(4) a correct statement of foreclosure costs; (5) the name of the successful bidder and amount of successful bid. Subsection (b) would require that the foreclosure deed, the foreclosure commissioner affidavit, and any other instruments necessary to be recorded shall be accepted for recordation. Section 417. Protection of properties This section would provide that in the event the security property after default becomes vacant, the mortgagee would be entitled to take reasonable steps to secure the property against fire, vandalism and similar risks, and to take possession of the property by peaceable entry until one of the following events occurs: (i) the mortgagor demands and gives reasonable assurance of intention to take immediate possession; (ii) a foreclosure is commenced under State law; (iii) foreclosure under this Act is completed; or (iv) foreclosure is cancelled pursuant to section 410. Section 418. Computation of time This section would define the method of computation of time to include the day from which any period is calculated and the day on which any event or action to be taken occurs. Section 419. Separability This section would provide that if any part of the Act shall be adjudged by a court of competent jurisdiction to be invalid, such judgment shall not impair the remainder of this Act. 93D CONGRESS 1ST SESSION H. R. 10689 IN THE HOUSE OF REPRESENTATIVES OCTOBER 2, 1973 Mr. WIDNALL (by request) introduced the following bill; which was referred to the Committee on Banking and Currency A BILL To provide for the guarantee of private mortgage insurance. 1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That this Act may be cited as the "Private Mortgage In4 surance Guarantee Act of 1973". 6 SEC. 2. The Congress finds that a sound national sys7 tem of mortgage insurance issued by private mortgage in8 surers, and backed by a voluntary Federal program for the 9 guarantee to holders of insured mortgages that private mortgage insurance contracts will be performed, will (1) im 10 11 prove the orderly flow of funds into the finance of residential 12 housing; (2) create new mortgage investments in second VI-O 2 1 ary markets which will improve the availability of res2 idential mortgage financing; and (3) complement Federal 3 housing and other programs to attain the national goal of 4 a decent home and a suitable living environment for every 5 American family. DEFINITIONS SEC. 3. As used in this Act, the term (a) "mortgage insurance contract" means any insurance contract insuring a mortgagee against all risks or specified risks of loss under a note or other evidence of indebtedness secured by a mortgage, deed of trust, or other instrument constituting a lien on real estate the improvements on which are a residential building or buildings, but does not include title insurance contracts, fire and extended coverage or similar hazard insurance contracts, or mortgage payment life or disability insurance contracts; (b) "person" includes any individual or group of individuals, corporation, partnership, association, or other organization; (c) "insured mortgagee" means the person insured under a mortgage insurance contract; (d) "private mortgage insurer" means any person, other than a State or municipal agency, which is au 3 11 12 thorized under the laws of a State to issue mortgage insurance contracts; (e) "guarantee" means the Secretary's guarantee of the performance of obligations of a private mortgage insurer under a mortgage insurance contract, except where the context otherwise indicates; and "guarantee agreement" means an agreement to guarantee, as defined herein; (f) "Secretary" means the Secretary of Housing and Urban Development. GUARANTEE OF PRIVATE MORTGAGE INSURANCE SEO. 4. The Secretary is authorized to guarantee private 13 mortgage insurance contracts issued by eligible private mort14 gage insurers after the effective date of this Act. Guarantee 15 agreements by the Secretary shall contain such incontest16 ability provisions and be issued on such terms and conditions 17 as the Secretary shall determine, except that such guarantee 18 agreements shall not relieve a private mortgage insurer of 19 its primary obligation to perform the guaranteed mortgage 20 insurance contracts. The Secretary is authorized to enter into 21 and carry out any contract, agreement or arrangement with 22 the insured mortgagee, the private mortgage insurer or others as the Secretary shall determine necessary and appropriate to 24 guarantee programs established under this Act. The Secre 23 25 tary is authorized to issue such rules and regulations as he 4 1 shall deem appropriate to establish requirements for private 2 mortgage insurers to be eligible for guarantee, and to estab 3 lish the types and classes of mortgage insurance contracts 4 which will be guaranteed. 5 6 PREMIUMS SEC. 5. The Secretary shall establish such premiums, fees 7 and charges as he determines to be adequate to cover all 8 direct and indirect costs of the program and to provide satis9 factory reserves against the risks assumed pursuant to the 10 guarantee programs established under this Act. The Secre11 tary may establish different premium rates with respect to 12 particular private mortgage insurers based upon assessment 13 of risk, and may establish different premiums with respect to 14 different types or classes of mortgage insurance contracts. 15 The Secretary is authorized to establish such application and 16 other fees and charges as he shall determine appropriate. All 17 such premiums, fees and charges shall be credited to the fund 18 established under this Act. 19 20 GUARANTEE FUND SEC. 6. (a) There is hereby established in the Treasury 21 a fund which shall be used by the Secretary as a revolving 222223 22 fund to be available to the Secretary without fiscal year limi23 tation as a revolving fund for the purposes of this Act in24 cluding the payment of claims under guarantees by the Secre25 tary pursuant to this Act and the payment of other pro |