GNMA ADMINISTRATIVE EXPENSES EXCERPT FROM HOUSING ACT OF 1959 [Public Law 86–372; 73 Stat. 654; 12 U.S.C. 1721 note] SEC. 306. *** (b) In connection with the sale of any mortgages to the Government National Mortgage Association pursuant to section 306(e) of the Federal National Mortgage Association Charter Act, the Secretary of Housing and Urban Development is authorized and any other official, unit, or agency selling such mortgages thereunder is directed, to transfer to the Association from time to time, from authorizations, limitations, and funds available for administrative expenses of such official, unit, or agency in connection with the same mortgages, such amounts thereof as said Secretary determines to be required for administrative expenses of the Association in connection with the purchase, servicing, and sale of such mortgages: Provided, That no such transfer shall be made after a budget estimate of the Association with respect to the same mortgages has been submitted to and finally acted upon by the Congress. [12 U.S.C. 1721 note] FNMA AND GNMA-PARTITION EXCERPTS FROM HOUSING AND URBAN DEVELOPMENT ACT OF 1968 [Public Law 90-448; 82 Stat. 536; 12 U.S.C. 1716b] TITLE VIII-SECONDARY MORTGAGE MARKET PURPOSES SEC. 801. The purposes of this title include the partition of the Federal National Mortgage Association as heretofore existing into two separate and distinct corporations, each of which shall have continuity and corporate succession as a separated portion of the previously_existing corporation. One of such corporations, to be known as Federal National Mortgage Association, will be a Government-sponsored private corporation, will retain the assets and liabilities of the previously existing corporation accounted for under section 304 of the Federal National Mortgage Association Charter Act, and will continue to operate the secondary market operations authorized by such section 304. The other to be known as Government National Mortgage Association, will remain in the Government, will retain the assets and liabilities of the previously existing corporation accounted for under sections 305 and 306 of such Act, and will continue to operate the special assistance functions and management and liquidating functions authorized by such sections 305 and 306. [12 U.S.C. 1716b] EFFECTIVE DATE SEC. 808. The amendments made by this title shall be effective from and after a date, no more than one hundred and twenty days following the date of enactment of this Act, as established by the Secretary of Housing and Urban Development.1 Notice of the establishment of such effective date shall be published in the Federal Register at least thirty days prior thereto. [12 U.S.C. 1716b note] SAVINGS PROVISIONS SEC. 809. (a) No cause of action by or against the Federal National Mortgage Association existing prior to the effective date established pursuant to section 808 shall abate by reason of the enactment of this title. Any such cause of action may thereafter be asserted by or against the appropriate corporate body named in section 302(a)(2) of the National Housing Act. (b) No suit, action, or other proceeding commenced by or against the Federal National Mortgage Association, or any officer 1 September 1, 1968, was established as the effective date. thereof in his official capacity, prior to the effective date established pursuant to section 808 shall abate by reason of the enactment of this title. A court may at any time thereafter during the pendency of any such litigation, on its own motion or that of any party, order that the litigation may be maintained by or against the appropriate corporate body named in section 302(a)(2) of the National Housing Act or the appropriate corresponding officer thereof. [12 U.S.Č. 1716b note] TRANSITIONAL PROVISIONS SEC. 810. (a) On the effective date established pursuant to section 808 of this Act, each share of outstanding nonvoting common stock, with a par value of $100 per share, of the Federal National Mortgage Association shall be changed into and shall become one share of voting common stock, without par value, of such corporation. For the purposes of the Internal Revenue Code of 1954, no gain or loss is recognized by the holders of such stock on such change, and the basis and holder period of such stock in the hands of the stockholders immediately after such change are the same as the basis and holding period of such stock in their hands immediately prior to such change. (b) [Repealed.] (c) [Repealed.] (d) Those persons who are the officers and employees of the Federal National Mortgage Association immediately prior to the effective date established pursuant to section 808 shall become the officers and employees of the Government National Mortgage Association on such date. The Federal National Mortgage Association and the Government National Mortgage Association shall provide by contract for the conditions and methods under which and by which the Federal National Mortgage Association during the transitional period may employ those individuals who are employees of the Government National Mortgage Association on such effective date; and may provide by contract for the operation by either of such corporations of any of the functions of the other. The Secretary of Housing and Urban Development shall make every reasonable effort to place in other comparable Federal positions any individuals who are career or career-conditional employees of the Government National Mortgage Association on such effective date and who are subsequently during the transitional period neither employed by the Federal National Mortgage Association nor retained by the Government National Mortgage Association. [12 U.S.C. 1716b note] FNMA MORTGAGE-BACKED SECURITIES PROGRAM PROPOSAL EXCERPT FROM HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1980 [Public Law 96-399; 94 Stat. 1652; 12 U.S.C. 1723a note] MORTGAGE-BACKED SECURITIES PROGRAM SEC. 330. If the Federal National Mortgage Association submits to the Secretary of Housing and Urban Development or the Secretary of the Treasury, after the date of enactment of this section,1 a proposal with respect to undertaking a mortgage-backed securities program, the Secretary of Housing and Urban Development or the Secretary of the Treasury, as the case may be, shall, within 90 days after submission of such proposal, approve the proposal or transmit to the Congress a report explaining why the proposal has not been approved. [12 U.S.C. 1723a note] 1 October 8, 1980. FEDERAL NATIONAL MORTGAGE ASSOCIATION EXCERPT FROM HOUSING AND URBAN-RURAL RECOVERY ACT OF 1983 [Public Law 98-181; 97 Stat. 1240; 12 U.S.C. 1720 note] SPECIAL ASSISTANCE AND EMERGENCY MORTGAGE PURCHASE ASSISTANCE FUNCTIONS OF THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SEC. 483. (a) Sections 305 and 313 of the Federal National Mortgage Association Charter Act and section 3(b) of the Emergency Home Purchase Assistance Act of 1974 are hereby repealed. (b) Any purchase or commitment to purchase any mortgage pursuant to section 305 or 313 of the Federal National Mortgage Association Charter Act made before the date of the enactment of this Act,1 and the servicing and disposition of any such mortgage, shall continue to be governed by the provisions of such sections as they existed immediately before the effective date of this section.1 [12 U.S.C. 1720 note] EXCERPTS FROM FEDERAL NATIONAL MORTGAGE ASSOCIATION CHARTER ACT-PRIOR TO NOVEMBER 30, 1983 SPECIAL ASSISTANCE FUNCTIONS-GOVERNMENT NATIONAL SEC. 305. (a) To carry out the purposes set forth in paragraph (b) of section 301, the President,2 after taking into account (1) the conditions in the building industry and the national economy and (2) conditions affecting the home mortgage investment market, generally, or affecting various types or classifications of home mortgages, or both, and after determining that such action is in the public interest, may under this section authorize the Association, for such period of time and to such extent as he shall prescribe, to exercise its powers to make commitments to purchase and to purchase such types, classes, or categories of home mortgages (including participations therein) as he shall determine. (b) The operations of the Association under this section shall be confined, so far as practicable, to mortgages (including participations) which are deemed by the Association to be of such quality as to meet, substantially and generally, the purchase standards imposed by private institutional mortgage investors but which, at the time of submission of the mortgages to the Association for purchase, are not necessarily readily acceptable to such investors. Subject to 1 November 30, 1983. 2 Executive Order No. 11732 [F.R. 20420], approved July 30, 1983, delegated the functions of the President to the Secretary of Housing and Urban Development under title III, sections 301 and 305. |