INCREASE IN AUTHORITY TO INSURE ADJUSTABLE RATE SINGLE FAMILY MORTGAGES.

SEC. 415. INCREASE IN AUTHORITY TO INSURE ADJUSTABLE RATE SINGLE FAMILY MORTGAGES. (a) In General.— Section 251(c) of the National Housing Act is amended to read as follows: “(c) The aggregate number of mortgages and loans insured under this section in any fiscal year may not exceed 30 percent of the aggregate number of mortgages and loans insured by the Secretary under this title during the preceding fiscal year.”. (b) Conforming Amendments.— (1) Section 245(c) of the National Housing Act is amended in the last sentence by striking “, section 251,”. (2) Section 252(g) of the National Housing Act is amended— (A) by striking the first comma and inserting “and”; and (B) by striking “, and section 251”.