fha mortgage insurance authorization

fha mortgage insurance authorization Sec. 107. (a) Section 217 of the National Housing Act is amended by striking out “$7,000,000,000” and inserting in lieu thereof “$15,000,000,000”. (b) Section 217 of such Act is further amended by adding at the end thereof a new paragraph as follows: “It is further the intent and purpose of this section to limit by law the aggregate amount of the balances of insured mortgages and the principal amount of all commitments to insure which may be outstanding under this Act (except section 2 and section 803). In the administration of this Act the Commissioner shall not hereafter enter into any type of agreement or other undertaking to insure a mortgage if a commitment to insure such mortgage would be unlawful under the limit so established.”