federal national mortgage association amendments

federal national mortgage association amendments Sec. 806. (a) Section 302(a)(2) of the National Housing Act is amended— (1) by striking out “the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968” in the matter preceding subparagraph (A) and inserting in lieu thereof “September 1, 1968”; and (2) by striking out “effective” in subparagraphs (A) and (B). (b) The third sentence of section 302(a)(2)(B) of such Act is amended— (1) by inserting “or the metropolitan area thereof” immediately after “District of Columbia”; (2) by inserting “jurisdiction and” immediately before “venue”; and (3) by striking out “resident thereof” and inserting in lieu thereof “District of Columbia corporation”. (c) Section 302(b)(2) of such Act is amended by striking out “75 per centum” each place it appears and inserting in lieu thereof “80 per centum”. (d) Clause (C) of the second sentence of section 302(b)(2) of such Act is amended by striking out “private”. (e) The fourth sentence of section 302(b)(2) of such Act is amended by striking out “10 per centum” and inserting in lieu thereof “20 per centum”. (f) The last sentence of section 302(b)(2) of such Act is amended 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” and inserting in lieu thereof the following: “, but such limitations shall not exceed the limitations contained in the first proviso of the first sentence of section 5(c) of the Home Owners Loan Act of 1933”. (g) Section 303(a) of such Act is amended— 88 Stat. 728 (1) by striking out all of the first sentence which follows “directors” and inserting in lieu thereof a period; and (2) by striking out everything after the second sentence. (h) Section 303(c) of such Act is amended— (1) by striking out “the effective date established pursuant to section 808 of the Housing and Urban Development Act of 1968” in the fourth sentence and inserting in lieu thereof “September 1, 1968,”; and (2) by striking out the proviso in the last sentence. (i) Subsections (d) and (e) of section 303 of such Act are repealed. (j) The last sentence of section 304(a)(1) of such Act is amended by striking out “section 502 of the Emergency Home Finance Act of 1970” and inserting in lieu thereof “section 243 of the National Housing Act”. (k) Except with respect to any person receiving an annuity on the date of the enactment of this Act, section 309(d)(2) of such Act is amended— (1) by striking out “the termination of the transitional period referred to in section 810(b) of the Housing and Urban Development Act of 1968” and inserting in lieu thereof “January 31, 1972,”; (2) by inserting “positions listed” immediately before “in section 5312”; and (3) by inserting before the period at the end of the next to last sentence the following: “: Provided, That with respect to any person whose employment is made subject to the civil service retirement law by section 806 of the Housing and Community Development Act of 1974, there shall not be considered for the purposes of such law that portion of his basic pay in any one year which exceeds the basic pay provided for positions listed in section 5316 of such title 5 on the last day of such year”. (l) Subsections (b) and (c) of section 810 of the Housing and Urban Development Act of 1968 are repealed.