Page:United States Statutes at Large Volume 48 Part 1.djvu/157

 73d CONGRESS. SESS. I. CH. 64. JUN E 13, 1933 . the judgment of the Corporation, the circumstances of the home owner and the condition of the security justify such extension, and no payment of any installment of principal shall be required during the period of three years from the date this Act takes effect if the home owner shall not be in default with respect to any other condi- tion or covenant of his mortgage. As used in this subsection, the term "real estate" includes only real estate held in fee simple or on a leasehold under a lease renewable for not less than ninety-nine years. upon which there is located a dwelling for not more than four families used by the owner as a home or held by him as a homestead and having a value not exceeding $20,000. No discrimination shall be made under this Act against any home mortgage by reason of the fact that the real estate securing such mortgage is located in a municipality, county. or taxing district which is in default upon any of it s obligat ions. (e) The Corporation is further authorized, for a period of three years from the date of enactment of this Act, to make loans in cash subject to the same limitations and for the same purposes for which cash advances may be made under subsection (d) of this section, in cases where the property is not otherwise encumbered ; but no such loan shall exceed 50 per centum of the value of the property securing the same as determined upon an appraisal made by the Corporation. Each such loan shall be secured by a duly recorded home mortgage, and shall bear interest at the same rate and shall be subject to the same provisions with respect to amortization and extensions as are applicable in the case of obligations refinanced under subsection (d) of this section. (f) The Corporation is further authorized, for a period of three years from the date of enactment of this Act, in any case in which the holder of a home mortgage or other obligation or lien eligible for exchange under subsection (d) of this section does not accept the bonds of the Corporation in exchange as provided in such sub- section and in which the Corporation finds that the home owner cannot obtain a loan from ordinary lending agencies, to make cash advances to such home owner in an amount not to exceed 40 per centum of the value of the property for the purposes specified in such subsection (d). Each such loan shall be secured by a duly recorded home mortgage and shall bear interest at a rate of interest which shall be uniform throughout the United States, but which in no event shall exceed a rate of 6 per centum per annum, and shall be subject to the same provisions with respect to amortization and extensions as are applicable in cases of obligations refinanced under subsectio n (d) of this sect ion. (g) The Corporation is further authorized, for a period of three years f rom th e date of th e enac tment of this Act, to exc hange bonds and to advanc e cash, subj ect to the l imitati ons pr ovided in su bsec- tion (d) of this section, to redeem or recover homes lost by the own- ers by foreclosure or forced sale by a trustee under a deed of trust or under power of attorney, or by voluntary surrender to the mort- gagee within two years prior to such exchange or advance. (h) The Board shall make rules for the appraisal of the property on which loans are made under this section so as to accomplish the purposes of this Act. (i) Any person indebted to the Corpor ation may make payment to it in part or in full by delivery to it of its bonds which shall be accepted for such purpose at face value. (j) The Corporation shall have power to select, employ, and fix the compensation of such officers, employees, attorneys, or agents as shall be necessary for the performance of its duties under this Act, Condition. Maximum. Security. Condi tion s. Limitation. Security. 131 "Real est ate " de- fined. Def aul t by munici- pality, etc, not to affect mortgage. Cash loans on unen- cumbered property. Cash advance s when mortgagee etc.,doesnot accept Corporation bonds in exchange, and home owner unable to borrow elsewhere. Provisions respect- ing a morti zati on, e tc. Cas h advances for red emp ti on of fore- closed homes . Post, p. 645. R ules for appra ising , etc, directed. Corporation bonds acc epted in pay ment. Personal se rvi ces authorized.