Page:United States Statutes at Large Volume 122.djvu/2867

 12 2 STA T . 2 84 4 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 Subti t leB—Man u f a c tu r e dHo u s in gL oan Moderni z ation SEC.214 1.S HORT T I T L E. This s ubt it lemay be c ite d as the ‘ ‘ FHAM a n u f actu r edH o usin gL oan Moderni z ation Act of 20 0 8’ ’ . SEC. 2142. PU RPOSES. The p urposes of this subtitle are —(1) to pro v ide ade q uate funding for FHA - insured manufac- tured housing loans for lo w - and moderate-income homebuyers during all economic cycles in the manufactured housing industry (2) to modernize the FHA title I insurance program for manufactured housing loans to enhance participation by G innie Mae and the private lending mar k ets; and ( 3 )toad j ust the low loan limits for title I manufactured home loan insurance to reflect the increase in costs since such limits were last increased in 1 9 92 and to inde x the limits to inflation. SEC. 214 3 . E X CEPTIO N TO LI M IT A TION ON F INANCIAL INSTITUTION PORTFOLIO. The second sentence of section 2(a) of the N ational Housing Act (12 U . S . C .1 7 03(a)) is amended— (1) by striking ‘‘In no case’’ and inserting ‘‘ O ther than in connection with a manufactured home or a lot on which to place such a home (or both) , in no case’’; and (2) by striking ‘‘
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d, That with’’ and inserting ‘‘. W ith’’. SEC. 2144. INSURANCE B ENEFITS. (a) I N G E NE RAL .—Subsection (b) of section 2 of the National Housing Act (12 U.S.C. 1703(b)), is amended by adding at the end the following new paragraph: ‘‘(8) IN SU RAN C E B ENE FIT SF O R M ANUFACTURE DH OUSIN G LOANS.—Any contract of insurance with respect to loans, advances of credit, or purchases in connection with a manufac- tured home or a lot on which to place a manufactured home (or both) for a financial institution that is executed under this title after the date of the enactment of the FHA Manufac- tured Housing Loan Modernization Act of 2008 by the Secretary shall be conclusive evidence of the eligibility of such financial institution for insurance, and the validity of any contract of insurance so executed shall be incontestable in the hands of the bearer from the date of the execution of such contract, except for fraud or misrepresentation on the part of such institution.’’. (b) A P PLICABILIT Y .—The amendment made by subsection (a) shall only apply to loans that are registered or endorsed for insur- ance after the date of the enactment of this title. SEC. 214 5 . MAXIMUM LOAN LIMITS. (a) D OLLAR AMOUNTS.— P aragraph (1) of section 2(b) of the National Housing Act (12 U.S.C. 1703(b)(1)) is amended— (1) in clause (ii) of subparagraph (A), by striking ‘‘ $ 17, 5 00’’ and inserting ‘‘$25,090’’; 12USC 1 703note. Cont rac t s . 12 USC 1703 note. 12 USC 1701 note. FHAM an uf acture d Hous i n gL oan Moderni z ation Act of 200 8.

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