Page:United States Statutes at Large Volume 122.djvu/2855

 12 2 STA T . 2 83 2 PUBLIC LA W 11 0– 28 9—J UL Y 30, 2008 inspect i o n ,a n d ot h e rf ees in connection w ith the m ort -g age .‘ ‘ (C)PROHIB I TEDS O U R C ES. —I n no case sha l lthef u nds re q uired by subparagraph ( A ) consist, in whole or in part, of funds pro v ided by any of the following parties before, during, or after closing of the property sale

‘‘(i) T he seller or any other person or entity that financially benefits from the transaction. ‘‘(ii) Any third party or entity that is reimbursed, directly or indirectly, by any of the parties described in clause (i). This subparagraph shall apply only to mortgages for which the mortgagee has issued credit approval for the borrower on or after O ctober 1, 20 0 8 . ’ ’. SEC.21 1 4 . MORTGA GE IN S U RANCE P REMIUMS. S ection 20 3 (c)(2) of the N ational H ousing Act (12 U .S.C. 1 7 0 9 (c)(2)) is amended— (1) in the matter preceding subparagraph (A), by stri k ing ‘‘or of the G eneral Insurance F und’’ and all that follows through ‘‘section 23 4 (c),,’’ and (2) in subparagraph (A)— (A) by striking ‘‘2.2 5 percent’’ and inserting ‘‘3 percent’’; and ( B ) by striking ‘‘2.0 percent’’ and inserting ‘‘2.75 per- cent’’. SEC. 211 5 .RE H A B I L ITATION LOANS. Subsection (k) of section 203 of the National Housing Act (12 U.S.C. 1709(k)) is amended— (1) in paragraph (1), by striking ‘‘on’’ and all that follows through ‘‘1978’’; and (2) in paragraph (5)— (A) by striking ‘‘General Insurance Fund’’ the first place it appears and inserting ‘‘ M utual Mortgage Insurance Fund’’; and (B) in the second sentence, by striking the comma and all that follows through ‘‘General Insurance Fund’’. SEC. 211 6 . D ISCRETIONAR Y ACTION. The National Housing Act is amended— (1) in subsection (e) of section 202 (12 U.S.C. 1708(e))— (A) in paragraph (3)(B), by striking ‘‘section 202(e) of the National Housing Act’’ and inserting ‘‘this sub- section’’; and (B) by redesignating such subsection as subsection (f); (2) by striking paragraph (4) of section 203(s) (12 U.S.C. 1709(s)(4)) and inserting the following new paragraph: ‘‘(4) the Secretary of Agriculture;’’; and (3) by transferring subsection (s) of section 203 (as amended by paragraph (2) of this section) to section 202, inserting such subsection after subsection (d) of section 202, and redesignating such subsection as subsection (e). SEC. 211 7 . INSURANCE O F CONDOMINIUMS. (a) I N GENER AL .—Section 234 of the National Housing Act (12 U.S.C. 1715y) is amended— (1) in subsection (c), in the first sentence— Ap p licab ili ty.Ef f e cti v e d ate.

�