3 1 section shall be applicable only to urban renewal projects 2 with respect to which contracts for capital grants are entered 3 into under title I of the Housing Act of 1949 after the date 4 of enactment of this Act. 88TH CONGRESS 1ST SESSION S. 810 IN THE SENATE OF THE UNITED STATES FEBRUARY 18, 1963 Mr. SPARKMAN introduced the following bill; which was read twice and referred to the Committee on Banking and Currency A BILL To authorize the chartering of organizations to insure conventional mortgage loans, to authorize the creation of secondary market organizations for conventional and other mortgage loans, to authorize the issuance of debentures upon the security of insured or guaranteed mortgages and to create a joint supervisory board to charter and examine such organizations, and for other purposes. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 TITLE I-SHORT TITLE, STATEMENT OF PURPOSE, 6 SEC. 101. This Act, divided into titles and sections ac 7 cording to the following table of contents, may be cited as 8 the "Mortgage Market Facilities Act of 1963". 2 TABLE OF CONTENTS TITLE I-SHORT TITLE, STATEMENT OF PURPOSE, and DEFINITIONS Sec. 101. Short title. Sec. 102. Statement of purpose. Sec. 103. Definitions. TITLE II-JOINT SUPERVISORY BOARD FOR MORTGAGE INSURANCE AND Sec. 201. Establishment. Sec. 202. Chairman and directors. Sec. 203. General powers. Sec. 204. Taxation provisions. Sec. 205. Expenses. Sec. 206. Forfeiture of charter. Sec. 207. Injunction. Sec. 208. Removal of director, officer, or other personnel. Sec. 209. Review of order; rehearing. TITLE III-MORTGAGE INSURANCE CORPORATIONS 3 1 and insured mortgages as a means of improving the housing 2 conditions of the American people. DEFINITIONS SEC. 103. As used in this Act (1) the term "Joint Board" means the Joint Supervisory Board for Mortgage Insurance and Marketing Corporations created under title II; (2) the term "Chairman" means the Chairman of the Joint Board; (3) the term "mortgage" means the first mortgage on real estate, in fee simple, or on a leasehold (A) under a lease for not less than ninety-nine years which is renewable or (B) under a lease having a period of not less than fifty years to run from the date the mortgage was executed; and the term "first mortgage" means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instru ments, if any, secured thereby; ་ ་ ་ (4) the term "mortgage insurance corporation" means a mortgage insurance corporation organized as provided in title III; (5) the term "mortgage marketing corporation" 4 1 2 3 4 5 means a mortgage marketing corporation organized as provided in title IV; and (6) the term "United States" means the several States, the District of Columbia, and the Commonwealth of Puerto Rico. 6 TITLE II-JOINT SUPERVISORY BOARD FOR 7 8 9 10 MORTGAGE INSURANCE AND MARKETING ESTABLISHMENT SEC. 201. In order to carry out the provisions of this 11 Act, there is hereby created a Joint Supervisory Board for 12 Mortgage Insurance and Marketing Corporations which shall 13 be an agency within the executive branch of the Federal 14 Government. The principal office of the Joint Board shall 15 be located in the District of Columbia. The Joint Board 16 shall consist of a Chairman and four other directors. 17 18 CHAIRMAN AND DIRECTORS SEC. 202. (a) The Chairman of the Joint Board shall 19. be appointed by the President, by and with the advice and 20 consent of the Senate, and shall be a person familiar with the 21 problems of the national mortgage market. The term of the 225 23 Chairman shall be six years. The Chairman shall not en gage in any other business, vocation, or employment than 24 that of serving as Chairman. The salary of the Chairman 25 shall be $ per annum. In case of absence or disa |