Page:United States Statutes at Large Volume 97.djvu/1260

 97 STAT. 1228 PUBLIC LAW 98-181—NOV. 30, 1983 12 USC 1713. 12 USC 1715k. 12 USC 1715Z. 12 USC 1715v. 12 USC 1713 note. INSURANCE OF MORTGAGES NOT PROVIDING FOR COMPLETE AMORTIZATION SEC. 446. (a) The first sentence of the first undesignated paragraph of section 207(c)(3) of the National Housing Act is amended by inserting immediately after "periodic payments" the following: "(unless otherwise approved by the Secretary)". (c) Section 220(d)(4) of such Act is amended by inserting after "periodic payments" the following: "(unless otherwise approved by the Secretary)". (d) Section 221(d)(6) of such Act is amended by inserting after "periodic payments" the following: "(unless otherwise approved by the Secretary)". (e) Section 231(c)(5) of such Act is amended by inserting after "periodic payments" the following: "(unless otherwise approved by the Secretary)". (f) The aggregate number of dwelling units included in properties covered by mortgages insured pursuant to the authority granted in the amendments made by this section in any fiscal year may not exceed 10,000. 12 USC 1709. Ante, pp. 1223, 1213, 1225, 1227. PREMIUM CHARGES FOR INSURANCE OF ALTERNATIVE MORTGAGE INSTRUMENTS SEC. 447. The first proviso in section 203(c) of the National Hous- ing Act is amended by inserting after "fixed for insurance" the following: "(1) under section 245, 247, 251, 252, or 253, or any other financing mechanism providing alternative methods for repayment of a mortgage that is determined by the Secretary to involve addi- tional risk, or (2)". Report to Congress. 12 USC 1709 note. REPORT ON HOME EQUITY CONVERSION MORTGAGES FOR THE ELDERLY SEC. 448. The Secretary of Housing and Urban Development shall evaluate the existing use of home equity conversion mortgages for the elderly and, not later than the expiration of the 1-year period following the date of the enactment of this Act, submit to the Congress a report setting forth the results of such evaluation. Such report shall include— (1) an evaluation of whether the use of such mortgages improves the financial situation, or otherwise meets the special needs, of elderly homeowners; (2) an evaluation of any risks incurred by mortgagors as a result of the use of such mortgages, and any recommendations of the Secretary for appropriate safeguards to be included in such mortgages to minimize such risks; (3) an evsduation of the potential for acceptance of such mortgages in the private market; and (4) any recommendations of the Secretary for the establish- ment of a Federal program of insuring such mortgages.

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