Page:United States Statutes at Large Volume 75.djvu/216

 176

PUBLIC LAW 87-70-JUNE 3p, 1961

72 Stat. 74. 12 USC 1720.

Ante. p. 175. 68 Stat. 618. 12 USC 1721.

[75

ST A T,

(b) Section 305(g) of such Act is amended by adding before the period at the end thereof the following: ": Provided fwr-ther^ That the authority of the Association to make purchases and commitments under this subsection shall terminate on the date of enactment of the Housing Act of 1961, and any portion of the total amount of such authority as specified in the first proviso in this subsection which on such date would otherwise be available for making such purchases and commitments shall be transferred to and merged with the authority granted by subsection (a) and added to the amount of such authority as specified in subsection (c)". (c) Section 306 of such Act is amended by adding at the end thereof the following new subsection: "(f) Notwithstanding any of the provisions of this Act or of any other law, an amount equal to the net decrease for the preceding fiscal year in the aggregate principal amount of all mortgages owned by the Association under this section shall, as of July 1 of each of the years 1961 through 1964, be transferred to and merged with the authority provided under section 305(a), and the amount of such authority as specified in section 305(c) shall be increased by any amounts so transferred." LIMITATION ON MORTGAGE A M O U N T

73 Stat. 669. 12 USC 1717. 12 USC 1748g.

1748-

12 USC 171Se.

SEC. 602. (a) Section.302(b) of the National Housing Act is amended by striking out "or 803" and inserting in lieu thereof "or title VIII". (b) Section 302(b) of such Act is further amended by inserting berore "or a mortgage covering property" the following: "or insured under section 213 and covering property located in an urban renewal area,". FEDERAL NATIONAL MORTGAGE ASSOCIATION LENDING AUTHORITY

12 USC 1719. 48 12 58 Stat.

Stat. 1246. u s e 1701. Stat, 284; 72 1273.

12 USC 1718.

12 USC 1719.

SEC. 603. (a) Section 302(b) of the National Housing Act is amended by striking out "to make commitments" and all that follows down through the first colon and inserting in lieu thereof the following: ", pursuant to commitments or otherwise, to purchase, lend (under section 304) on the security of, service, sell, or otherwise deal in any mortgages which are insured under the National Housing Act, or which are insured or guaranteed under the Servicemen's Readjustment Act of 1944 or chapter 37 of title 38, United States Code:". (b) The first sentence of section 303(b) of such Act is amended by inserting immediately before the period at the end thereof the following: "; and by requiring each Dorrower to make such payments, equal to not more than one-half of 1 per centum of the amount lent by the Association to such borrower under section 304". (c) Section 303(c) of such Act is amended by striking out the first sentence and by inserting in lieu thereof the following: "The Association shall issue from time to time, to each mortgage seller or borrower, its common stock (only in denominations of $100 or multiples thereof) evidencing any capital contributions (adjusted by reason of any payments into surplus required by the Association) made by such seller or borrower pursuant to subsection (b) of this section." (d) Section 304 (a^ of such Act is amended by inserting "(1)" beiore "To carry out", and by adding at the end thereof the following new paragraph: "(2) In the further interest of assuring sound operation, any loan made by the Association in its secondary market operations under

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