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12 U.S.C. § 1709a — Determination of loan-to-value ratios

submitted 69 years ago by Pub. L. 85-104 to r/title-12-BANKS-AND-BANKING · 90 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section directs the Secretary to set maximum loan-to-value ratios in the public interest. The Secretary must consider effects on the national economy, the building industry, and the availability of certain assisted residential mortgage credit.

The Secretary of Housing and Urban Development, in establishing maximum loan-to-value ratios for mortgages insured by him under the National Housing Act [ 12 U.S.C. 1701 et seq.], as amended by sections 101, 102, and 103 of this Act, must determine that that ratios are in the public interest after taking into consideration (1) the effect of that ratios on the national economy and on conditions in the building industry, and (2) the availability or unavailability of residential mortgage credit assisted under the Servicemen’s Readjustment Act of 1944, as amended.
the actual law source: uscode.house.gov ↗public domain

The Secretary of Housing and Urban Development, in establishing maximum loan-to-value ratios for mortgages insured by him under the National Housing Act [12 U.S.C. 1701 et seq.], as amended by sections 101, 102, and 103 of this Act, shall determine that such ratios are in the public interest after taking into consideration (1) the effect of such ratios on the national economy and on conditions in the building industry, and (2) the availability or unavailability of residential mortgage credit assisted under the Servicemen’s Readjustment Act of 1944, as amended.

Source credit: (Pub. L. 85–104, title I, § 104, July 12, 1957, 71 Stat. 296; Pub. L. 90–19, § 14(a), May 25, 1967, 81 Stat. 24.)

history & why it existsrecord from the source credit
  • 1957Enacted · Pub. L. 85-104 · 71 Stat. 296
  • 1967Amended · Pub. L. 90-19 · 81 Stat. 24

A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-104 on 1957-07-12.

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