Page:United States Statutes at Large Volume 101 Part 1.djvu/158

 101 STAT. 128

PUBLIC LAW 100-14—MAR. 24, 1987

Public Law 100-14 100th Congress

, An Act

Mar 24 1987 [H.R. 1056]

12 USC 1721.

12 USC 1707. 58 Stat. 284. 38 USC 1801 et 42^use 1471.

M • v. 1 silciu-f . ^ t) ^i ^ i f ^

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"^^ amend the National Housing Act to limit the fees that may be charged by the Government National Mortgage Association for the guaranty of mortgage-backed securities.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 306(g) of the National Housing Act is amended by adding at the end the following new paragraph: "(3)(A) No fee or charge in excess of 6 basis points may be sissessed or collected by the United States (including any executive department, agency, or independent establishment of the United States) on or with regard to any guaranty of the timely payment of principal or interest on securities or notes based on or backed by mortgages that are secured by 1- to 4-family dwellings and (i) insured by the Federal Housing Administration under title II of the National Housing Act; or (ii) insured or guaranteed under the Serviceman's Readjustment Act of 1944, chapter 37 of title 38, United States Code, or title V of the Housing Act of 1949. "^^^ '^^® ^®®^ charged for the guaranty of securities or on notes based on or backed by mortgages not referred to in subparagraph (A), as authorized by other provisions of law, shall be set by the Association at a level not more than necessary to create reserves sufficient to meet anticipated claims based upon actuarial analysis, and for no other purpose. "(C) Fees or charges for the issuance of commitments or miscellaneous administrative fees of the Association shall not be on a competitive auction basis and shall remain at the level set for such fees or charges as of September 1, 1985, except that such fees or charges may be increased if reasonably related to the cost of administering the program, and for no other purpose. "(D) Not less than 90 days before increasing any fee or charge under subparagraph (B) or (C), the Secretary shall submit to the Congress a certification that such increase is solely for the purpose specified in such subparagraph.". Approved March 24, 1987.

LEGISLATIVE HISTORY—H.R. 1056: CONGRESSIONAL RECORD, Vol. 133 (1987): Feb. 25, considered and passed House. Mar. 10, considered and passed Senate. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 23 (1987): Mar. 24, Presidential statement.

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