12 U.S.C. § 1735f–6 — Secondary mortgages held by State or local governmental agency on insured properties
submitted 92 years ago by Pub. L. 95-557 to r/title-12-BANKS-AND-BANKING · 78 words · no verdicts yet
This section sets rules about Secondary mortgages held by State or local governmental agency on insured properties. It also states the conditions, exceptions, procedures, and definitions included in those rules.
In carrying out the provisions of subchapter II of this chapter about insuring mortgages secured by a one- to four-family dwelling unit, the Secretary may not deny that insurance for any that mortgage solely because the dwelling unit which secures that mortgage will be subject to a secondary mortgage or loan made or insured, or other secondary lien held, by any State* or local governmental agency or instrumentality under terms and conditions approved by the Secretary.
In carrying out the provisions of subchapter II of this chapter with respect to insuring mortgages secured by a one- to four-family dwelling unit, the Secretary may not deny such insurance for any such mortgage solely because the dwelling unit which secures such mortgage will be subject to a secondary mortgage or loan made or insured, or other secondary lien held, by any State* or local governmental agency or instrumentality under terms and conditions approved by the Secretary.
Source credit: (June 27, 1934, ch. 847, title V, § 528, as added Pub. L. 95–557, title III, § 323, Oct. 31, 1978, 92 Stat. 2102.)
- 1934Enacted · Pub. L. 95-557 · 92 Stat. 2102
A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-557 on 1934-06-27.
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