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RIGHT OF REDEMPTION IN CASE OF SUBORDINATE LIENS

OF FHA-RESALES OF FHA FINANCED HOUSING

EXCERPTS FROM THE HOUSING ACT OF 1950

(Public Law 475, 81st Congress; 64 Stat. 48; 12 U.S.C. 1701k and 17011)

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Sec. 505. The right to redeem provided for by title 28, United States Code, section 2410(c), shall not arise in any case in which the subordinate lien or interest of the United States derives from the issuance of insurance under the National Housing Act, as amended.

SEC. 508. It is the intent of Congress that no sale of a dwelling on which a mortgage is insured under the National Housing Act, as amended, shall be financed, while such mortgage is so insured, at an interest rate higher than that prescribed by the Secretary of Housing and Urban Development. It is the further intent of Congress that no such sale shall be made, while such mortgage is so insured, on terms less favorable to the purchaser as to amortization, retirement, foreclosure, or forfeiture than those contained in such mortgage.

Approved April 20, 1950.

BUILDERS WARRANTY-FHA HOUSING

EXCERPT FROM HOUSING ACT OF 1954

(Public Law 560, 83d Congress; 68 Stat. 590, 642; 12 U.S.C. 1701j] SEC. 801. (a) The Secretary of Housing and Urban Development is hereby authorized and directed to require that, in connection with any property upon which there is located a dwelling designed principally for not more than a four-family residence and which is approved for mortgage insurance prior to the beginning of construction, the seller or builder, and such other person as may be required by the said Secretary to become warrantor, shall deliver to the purchaser or owner of such property a warranty that the dwelling is constructed in substantial conformity with the plans and specifications (including any amendments thereof, or changes and variations therein, which have been approved in writing by the Secretary of Housing and Urban Development) on which the Secretary of Housing and Urban Development based his valuation of the dwelling: Provided, That the Secretary of Housing and Urban Development shall deliver to the builder, seller, or other warrantor his written approval (which shall be conclusive evidence of such approval) of any amendment of, or change or variation in, such plans and specifications which the Secretary deems to be a substantial amendment thereof, or change or variation therein, and shall file a copy of such written approval with such plans and specifications: Provided further, That such warranty shall apply only with respect to such instances of substantial nonconformity to such approved plans and specifications (including any amendment thereof, or changes or variations therein, which have been approved in writing, as provided herein, by the Secretary of Housing and Urban Development) as to which the purchaser or homeowner has given written notice to the warrantor within one year from the date of conveyance of title to, or initial occupancy of, the dwelling, whichever first occurs: Provided further, That such warranty shall be in addition to, and not in derogation of, all other rights and privileges which such purchaser or owner may have under any other law or instrument: And provided further, That the provisions of this section shall apply to any such property covered by a mortgage insured by the Secretary of Housing and Urban Development on and after October 1, 1954, unless such mortgage is insured pursuant to a commitment therefor made prior to October 1, 1954.

(b) The Secretary of Housing and Urban Development is further directed to permit copies of the plans and specifications (including written approvals of any amendments thereof, or changes or variations therein, as provided herein) for dwellings in connection with which warranties are required by subsection (a) of this section to be made available in their appropriate local offices for inspection or for copying by any purchaser, homeowner, or warrantor during such hours or periods of time as the said Secretary may determine to be reasonable.

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Approved August 2, 1954.

EXCERPT FROM HOUSING AND URBAN DEVELOPMENT ACT OF 1970

[Public Law 91-609; 84 Stat. 1770, 1814; 12 U.S.C. 1709-2]

EQUITY SKIMMING Sec. 912. Whoever, with intent to defraud, willfully engages in a pattern or practice of

(1) purchasing one- to four-family dwellings which are subject to a loan in default at time of purchase or in default within one year subsequent to the purchase and the loan is secured by a mortgage or deed of trust insured or held by the Secretary of Housing and Urban Development or guaranteed by the Veterans' Administration, or the loan is made by the Veterans' Administration,

(2) failing to make payments under the mortgage or deed of trust as the payments become due, and

(3) applying or authorizing the application of rents from such

dwellings for his own use, shall be fined not more than $5,000 or imprisoned not more than three years, or both. This section shall apply to a purchaser of such a dwelling, or a beneficial owner under any business organization or trust purchasing such dwelling, or to an officer, director, or agent of any such purchaser. Nothing in this section shall apply to the purchaser of only one such dwelling.

Approved December 31, 1970.

EXCERPT FROM THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF

1974

(Public Law 93-383; 88 Stat. 633; 12 U.S.C. 17011-1)

MORTGAGE PROCEEDS FRAUDULENTLY MISAPPROPRIATED BY

MORTGAGOR

SEC. 819. The Secretary of Housing and Urban Development shall take action to secure the payment of any deficiency after foreclosure on a mortgage insured or assisted under Federal law where the Secretary has reason to believe that mortgage proceeds have been fraudulently misappropriated by the mortgagor.

Approved August 22, 1974.

INSURANCE OF BMIR AND SECTION 202 MORTGAGES

UNDER SECTION 236

EXCERPT FROM HOUSING AND URBAN DEVELOPMENT ACT OF 1968

(Public Law 90-448; 82 Stat. 476; 12 U.S.C. 17010)

TITLE II-RENTAL HOUSING FOR LOWER INCOME FAMILIES

PART A-PRIVATE HOUSING

RENTAL AND COOPERATIVE HOUSING FOR LOWER INCOME FAMILIES

Sec. 201. (a) Title II of the National Housing Act is amended by adding after section 235 (as added by section 101 of this Act) the following new section:

(c) The Secretary of Housing and Urban Development is authorized, upon such terms and conditions as he may prescribe, to transfer to section 236(j) of the National Housing Act the insurance of a mortgage which has not been finally endorsed for insurance under section 221dX(3) of such Act and which has been approved for the below-market interest rate prescribed in the proviso of section 221(2)(5) of such Act.

(d) The Secretary of Housing and Urban Development is authorized, upon such terms and conditions as he may prescribe, to insure under section 236(j) of the National Housing Act a mortgage meeting the requirements of such section which is given to refinance a mortgage loan made under section 202 of the Housing Act of 1959: Provided, That the application for such insurance is filed with the Secretary on or before the date of project completion, or within such reasonable time thereafter as the Secretary may permit.

Approved August 1, 1968.

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