Page:United States Statutes at Large Volume 48 Part 1.djvu/156

 130 73d CONGRESS. SESS. I. CH.". JUNE 13, 1933 . Unconditional gua r- p er a nnum and shall be fully and uncon diti onal) guar ante ed as to airy of i nter est . interest only by the United States, and such guaranty shall be Interest provisions, expressed on the face thereof . In the event that the Corporation shall be unable to pay upon demand, when due, the interest on any such bonds, the Secretary of the Treasury shall pay to the Corporation the amount of such interest, which is hereby authorized to be appro- priat ed out of an y mone y in t he Tre asury n ot oth erwise appro priate d, and the Corporation shall pay the amount of such interest to the holders of the bonds . Upon the payment of such interest by the Secretary of the Treasury the amount so paid shall become an obli- gation to the United States of the Corporation and shall bear inter- est at the same rate as that borne by the bonds upon which the interest Bonds to be tax ex- has been so paid. The bonds issued by the Corporation under this empt. subsection shall be exempt, both as to principal and interest, from all ta xation (e xcept sur taxes, es tate, inh eritance, and gift taxes) n ow or hereafter imposed by the United States or any District, Terri- tory, dependency, or possession thereof, or b any State, county, Corporation, includ- municipality, or local taxing authority. The Corporation, including ing resources . its franchise, its capital, reserves and surplus, and its loans and cepted property ex- income, shall likewise be exempt from such taxation ; except that any real property of the Corporation shall be subject to taxation to the same extent, according to its value, as other real property is taxed. Exc han ge of ration bonds for Chorp oome- (d) The Corporation is authorized, for a period of three years after mortgages, etc » the date of enactment of this Act, (1) to acquire in exchange for bonds issued by it, home mortgages and other obligations and liens secured by real estate (including the interest of a vendor under a purcha se-mon ey mor tgage or con tract) record ed or filed in the prope r office or executed prior to the date of the enactment of this Act, and (2) in connection with any such exchange, to make advances in cash Cash adva nces, for to pay the taxes and assessments on the real estate, to provide for tax payme„ts, repairs, and inciaentals. necessary maintenance and make necessary repairs, to meet the inci- dent al ex pense s of the trans actio n, a nd to pay such amou nts, not exceeding $50, to the holder of the mortgage, obligation, or lien acquired as may be the difference between the face value of the bonds exchanged plus accrued interest thereon and the purchase Total advance not to price of the mortg age, o bligat ion, o r lien. The face value of the e xceed 80 of he value. bonds so exchanged plus accrued interest thereon and the cash so advanced shall not exceed in any case $14,000, or 80 per centum of the value of the real estate as determined by an appraisal made by the Corporation, whichever is the smaller .' In any case in which the amount of the face value of the bonds exchanged plus accrued interest thereon and the cash advanced is less than the amount the home owner owes with respect to the home mortgage or other obli- gation or lie n so a cquire d by t he Cor poratio n, the Corpo ration shall credit the difference between such amounts to the home owner and shall reduce the amount owed by the home owner to the Corporation Acquired mortgage to that extent. Each home mortgage or other obligation or lien so to be carried as a first lien or be refinanced ; acquired shall be carried a s a first lien or refinance d as a ho me mort- basis. gage by the Corporation on the basis of the price paid therefor by the A morti zati on pa y- ments. Corporation, and shall be amortized by means of monthly payments . sufficient to retire the interest and principal within a period of not D iffer ent perio ds at - to exceed fifteen years ; bu t the amor tizat ion payme nts o f an y hom e lowed. owner may be made quarterly, semiannually, or annually, if in the ju dgment of th e Corp oratio n the situat ion of the ho me own er req uires La nc et on unpaid it. Inte rest on th e unp aid balan ce of the obli gatio n of the home bal ance owner to the Corporation shall be at a rate not exceeding 5 per Ex tens ions. ce ntum per a nnum. Th e Corporation may at any time grant an extension of time to any home owner for the payment of any install- ment of principal or interest owed by him to the Corporation if, in