Page:United States Statutes at Large Volume 71.djvu/334

 298

PUBLIC LAW 85-104-JULY 12, 1957

[71 S T A T.

12 USC 1715J.

gj,(~, ]^]^3 Section 219 of the National Housing Act is amended by striking out "or the Section 220 Housing Insurance F u n d " and inserting in lieu thereof "the Section 220 Housing Insurance Fund, the Section 221 Housing Insurance Fund, or the Servicemen's Mortgage Insurance Fund". 12 USC i7i5n. gj;^, 2]^4 gection 223(a) of the National Housing Act is amended— (1) by striking out "or 213" each place it appears (except in the second proviso in paragraph (7)) and inserting in lieu thereof "213, or 222"; (2) by inserting after "prescribed by" in paragraph (4) the following: "this Act or"; and (3) by striking out the second proviso in paragraph (7) and inserting in lieu thereof the following: ": Provided further, That a mortgage of the character described in paragraphs (1) through (6) of this subsection shall have a maturity, a principal obligation, and an interest rate not in excess of the maximums applicable to loans insured under section 203, 207, 213, or 222, as the case may be, except ttiat in no case may the principal obligation of a mortgage referred to in paragraph (5) of this subsection exceed 90 per centum of the appraised value of the mortgaged property". u use nisq. SEC. 115. Section 226 of the National Housing Act is amended by adding at the end thereof the following new sentence: "Notwithstanding the first sentence of this section, the Commissioner is authorized to require, in connection with any mortgage where the mortgage amount is computed on the basis of the Commissioner's estimate of the replacement cost of the property, that a written statement setting forth such estimate be furnished under this section in lieu of a written statement setting forth the amount of the appraised value of the property.". TITLE II—FEDERAL NATIONAL ASSOCIATION

MORTGAGE

SECONDARY MARKET OPERATIONS

12 USC 1718.

12 USC 1718.

12 USC 1719.

gEc. 201. The first sentence of section 303(b) of the National Housing Act is amended to read as follows: "The Association shall accumulate funds for its capital surplus account from private sources by requiring each mortgage seller to make payments of nonrefundable capital contributions, equal to not more than 2 per centum nor less than 1 per centum of the unpaid principal amounts of mortgages purchased or to be purchased by the Association from such seller under section 304, as determined from time to time by the Association, taking into consideration conditions in the mortgage market and the general economy." SEC. 202. (a) The second sentence of section 303(d) of the National Housing Act is amended by striking out "$50,000,000" and inserting in lieu thereof "$115,000,000". (b) The second sentence of section 303(e) of such Act is amended by striking out "$50,000,000" and inserting in lieu thereof "$115,000,000". SEC. 203. Section 304(c) of the National Housing Act is amended by striking out "$1,350,000,000" and inserting in lieu thereof "$2,250,000,000". SPECIAL ASSISTANCE FUNCTIONS

12 USC 1720. Prices.

SEC. 204. (a) The second sentence of section 305(b) of the National Housing Act is amended to read as follows: "Notwithstanding any other provision of this section, the price to be paid by the Association for mortgages purchased in its operations under this section, until

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