12 U.S.C. § 1735f–6 — Secondary mortgages held by State or local governmental agency on insured properties

FEDERAL · 12 U.S.C. · Chapter 13

Secondary mortgages held by State or local governmental agency on insured properties

Current through Pub. L. 119-102

Title 12 — Banks and Banking·Ch. 13 — NATIONAL HOUSING·Subch. V

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.

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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.

12 U.S.C. § 1735f–6 (Secondary mortgages held by State or local governmental agency on insured properties) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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History

(June 27, 1934, ch. 847, title V, §528, as added Pub. L. 95–557, title III, §323, Oct. 31, 1978, 92 Stat. 2102.)