Page:United States Statutes at Large Volume 103 Part 2.djvu/1025

 PUBLIC LAW 101-235—DEC. 15, 1989 103 STAT. 2035 dicial district in which the home office of the mortgagee is located, or the United States District Court for the District of Columbia, for an injunction setting aside, limiting of suspending the enforcement, operation, or effectiveness of such order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the mortgagee, and such court shall have jurisdiction to issue such injunction. "(O In the case of violation or threatened violation of, or failure to obey, a temporary cease-and-desist order issued pursuant to this paragraph, the Secretary may apply to the United States district court, or the United States court of any territory, within the jurisdiction of which the home office of the mortgagee is located, for an injunction to enforce such order, and, if the court shall determine that there has been such violation or threatened violation or failure to obey, it shall be the duty of the court to issue such injunction. "(D) For purposes of this paragraph, the term 'mortgagee' means a mortgagee, a branch office or subsidiary of a mortgagee, or a director, officer, employee, agent, or other person participating in the conduct of the £d^airs of such mortgagee. "(7) RE^RT REQUIRED.— The Board, in consultation with the Federal Housii^ Administration Advisory Board, shall an- nually recommend to the Secretary such amendments to statute or regulation as the Board determines to be appropriate to ensure the long term financial strength of the Federal Housing Administration fund and the adequate support for home mort- gage credit. "(d) COORDINATION OP GNMA AND FHA WITHDRAWAL ACTION.— "(1) Whenever the Federal Housing Administration or Government National Mortgage Association initiates proceed- ings that could lead to withdrawing the mortgagee from partici- pating in the program, the initiating agency shall— "(A) within 24 hours notify the other agency in writing of the action taken; "(B) provide to the other agency the factual basis for the action taken; and "(C) if a mortgagee is withdrawn, publish its decision in the Federal Roister. "(2) Within 60 days of receipt of a notification of action that could lead to withdrawal under subsection (1), the Federal Housing Administration or the Government National Mortgage Association shall— "(A) conduct and complete its own investigation; "(B) provide written notification to the other agency of its decision, including the factual basis for its decision; and "iO if a mortgagee is withdrawn, publish its decision in the Federal Roister. " (e) APPRAISAL STANDARDS.—(1) The Secretary shall prescribe standards for the appraisal of all property to be insured by the Federal Housing Administration. Such appraisals shall be per- formed in accordance with uniform stands^xls, by individuals who have demonstrated competence and whose professional conduct is subject to effective supervision. These standards shall require at a Federal Register, publication. Federal Register, publication.

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