federal home loan mortgage corporation amendments

federal home loan mortgage corporation amendments Sec. 805. (a) Section 305(a)(1) of the Federal Home Loan Mortgage Corporation Act is amended— (1) by striking out “, and to hold” and inserting in lieu thereof the following: “. The Corporation may hold”; and (2) by striking out the period after “therein” and inserting in lieu thereof the following: “, and the servicing on any such mortgage may be performed by the seller or by a financial institution qualified as a seller under the provisions of the preceding sentence, or by a mortgagee approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act, with which institution or mortgagee the seller may contract.” (b) Section 305(a)(2) of such Act is amended— (1) by striking out “75 per centum” each place it appears in the first sentence and inserting in lieu thereof “80 per centum”; (2) by striking out “private” in clause (C) of the first sentence; (3) by striking out “10 per centum” in the third sentence and inserting in lieu thereof “20 per centum”; and (4) by striking out “which are comparable to the limitations which would be applicable if the mortgage were insured by the Secretary of Housing and Urban Development under section 203 (b) or 207 of the National Housing Act” in the fourth sentence and inserting in lieu thereof the following: “, but such limitations shall not exceed the limitations contained in the first proviso to the first sentence of section 5(c) of the Home Owners’ Loan Act of 1933”. (c)(1) Section 5136 of the Revised Statutes is amended by inserting immediately after “Government National Mortgage Association” in paragraph Seventh thereof the following: “, or mortgages, obligations, or other securities which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to section 305 or section 306 of the Federal Home Loan Mortgage Corporation Act”. 88 Stat. 727 (2) Section 11(h) of the Federal Home Loan Bank Act is amended by inserting immediately after “Government National Mortgage Association” the following: “, in mortgages, obligations, or other securities which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to section 305 or section 306 of the Federal Home Loan Mortgage Corporation Act”. (3) Section 16 of the Federal Home Loan Bank Act is amended by inserting immediately after “Government National Mortgage Association” the following: “, in mortgages, obligations, or other securities which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to section 305 or section 306 of the Federal Home Loan Mortgage Corporation Act”. (4) Section 5(c) of the Home Owners’ Loan Act of 1933 is amended by inserting immediately after “Federal Home Loan Bank” in the first paragraph the following: “, or in mortgages, obligations, or other securities which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to section 305 or 306 of the Federal Home Loan Mortgage Corporation Act”. (5) Section 107(8)(E) of the Federal Credit Union Act is amended by inserting immediately after “Government National Mortgage Association” the following: “; or in mortgages, obligations, or other securities which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to section 305 or section 306 of the Federal Home Loan Mortgage Corporation Act;”.