Page:United States Statutes at Large Volume 102 Part 4.djvu/304

 102 STAT. 3274

Reports.

PUBLIC LAW 100-628—NOV. 7, 1988 "(i) the attorney will provide competent suid costeffective representation for the Farmers Home Administration; and "(ii) representation by the attorney will either (I) accelerate the process by which a family or person eligible for assistance under section 502 wUl be able to purchase and occupy the housing involved; or (II) preserve the quality of the housing involved; and "(2) the Secretary shall annually submit to the Congress a report describing activities carried out under paragraph (I)(C), including the cost of entering into contracts with such attorneys and the savings resulting from expedited foreclosure proceedings".

Subtitle D—Mortgage Insurance and Secondary Mortgage Market Programs SEC. 1061. CHANGE IN DEFINITION OF VETERAN.

Section 203(b) of the National Housing Act (12 U.S.C. 1709(b)) is amended to read as if the amendment made by section 405(1) of the Housing and Community Development Act of 1987 (101 Stat. 1899) to section 2030>X3X2) of the National Housing Act had been made instead to section 203(b)(2) of the National Housing Act. SEC. 1062. LIMITATION ON USE OF SINGLE FAMILY MORTGAGE INSURANCE BY INVESTORS. (a) EXEMPTION FROM OCCUPANCY REQUIREMENT.—Section 203(g)(3)

of the National Housing Act (12 U.S.C. 1709(g)(3)) is amended— (1) by striking "or" at the end of subparagraph (D); (2) by striking the period at the end of subparagraph (E) and inserting "; or"; and (3) by adding at the end the following new subparagraph: "(F) a mortgagor that, pursuant to section 223(a)(7), is refinancing an existing mortgage insured under this Act for not more than the outstanding balance of the existing mortgage, if the amount of the monthly payment due under the refinancing mortgage is less than the amount due under the existing mortgage for the month in which the refinancing mortgage is executed.". (b) CORRECTION OF CONFORMING AMENDMENT.—Section 203(b)(2) of the National Housing Act (12 U.S.C. 17090^X2)) is amended to read as if the amendment made by section 406(b)(l)(B) of the Housing and Community Development Act of 1987 (101 Stat. 1900) had deleted instead the following: "to be occupied as the principal residence of the owner". SEC. 1063. PROCEDURES APPLICABLE TO ASSUMPTION OF INSURED MORTGAGES. (a) CREDIT REVIEWS.—Section 203(r)(2) of the National Housing

12 USC 1709 note.

Act (12 U.S.C. 1709(r)(2)) is amended by striking "date on which the mortgage is endorsed for insurance each place it appears and inserting "date on which the mortgage is executed". (b) EFFECTIVE DATE.—Section 407(a)(2) of the Housing and Community Development Act of 1987 is amended to read as follows:

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