Amending National Housing Act: Hearings Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Seventy-seventh Congress, First Session, on H.R. 4693, an Act to Amend the National Housing Act, and for Other Purposes, June 2, 1941
U.S. Government Printing Office, 1941 - Home improvement loans - 46 pages
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Administrator Agriculture amended amount appraisal approval authorized average BALDWIN Bankhead-Jones banks basis bill borrower carrying cash Chairman collections committee Congress connection cost course covered debentures default determination difference exceed experience fact farm farm tenants farmers Federal Housing feel FERGUSON figures finance fund give going Government improvements income increase inserting interest issued July June land less limit living loans losses matter maturity McDONALD means mortgage mortgage insurance mortgagor Negroes operation original outstanding owner paid passed payments percent period person present principal probably purchase question reason repair representative require respect Secretary Security seems sell Senator BANKHEAD Senator Brown Senator DANAHER Senator LEE Senator RADCLIFFE Senator Taft statement subsection tenants thereof thing tion United
Page 6 - ... determined by the Commissioner with the approval of the Secretary of the Treasury, at the time the mortgage was accepted for insurance, but not to exceed 3 per centum per annum...
Page 3 - ... means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby.
Page 6 - ... in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such obligations.
Page 5 - ... and by deducting from such total amount any amount received on account of the mortgage after either of such dates, and any amount received as rent or other income from the property, less reasonable expenses incurred in handling the property, after either of such dates: Provided, That with respect to mortgages which are...
Page 6 - Is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act, as amended, are extended to include any purchases of such notes and obligations.
Page 3 - Such purchases shall be made at a price which will provide an investment yield of not less than the yield obtainable from other investments authorized by this section. Debentures so purchased shall be canceled and not reissued.
Page 4 - (5) Bear interest (exclusive of premium charges for insurance) at not to exceed 5 per centum per annum on the amount of the principal obligation outstanding at any time...
Page 1 - Act; (4) pursue to final collection, by way of compromise or otherwise, all claims against third parties assigned to the Administrator in connection with loans made by him.
Page 5 - For the purposes of this subsection, the value of the mortgage shall be determined...
Page 5 - ... (e) Any contract of insurance executed by the Secretary under this section shall be conclusive evidence of the eligibility of the mortgage for insurance, and the validity of any contract of insurance so executed shall be incontestable in the hands of an approved mortgagee from the date of the execution of such contract, except for fraud or misrepresentation on the part of such approved mortgagee.