Page:United States Statutes at Large Volume 103 Part 2.djvu/1019

 PUBLIC LAW 101-235—DEC. 15, 1989 103 STAT. 2029 (b) DISPOSITION OP PROPERTIES ON CREDIT TERMS. — Section 204(g) of the Nation£d Housing Act is amended by inserting after the period 12 USC 1710. at the end of the first sentence the following new sentence: "The Secretary shall, by regulation, carry out a program of sales of such Regulations. properties and shall develop and implement appropriate credit terms and standards to be used in carrying out the program.". SEC. 137. REPORT REGARDING PROVIDING FORECLOSED PROPERTIES TO 1989 DISASTER VICTIMS. (a) HUD.— (1) STUDY.—The Secretary of Housing and Urban Develop- ment shall conduct a study regarding the feasibility of making available, to low-income persons whose homes in areas declared by the President as disaster areas as a result of hurricane Hugo or the Loma Prieta earthquake during 1989 were destroyed by such disasters, any available properties (including multifamily properties) owned by the Secretary. (2) REPORT.—The Secretary of Housing and Urban Develop- ment shall submit to the Congress, not later than the expiration of the 90-day period beginning on the date of the enactment of this Act, a report regarding the results and conclusions of the study under paragraph (1), together with any recommendations for legislation regarding providing suchproperty. (b) FARMERS HOME ADMINISTRATION. — The Secretary of Agri- culture shall conduct a study regarding the feasibility of making available, as provided in sul»ection (a)(l)» any available properties (including multifamily properties) owned by the Secretary through the Farmers Home Administration and shall submit a report regarding such study as provided in subsection (a)(2). (c) CONSULTATION.—The Secretary of Housing and Urban Develop- ment and the Secretary of Agriculture shall consult in conducting the studies under subsections (a) and (b) and may submit a single report meeting the requirements of subsections (a)(2) and (b). SEC. 138. REPORT REGARDING ACTIONS TO IMPROVE DIRECT ENDORSE- MENT PROGRAM. (a) IN GENERAL.—With respect to the direct endorsement program in connection with single-family mortgage insurance under title II of the National Housing Act, the Secretary shall submit to the Con- gress a report describing any actions the Secretary determines are necessary to take, to— (1) improve monitoring and supervision under the program; (2) reduce defaults under the program; and (3) decrease the potential for fraud under the program. (b) TIME OP SUBMISSION.— The Secretary shall submit the report under subsection (a) to the Congress not lator than the expiration of the 6-month period beginning on the date of the enactment of this Act. SEC. 139. CO-INSURANCE AMENDMENTS. (a) IN GENERAL.—Section 244 of the National Housing Act is amended by adding at the end thereof the following new subsection: "(i) The Secretary shall, by January 15 and July 15 of each year (1) review the adequacy of capital and other requirements for mortga- gees under this section, (2) assess the compliance by mortgagees with such requirements, and (3) make such adjustment to such require- ments as the Secretary, after providing opportunity for hearing. 12 USC 1715Z-9.

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