federal national mortgage association

federal national mortgage association Sec. 103. Section 305 of said Act, as amended, is amended by adding at the end thereof the following: “(e) Notwithstanding any other provision of this Act, the Association is authorized to enter into advance commitment contracts which do not exceed $50,000,000 outstanding at any one time, if such commitments relate to mortgages with respect to which the Federal Housing Commissioner shall have issued pursuant to section 213 either a commitment to insure or a statement of eligibility; but not more than69 Stat. 637 $5,000,000 of such authorization shall be available for such commitments in any one State.”