Sec. 112. Loan-to-value limitation on enterprise mortgage purchases
230 words·~1 min read·
/bill/113/hr/3550/ih/section-112A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 302(b) of the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1717(b) ) is amended by adding at the end the following new paragraph: Notwithstanding any other provision of law, the corporation may not purchase, or make commitments to purchase, any mortgage on a 1- to 4-family residence if the outstanding principal balance of the mortgage at the time of purchase exceeds 95.0 percent of the value of the property securing the mortgage, except that such percentage shall be adjusted effective January 1 of each year beginning after the effective date of the New Fair Deal Banking and Housing Stability Act of 2013 , by reducing such percentage by 1.5 percentage points. .
Section 3052(a) of the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1454(a) ) is amended by adding at the end the following new paragraph: Notwithstanding any other provision of law, the Corporation may not purchase, or make commitments to purchase, any mortgage on a 1- to 4-family residence if the outstanding principal balance of the mortgage at the time of purchase exceeds 95.0 percent of the value of the property securing the mortgage, except that such percentage shall be adjusted effective January 1 of each year beginning after the effective date of the New Fair Deal Banking and Housing Stability Act of 2013 , by reducing such percentage by 1.5 percentage points. .
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources