flexible interest rate authority for mobile home loans

flexible interest rate authority for mobile home loans Sec. 208. Section 3(a) of the Act entitled “An Act to amend chapter 37 of title 38 of the United States Code with respect to the veterans’ home loan program, to amend the National Housing Act with respect to interest rates on insured mortgages, and for other purposes”, approved May 7, 1968, as amended (12 U.S.C. 1709–1), is amended by adding at the end thereof the following new sentence: “Notwithstanding the provisions of section 2(b) of the National Housing Act regarding the maximum interest rate which may be established for obligations with respect to which insurance is granted to financial institutions under section 2 of such Act, the Secretary of Housing and Urban Development is also authorized, until the date specified in the preceding sentence, to set the maximum interest rate for obligations with respect to which insurance is granted under such section, and which represent loans and advances of credit made for the purpose of financing purchases of mobile homes, at such level as he finds necessary to meet the loan market,”.