title” and first proviso.

  12. Public Law not identified

    Substituted · 12 U.S.C. § 1716(a)(1)(E)

    Subsec. (a)(1)(E). Act Apr. 20, 1950, § 116(3), substituted new proviso for former proviso

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1)(E). Act Apr. 20, 1950, § 116(3), substituted new proviso for former proviso.

  13. Public Law not identified

    Substituted · 12 U.S.C. § 1716(a)(1)(F)

    Subsec. (a)(1)(F). Act Apr. 20, 1950, § 116(4), substituted provision that no loan made to finance the purchase price or construction cost of a dwelling was to be purchased by the Federal National Mortgage Association unless the Administrator of Veterans’ Affairs certifies that such dwelling conforms with minimum construction requirements prescribed by the Administrator for former provision that such certification was to be given by the mortgagee and that minimum construction standards were to be determined by the provisions within the National Housing Act

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1)(F). Act Apr. 20, 1950, § 116(4), substituted provision that no loan made to finance the purchase price or construction cost of a dwelling was to be purchased by the Federal National Mortgage Association unless the Administrator of Veterans’ Affairs certifies that such dwelling conforms with minimum construction requirements prescribed by the Administrator for former provision that such certification was to be given by the mortgagee and that minimum construction standards were to be determined by the provisions within the National Housing Act.

  14. Public Law not identified

    Added · 12 U.S.C. § 1716(a)(1)(G)

    Subsec. (a)(1)(G). Act Apr. 20, 1950, § 116(5), added par. (1)(G)

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1)(G). Act Apr. 20, 1950, § 116(5), added par. (1)(G).

  15. Public Law not identified

    Inserted · 12 U.S.C. § 1716(a)(1)

    Subsec. (a)(1). Act Sept. 1, 1951, § 205, inserted reference to subchapter X of this chapter

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1). Act Sept. 1, 1951, § 205, inserted reference to subchapter X of this chapter.

  16. Public Law not identified

    Inserted · 12 U.S.C. § 1716(a)(1)(G)

    Subsec. (a)(1)(G). Act Sept. 1, 1951, § 608(b), inserted proviso

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1)(G). Act Sept. 1, 1951, § 608(b), inserted proviso.

  17. Public Law not identified

    Changed · 12 U.S.C. § 1716(a)(1)

    Subsec. (a)(1). Act July 14, 1952, § 3(a)(1), authorized the FNMA to purchase Government-insured or guaranteed home mortgages other than defense or disaster mortgages if they are insured after Feb. 29, 1952

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1). Act July 14, 1952, § 3(a)(1), authorized the FNMA to purchase Government-insured or guaranteed home mortgages other than defense or disaster mortgages if they are insured after Feb. 29, 1952.

  18. Public Law not identified

    Changed · 12 U.S.C. § 1716(a)(1)(E)

    Subsec. (a)(1)(E). Act July 14, 1952, § 3(a)(2), (3), changed the base date from Apr. 30, 1948 to Feb. 29, 1952, and exempted defense or disaster mortgages from the limitation of this subparagraph

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1)(E). Act July 14, 1952, § 3(a)(2), (3), changed the base date from Apr. 30, 1948 to Feb. 29, 1952, and exempted defense or disaster mortgages from the limitation of this subparagraph.

  19. Public Law not identified

    Changed · 12 U.S.C. § 1716(a)(1)(G)

    Subsec. (a)(1)(G). Act July 14, 1952, § 3(a)(4), increased the FNMA commitment powers from $252,000,000 to $1,152,000,000 outstanding at any one time if the commitments relate to defense or disaster mortgages

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1)(G). Act July 14, 1952, § 3(a)(4), increased the FNMA commitment powers from $252,000,000 to $1,152,000,000 outstanding at any one time if the commitments relate to defense or disaster mortgages.

    S.J. Res. Apr. 9, 1952, increased the $200,000,000 authorization to $252,000,000 and struck out Dec. 31, 1951, deadline, (1) with respect to programed defense housing for which applications were received prior to Dec. 28, 1951, and (2) with respect to subchapter VIII military housing if the commitment to insure the mortgage was issued after Dec. 27 and before Dec. 31, 1951.

  20. Public Law not identified

    Inserted · 12 U.S.C. § 1716(c)(4)

    Subsec. (c)(4). Act July 14, 1952, inserted “Guam,” after “District of Columbia”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (c)(4). Act July 14, 1952, inserted “Guam,” after “District of Columbia”.

  21. Public Law not identified

    1. Substituted · 12 U.S.C. § 1716(a)(1)(E)

      Subsec. (a)(1)(E). Act June 30, 1953, § 12, in cl. (2), substituted “principal amount to be paid therefor” for “unpaid principal balance thereof”

    2. Substituted · 12 U.S.C. § 1716(a)(1)(E)

      Subsec. (a)(1)(E). Act June 30, 1953, § 12, in cl. (2), substituted “aggregate principal amount” for “aggregate amount”

    3. Substituted · 12 U.S.C. § 1716(a)(1)(E)

      Subsec. (a)(1)(E). Act June 30, 1953, § 12, in cl. (2), substituted three provisos for former proviso which made such cl. (2) and any terms therein inapplicable to any defense or disaster mortgages as defined in subpar. (G) of par. (1)

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1)(E). Act June 30, 1953, § 12, in cl. (2), substituted “principal amount to be paid therefor” for “unpaid principal balance thereof”, and “aggregate principal amount” for “aggregate amount”; and substituted three provisos for former proviso which made such cl. (2) and any terms therein inapplicable to any defense or disaster mortgages as defined in subpar. (G) of par. (1).

  22. Public Law not identified

    Substituted · 12 U.S.C. § 1716(a)(1)(G)

    Subsec. (a)(1)(G). Act June 30, 1953, § 13(a), substituted in first sentence “July 1, 1954” for “July 1, 1953”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1)(G). Act June 30, 1953, § 13(a), substituted in first sentence “July 1, 1954” for “July 1, 1953”.

  23. Public Law not identified

    Substituted · 12 U.S.C. § 1716(a)(1)(G)

    Subsec. (a)(1)(G). Act June 29, 1954, substituted in first sentence “August 1, 1954” for “July 1, 1954”

    Unresolved: No Public Law or Statutes at Large citation in the Code source.

    Source evidence

    Code amendment note
    Subsec. (a)(1)(G). Act June 29, 1954, substituted in first sentence “August 1, 1954” for “July 1, 1954”.

  24. Housing and Urban Development Act of 1968

    Pub. L. 90–448 title VIII § 802(b) · 82 Stat. 476

    Struck · 12 U.S.C. § 1716

    Pub. L. 90–448 struck out provisions which established in the Federal Government a secondary market facility for home mortgages in view of section 1716b of this title which created two separate and distinct corporations

    Source evidence

    Code amendment note
    Pub. L. 90–448 struck out provisions which established in the Federal Government a secondary market facility for home mortgages in view of section 1716b of this title which created two separate and distinct corporations.

    Enacted provision · exact public law section
    (b) Section 301 of such Act is amended— (1) by striking out “in the Federal Government a”; (2) by striking out “facility for” and inserting in lieu thereof “facilities for”; (3) by striking out “of such facility” and inserting in lieu thereof “thereof”; (4) by striking out “facility to” and inserting in lieu thereof “facilities to”; and (5) by striking out “the existing mortgage portfolio of the Federal National Mortgage Association” and inserting in lieu thereof “federally owned mortgage portfolios”.

    Effective date note
    For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an Effective Date note under section 1716b of this title.

  25. Financial Institutions Reform, Recovery, and Enforcement Act of 1989

    Pub. L. 101–73 title VII § 731(m)(1) · 103 Stat. 183

    1. Added · 12 U.S.C. § 1716

      Pub. L. 101–73 added pars. (1) to (3)

    2. Struck · 12 U.S.C. § 1716

      Pub. L. 101–73 struck out subsecs. (a) and (b)

    3. Redesignated · 12 U.S.C. § 1716

      Pub. L. 101–73 redesignated subsec. (c) as par. (4). Prior to amendment, subsecs. (a) and (b) related to supplementary assistance to the secondary market and to provision of special assistance, respectively

    Source evidence

    Code amendment note
    Pub. L. 101–73 added pars. (1) to (3), struck out subsecs. (a) and (b), and redesignated subsec. (c) as par. (4). Prior to amendment, subsecs. (a) and (b) related to supplementary assistance to the secondary market and to provision of special assistance, respectively.

    Enacted provision · exact public law section
    (1) Statement of purpose.— Section 301 of the Federal National Mortgage Association Charter Act (12 U.S.C. 1716) is amended— (A) by striking paragraphs (a) and (b) and inserting the following new paragraphs; “(1) provide stability in the secondary market for home mortgages; “(2) respond appropriately to the private capital market; “(3) provide ongoing assistance to the secondary market for home mortgages (including mortgages securing housing for low- and moderate-income families involving a reasonable economic return) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for home mortgage financing; and”; and (B) by redesignating paragraph (c) as paragraph (4).

  26. Federal Housing Enterprises Financial Safety and Soundness Act of 1992

    Pub. L. 102–550 § 1381(a)(1) · 106 Stat. 3672

    Substituted · 12 U.S.C. § 1716

    Pub. L. 102–550, § 1381(a)(1), substituted “residential” for “home” in introductory provisions

    Source evidence

    Code amendment note
    Pub. L. 102–550, § 1381(a)(1), substituted “residential” for “home” in introductory provisions.

    Enacted provision · exact public law section
    (1) by striking “home” each place it appears and inserting “residential”;

  27. Federal Housing Enterprises Financial Safety and Soundness Act of 1992

    Pub. L. 102–550 § 1381(a)(1) · 106 Stat. 3672

    Substituted · 12 U.S.C. § 1716(1)

    Pub. L. 102–550, § 1381(a)(1), substituted “residential” for “home”

    Source evidence

    Code amendment note
    Par. (1). Pub. L. 102–550, § 1381(a)(1), substituted “residential” for “home”.

    Enacted provision · exact public law section
    (1) by striking “home” each place it appears and inserting “residential”;

  28. Federal Housing Enterprises Financial Safety and Soundness Act of 1992

    Pub. L. 102–550 § 1381(a)(1) · 106 Stat. 3672

    1. Substituted · 12 U.S.C. § 1716(3)

      Pub. L. 102–550, § 1381(a)(1), (2), substituted “residential” for “home” in two places

    2. Substituted · 12 U.S.C. § 1716(3)

      Pub. L. 102–550, § 1381(a)(1), (2), substituted “(including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities)” for “(including mortgages securing housing for low- and moderate-income families involving a reasonable economic return)”

    3. Struck · 12 U.S.C. § 1716(3)

      Pub. L. 102–550, § 1381(a)(1), (2), struck out “and” at end

    Source evidence

    Code amendment note
    Par. (3). Pub. L. 102–550, § 1381(a)(1), (2), substituted “residential” for “home” in two places, substituted “(including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities)” for “(including mortgages securing housing for low- and moderate-income families involving a reasonable economic return)”, and struck out “and” at end.

    Enacted provision · exact public law section
    (1) by striking “home” each place it appears and inserting “residential”;

  29. Federal Housing Enterprises Financial Safety and Soundness Act of 1992

    Pub. L. 102–550 § 1381(a)(3) · 106 Stat. 3672

    1. Added · 12 U.S.C. § 1716(4)

      Pub. L. 102–550, § 1381(a)(3), (4), added par. (4)

    2. Redesignated · 12 U.S.C. § 1716(4)

      Pub. L. 102–550, § 1381(a)(3), (4), redesignated former par. (4) as (5)

    Source evidence

    Code amendment note
    Par. (4). Pub. L. 102–550, § 1381(a)(3), (4), added par. (4) and redesignated former par. (4) as (5).

    Enacted provision · exact public law section
    (3) by redesignating paragraph (4) as paragraph (5);

  30. Federal Housing Enterprises Financial Safety and Soundness Act of 1992

    Pub. L. 102–550 § 1381(a)(1) · 106 Stat. 3672

    1. Redesignated · 12 U.S.C. § 1716(5)

      Pub. L. 102–550, § 1381(a)(1), (3), redesignated par. (4) as (5)

    2. Substituted · 12 U.S.C. § 1716(5)

      Pub. L. 102–550, § 1381(a)(1), (3), substituted “residential” for “home”

    Source evidence

    Code amendment note
    Par. (5). Pub. L. 102–550, § 1381(a)(1), (3), redesignated par. (4) as (5) and substituted “residential” for “home”.

    Enacted provision · exact public law section
    (1) by striking “home” each place it appears and inserting “residential”;

13 of 44 references resolved to an enrolled provision · 1 partial · 30 unresolved

Editorial Notes

Amendments1935–1992 · 14 rounds

1992

Pub. L. 102–550, § 1381(a)(1), substituted “residential” for “home” in introductory provisions.

Par. (1). Pub. L. 102–550, § 1381(a)(1), substituted “residential” for “home”.

Par. (3). Pub. L. 102–550, § 1381(a)(1), (2), substituted “residential” for “home” in two places, substituted “(including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities)” for “(including mortgages securing housing for low- and moderate-income families involving a reasonable economic return)”, and struck out “and” at end.

Par. (4). Pub. L. 102–550, § 1381(a)(3), (4), added par. (4) and redesignated former par. (4) as (5).

Par. (5). Pub. L. 102–550, § 1381(a)(1), (3), redesignated par. (4) as (5) and substituted “residential” for “home”.

1989

Pub. L. 101–73 added pars. (1) to (3), struck out subsecs. (a) and (b), and redesignated subsec. (c) as par. (4). Prior to amendment, subsecs. (a) and (b) related to supplementary assistance to the secondary market and to provision of special assistance, respectively.

1968

Pub. L. 90–448 struck out provisions which established in the Federal Government a secondary market facility for home mortgages in view of section 1716b of this title which created two separate and distinct corporations.

1954

Act , amended section generally, substituting entirely new provisions for provisions now covered by section 1717 of this title and other sections in this subchapter.

Subsec. (a)(1)(G). Act , substituted in first sentence “” for “”.

1953

Subsec. (a)(1)(E). Act , § 12, in cl. (2), substituted “principal amount to be paid therefor” for “unpaid principal balance thereof”, and “aggregate principal amount” for “aggregate amount”; and substituted three provisos for former proviso which made such cl. (2) and any terms therein inapplicable to any defense or disaster mortgages as defined in subpar. (G) of par. (1).

Subsec. (a)(1)(G). Act , § 13(a), substituted in first sentence “” for “”.

1952

Subsec. (a)(1). Act , § 3(a)(1), authorized the FNMA to purchase Government-insured or guaranteed home mortgages other than defense or disaster mortgages if they are insured after .

Subsec. (a)(1)(E). Act , § 3(a)(2), (3), changed the base date from to , and exempted defense or disaster mortgages from the limitation of this subparagraph.

Subsec. (a)(1)(G). Act , § 3(a)(4), increased the FNMA commitment powers from $252,000,000 to $1,152,000,000 outstanding at any one time if the commitments relate to defense or disaster mortgages.

S.J. Res. , increased the $200,000,000 authorization to $252,000,000 and struck out , deadline, (1) with respect to programed defense housing for which applications were received prior to , and (2) with respect to subchapter VIII military housing if the commitment to insure the mortgage was issued after Dec. 27 and before .

Subsec. (c)(4). Act , inserted “Guam,” after “District of Columbia”.

1951

Subsec. (a)(1). Act , § 205, inserted reference to subchapter X of this chapter.

Subsec. (a)(1)(G). Act , § 608(b), inserted proviso.

1950

Act , § 122, substituted “Commissioner” for “Administrator” wherever appearing.

Subsec. (a)(1). Act , § 116(1), (2), inserted “or section 1706c of this title” and first proviso.

Subsec. (a)(1)(E). Act , § 116(3), substituted new proviso for former proviso.

Subsec. (a)(1)(F). Act , § 116(4), substituted provision that no loan made to finance the purchase price or construction cost of a dwelling was to be purchased by the Federal National Mortgage Association unless the Administrator of Veterans’ Affairs certifies that such dwelling conforms with minimum construction requirements prescribed by the Administrator for former provision that such certification was to be given by the mortgagee and that minimum construction standards were to be determined by the provisions within the National Housing Act.

Subsec. (a)(1)(G). Act , § 116(5), added par. (1)(G).

1949

Subsec. (a). Act , inserted reference to subchapter VIII in par. (1), and inserted proviso at end of par. (1)(E).

Subsec. (a)(1)(E). Joint Res. , struck out proviso and inserted new proviso.

1948

Act , amended section generally to create a Federal National Mortgage Association with power to purchase, service, or sell insured or guaranteed mortgage, provide for the powers and succession of the Association, and to eliminate the former national mortgage association.

Subsec. (a)(1). Act , §§ 201, 202, substituted “subchapter II or VI of this chapter” for “section 1709 or 1738 of this title”, inserted “after ”, after “or guaranteed”, and substituted “50” for “25” in cl. (2) of par. (1) (E).

1941

Subsec. (a)(2). Act , substituted “subchapters II and VI” for “subchapter II”.

1939

Subsec. (b). Act , amended last sentence.

Subsec. (c)(4). Act , inserted “Alaska, Hawaii or Puerto Rico”.

1938

Subsec. (a). Act , amended provisions generally, and among other changes, substituted “60 per centum” in subsec. (a)(3), for “80 per centum”.

Subsec. (d). Act , substituted “$2,000,000” for “$5,000,000,” and “that at least 25 per centum thereof has been paid in cash,” for “paid in full in cash”, and inserted “or in first mortgages or such other first liens as are described in section 301 (a) hereof, which mortgages or liens shall be taken at such value as the Administrator may determine, not exceeding (except as to mortgages insured under title II of this Act) 60 per centum of the appraised value of the property as of the date of subscription, and that the remainder of the subscription to such capital stock is payable in the same manner and at such time as may be determined by the Administrator: Provided, That no association shall issue notes, bonds, debentures, or other such obligations until such time as such subscriptions are paid in full in cash or Government securities at their par value or in mortgages or other liens as hereinbefore set forth”.

1935

Subsec. (d). Act , substituted “$5,000,000” for “$2,000,000”.

Statutory Notes and Related Subsidiaries

Effective Date of 1968 Amendment

For effective date of amendment by title VIII of Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as an Effective Date note under section 1716b of this title.

Effective Date of 1949 Amendment

Joint Res. Oct. 25, 1949, ch. 729, § 7, 63 Stat. 906, provided in part: “That the amendment made by this section 7 with respect to mortgages guaranteed under section 501 of the Servicemen’s Readjustment Act of 1944, as amended [this section], shall apply only to such mortgages guaranteed after the date of enactment of this Act [].”

Service or Sale of Mortgages Purchased Prior to July 1, 1948; Fulfillment of Prior Commitments

Act July 1, 1948, ch. 784, § 2, 62 Stat. 1209, provided that: “Nothing in the amendment made by the first section of this Act [amending sections 1716, 1717 to 1721 of this title] shall limit the authority of the Federal National Mortgage Association to service or sell any mortgage purchased prior to the date of the enactment of this Act [], or to purchase, service, or sell any mortgage with respect to which a commitment to purchase was made prior to the date of the enactment of this Act [].”

Executive Documents

Delegation of Functions

Functions of President under this section delegated to Secretary of Housing and Urban Development, see Ex. Ord. No. 11732, , 38 F.R. 20429, set out as a note under section 301 of Title 3, The President.

Credits

1934–1992 · 19 acts
  1. 1934June 27, 1934, ch. 847, title III, § 301, 48 Stat. 1252
  2. 1935May 28, 1935, ch. 150, § 30, 49 Stat. 300
  3. 1938Feb. 3, 1938, ch. 13, §§ 4, 5, 52 Stat. 23
  4. 1939June 3, 1939, ch. 175, §§ 15, 16, 53 Stat. 808
  5. 1941Mar. 28, 1941, ch. 31, § 5, 55 Stat. 62
  6. 1948July 1, 1948, ch. 784, § 1, 62 Stat. 1206
  7. 1948Aug. 10, 1948, ch. 832, title II, §§ 201, 202, 62 Stat. 1275
  8. 1949Aug. 8, 1949, ch. 403, § 4, 63 Stat. 576
  9. 1949Oct. 25, 1949, ch. 729, § 7, 63 Stat. 906
  10. 1950Apr. 20, 1950, ch. 94, title I, §§ 116, 122, 64 Stat. 57, 59
  11. 1951Sept. 1, 1951, ch. 378, title II, § 205, title VI, § 608(b), 65 Stat. 303, 315
  12. 1952Apr. 9, 1952, ch. 173, 66 Stat. 51
  13. 1952July 14, 1952, ch. 723, §§ 3(a), 10(a)(2), 66 Stat. 602, 603
  14. 1953June 30, 1953, ch. 170, §§ 12, 13(a), 67 Stat. 125
  15. 1954June 29, 1954, ch. 410, § 1(1), 68 Stat. 320
  16. 1954Aug. 2, 1954, ch. 649, title II, § 201, 68 Stat. 612
  17. 1968Pub. L. 90–448, title VIII, § 802(b), , 82 Stat. 536
  18. 1989Pub. L. 101–73, title VII, § 731(m)(1), , 103 Stat. 435
  19. 1992Pub. L. 102–550, title XIII, § 1381(a), , 106 Stat. 3994.
Show as published

(June 27, 1934, ch. 847, title III, § 301, 48 Stat. 1252; May 28, 1935, ch. 150, § 30, 49 Stat. 300; Feb. 3, 1938, ch. 13, §§ 4, 5, 52 Stat. 23; June 3, 1939, ch. 175, §§ 15, 16, 53 Stat. 808; Mar. 28, 1941, ch. 31, § 5, 55 Stat. 62; July 1, 1948, ch. 784, § 1, 62 Stat. 1206; Aug. 10, 1948, ch. 832, title II, §§ 201, 202, 62 Stat. 1275; Aug. 8, 1949, ch. 403, § 4, 63 Stat. 576; Oct. 25, 1949, ch. 729, § 7, 63 Stat. 906; Apr. 20, 1950, ch. 94, title I, §§ 116, 122, 64 Stat. 57, 59; Sept. 1, 1951, ch. 378, title II, § 205, title VI, § 608(b), 65 Stat. 303, 315; Apr. 9, 1952, ch. 173, 66 Stat. 51; July 14, 1952, ch. 723, §§ 3(a), 10(a)(2), 66 Stat. 602, 603; June 30, 1953, ch. 170, §§ 12, 13(a), 67 Stat. 125; June 29, 1954, ch. 410, § 1(1), 68 Stat. 320; Aug. 2, 1954, ch. 649, title II, § 201, 68 Stat. 612; Pub. L. 90–448, title VIII, § 802(b), , 82 Stat. 536; Pub. L. 101–73, title VII, § 731(m)(1), , 103 Stat. 435; Pub. L. 102–550, title XIII, § 1381(a), , 106 Stat. 3994.)

Parsed from the official OLRC USLM XML in data/usc_all/usc12.xml · release point 119-108 · OLRC build 2026-07-23

USLM identifier /us/usc/t12/s1716