mortgage insurance

mortgage insurance Sec. 102. (a) Section 204 (f) of said Act, as amended, is hereby amended by adding the following paragraph at the end thereof: “Notwithstanding any other provisions of this section, the Commissioner is authorized, with respect to mortgages insured pursuant to commitments for insurance issued after the date of enactment of the Housing Amendments of 1955, and, with the consent of the mortgagee or mortgagor, as the case may be, with respect to mortgages insured pursuant to commitments issued prior to such date, to effect the settlement of certificates of claim and refunds to mortgagors at any time after the sale or transfer of title, to the property conveyed to the Commissioner under this section and without awaiting the final liquidation of such property for the purpose of determining the net amount to be realized therefrom.” (b) Section 207 of said Act, as amended, is hereby amended as follows: (1) In subsection (a) (1) (B), after the words “residential use”, insert “or upon which there is located or to be constructed facilities for trailer coach mobile dwellings”; (2) In subsection (a) (6), before the period, insert the following: “or space in a trailer court or park properly arranged and equipped to accommodate trailer coach mobile dwellings”; (3) In the first proviso of subsection (c) (2), after the words “of this section”, insert “or a mortgage on a trailer court or park”; (4) Before the colon immediately preceding the proviso in subsection (c) (3), insert “or not to exceed $1,000 per space or $300,000 per mortgage for trailer courts or parks”; and (5) In the last sentence of subsection (c), after the word “project”, insert “may include eight or more family units and”. (c) Sections 207 (c) (1), 213 (b) (1), 213 (c), 220 (d) (3) (B), and 221 (d) (3) of said Act, as amended, are hereby amended by striking out “$5,000,000” and inserting in lieu thereof “$12,500,000”. (d) Section 213 (b) (2) of said Act, as amended, is amended by striking out “the estimated value” both times it appears and inserting in lieu thereof “the amount which the Commissioner estimates will be the replacement cost”. (e) Section 213 of said Act, as amended, is hereby amended by adding, in the last sentence of subsection (d), after the words “subsection (a) of this section”, the words “may include eight or more family units and”. 69 Stat. 636 (f) Section 217 of said Act, as amended, is hereby amended by striking “July 1, 1954” and inserting “July 1, 1955”, and by striking “$3,500,000,000” and inserting “$4,000,000,000”. (g) Section 220 (d) (3) of such Act, as amended, is amended as follows: (1) In subparagraph (A) by striking out “the appraised value” and inserting in lien thereof “the amount which the Commissioner estimates will be the replacement cost”, and by striking out “such value” and inserting in lieu thereof “such cost”, and by adding the following proviso before the last semicolon of said subparagraph (A): “: And provided further, That in the case of properties other than new construction, the foregoing limitations upon the amount of the mortgage shall be based upon appraised value rather than upon the Commissioner’s estimate of the replacement cost”; and (2) In subparagraph (B) (ii) by striking out “the estimated value” and inserting in lieu thereof “the amount which the Commissioner estimates will be the replacement cost”, and by striking out “value” and inserting in lieu thereof “replacement cost”, and by adding the following proviso before the semicolon in said subparagraph (B) (ii): “: Provided, That in the case of properties other than new construction, the foregoing limitation upon the amount of the mortgage shall be based upon appraised value rather than upon the Commissioner’s estimate of the replacement cost”. (h) In the performance of, and with respect to, the functions, powers, and duties vested in him by section 213 of the National Housing Act, as amended, the Commissioner, notwithstanding the provisions of any other law, shall appoint a Special Assistant for Cooperative Housing, and provide the Special Assistant with adequate staff, whose sole responsibility will be to expedite operations under such section and to eliminate obstacles to the full utilization of such section under the direction and supervision of the Commissioner. The person so appointed shall be fully sympathetic with the purposes of such section. (i) Clause (a) of the second sentence of section 227 of said Act, as amended, is hereby amended by striking “under section 221” and inserting “under section 221 if the mortgage meets the requirements of paragraph (3) of subsection (d) thereof”. (j) Section 221 (a) of said Act, as amended, is amended as follows: (1) By inserting after the words “in order to assist, in relocating families” the following: “from urban renewal areas and in relocating families”; (2) By striking out the words “to be so displaced” in the first proviso of the second sentence; (3) By striking out the words “to be so displaced and” and inserting “referred to above” in the second proviso of the second sentence. (k) Section 223 (a) of said Act, as amended, is amended by striking out “section 203 or section 207” each time it appears and inserting in lieu thereof “section 203,207, or 213”.