MORTGAGE INSURANCE ON HAWAIIAN HOME LANDS AND INDIAN RESERVATIONS.

SEC. 413. MORTGAGE INSURANCE ON HAWAIIAN HOME LANDS AND INDIAN RESERVATIONS. (a) Applicability of Mortgage Insurance on Hawaiian Home Lands.— Section 247(c)(1) of the National Housing Act is amended by inserting before the period at the end the following: “(or, in the case of an individual who succeeds a spouse or parent in an interest in a lease of Hawaiian home lands, such lower percentage as may be established for such succession under section 209 of the Hawaiian Homes Commission Act, 1920, or under the corresponding provision of the Constitution of the State of Hawaii adopted under section 4 of the Act entitled ‘An Act to provide for the admission of the State of Hawaii into the Union’, approved March 18, 1959 (73 Stat. 5))”. (b) Mortgage Insurance on Hawaiian Home Lands as Obligations of General Insurance Fund.— Section 247 of the National Housing Act is amended— (1) by redesignating subsection (c) as subsection (d); and (2) by inserting after subsection (b) the following new subsection: “(c) Notwithstanding any other provision of this Act, the insurance of a mortgage using the authority contained in this section shall be the obligation of the General Insurance Fund established in section 519. The mortgagee shall be eligible to receive the benefits of insurance as provided in section 204 with respect to mortgages insured pursuant to this section, except that (1) all references in section 204 to the Mutual Mortgage Insurance Fund or the Fund shall be construed to refer to the General Insurance Fund; and (2) all references in section 204 to section 203 shall be construed to refer to the section under which the mortgage is insured.”. (c) Mortgage Insurance on Indian Reservations as Obligations of General Insurance Fund.— Section 248 of the National Housing Act is amended— (1) in paragraphs (3) and (5) of subsection (f), by striking “insurance fund” each place it appears and inserting “General Insurance Fund”; 101 STAT. 1907 (2) by redesignating subsections (f), (g), and (h) as subsections (g), (h), and (i), respectively; and (3) by inserting after subsection (e) the following new subsection: “(f) Notwithstanding any other provision of this Act, the insurance of a mortgage using the authority contained in this section shall be the obligation of the General Insurance Fund established in section 519. The mortgagee shall be eligible to receive the benefits of insurance as provided in section 204 with respect to mortgages insured pursuant to this section, except that (1) all references in section 204 to the Mutual Mortgage Insurance Fund or the Fund shall be construed to refer to the General Insurance Fund; and (2) all references in section 204 to section 203 shall be construed to refer to the section under which the mortgage is insured.”.